KUALA LUMPUR: The Securities Commission (SC) will be in touch with the parties involved, including Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki, for an explanation and to verify statements made, as well as gather relevant evidence related to his share trading account used by his brother, Nasir, to purchase shares in 2015, Bernama reported today.
The SC said under Section 25 of the Securities Industry (Central Depositories) Act 1991 (SICDA), every securities 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, the commission said in a statement today.
Allegations of Azam having interests and shareholdings in several companies had gone viral on social media.
The Anti-Corruption Advisory Board (LPPR), one of the five independent monitoring bodies of the MACC, announced on Wednesday that it found no criminal conduct or conflict of interest involving Azam’s share trading done in 2015.
LPPR chairman Tan Sri Abu Zahar Ujang said that the board, in a special meeting on Nov 24, 2021 sought Azam's explanation over the matter, and the latter explained that his share trading account was used by his brother, Nasir Baki, to purchase shares in 2015.
Abu Zahar said the purchase of the shares was made in the open market with no conflict of interest, and that the shares were transferred to Nasir within the same year.
In a text message to Reuters, Azam said he will cooperate with the MACC and provide the relevant information to the regulator.
