SC cannot confirm if Azam Baki breached trading regulations

KUALA LUMPUR: The Securities Commission said it has not been able to establish that there was a breach of regulation with relation to the trading account of Malaysian Anti-Corruption Commission chief commissioner Tan Sri Azam Baki.

It noted that as a capital market regulator, its regulatory remit was set out under the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA), and Securities Industry (Central Depositories) Act 1991 (SICDA).

“In this regard, the said inquiry relates to the issue of whether a potential breach under Section 25(4) of the SICDA occurred. Section 25(4) provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.

“The SC has concluded its enquiry and based on the evidence gathered, the SC is not able to conclusively establish that a breach under Section 25(4) SICDA has occurred,” it said in a statement on Tuesday (Jan 18).

Allegations recently surfaced that Azam owned a substantial number of shares in two companies between 2015 and 2016 when he was the MACC director of investigations.

On Jan 5, Azam said he had given permission to his younger brother to use his trading account to acquire the shares.

Azam said although he need not have declared the share trading as it was not done by him, he had informed his superiors of the matter at the time.

Article type: free
User access status:
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Nation

Saifuddin begins 8-day official visit to Sweden, Denmark, Norway
Covid-19: Over 1.16mil children in Malaysia fully vaccinated
Silat symbolic to community unity, says PM
PM wishes happy Journalists Day to media practitioners
Man surrenders to police after murdering girlfriend's mother
Fire destroys nine houses in Dengkil
Special body should be establish to protect Malaysian media practitioners, says association
Missing senior citizen in Sipitang found safe
G25: English remains vital in civil service
King wishes happy National Journalists Day to media practitioners

Others Also Read