The Security Commission has issued a statement with regards to the issue pertaining to MACC Chief Commissioner Tan Sri Azam Baki who said the millions of shares in his trading account belonged to his brother who used his account to trade.
According to SC, under section 25 of the Securities Industries Act 1991 (SICDA) every securities account opened with the 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 29 of SICDA stipulates that all dealings in securities, shall be effected only by the beneficial owner of the securities or the authorised nominee.
The SC further added that it 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.