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KUALA LUMPUR – An inquiry into alleged abuses by Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki could not conclusively find any breach of the Securities Central Depository Act 1991 (Sicda), the Securities Commission Malaysia (SC) said today.
The SC said its probe was centred around the premise of whether Section 25(4) of the Sicda, which relates to ownership of the securities account in question, was breached by Azam when he supposedly allowed his brother to purchase shares with his account.
“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,” SC said in a statement today. – The Vibes, January 18, 2022
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