SC unable to determine if MACC’s chief broke the law

PETALING JAYA: The Securities Commission says it is unable to establish whether a breach of law had taken place in its investigation into the trading account of Malaysian Anti-Corruption Commission chief commissioner Tan Sri Azam Baki.

The SC said this was the outcome of its inquiry into Azam’s trading account.

It noted that as a capital market regulator, its regulatory remit is 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) (SICDA) occurred.

“Section 25(4) SICDA 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 yesterday.

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

At a Jan 5 press conference, Azam maintained he did not commit any wrongdoing nor was there a conflict of interest on his part, and that he had also explained the matter to the anti-corruption advisory board panel.

He claimed that his trading account was used by his brother, adding that the shares were bought in the open market and were financed by his brother.

He also said the shares of the companies which his brother purchased were not involved in any investigation carried out by the MACC, and that all the shares had also been transferred to his brother’s own trading account.

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