PETALING JAYA: The Securities Commission (SC) said it will be “in touch” with MACC chief Tan Sri Azam Baki after he admitted that his brother had used his name to purchase shares.
“The SC will be in touch with the parties involved, including Tan Sri Azam Baki, for an explanation and to verify statements made, as well as gather any relevant evidence,“ it said in a statement.
The SC pointed out that under Section 25 of the Securities Industry (Central Depositories) Act 1991(Sicda), every security account opened with a central depository must be in the name of the beneficial owner of the deposited securities or in the name of an authorised nominee.
“In addition, section 29A of SICDA stipulates that all dealings in securities shall be effected only by the beneficial owner of the securities or an authorised nominee,“ it added.
