In a press statement released on its website, the Securities Commission Malaysia said it is making the statement in response to media queries it received on the outcome of its inquiries under section 25(4) SICDA in relation to MACC Chief, Tan Sri Azam Baki’s trading account.
The SC went on to further state, that at the outset, as a capital market regulator, the SC’s regulatory remit are set out under the Securities Commission Malaysia Act 1993, Capital Markets and Services Act 2007, and Securities Industry Act 1991.
In this regard, the said inquiry relates to the issue of whether a potential breach under section 25(4) Securities Central Depository Act 1991 occurred. Section 25(4) SICDA provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.
To this effect the SC said it had concluded its enquiry and based on the evidence gathered, the regulator is not able to conclusively establish that a breach under section 25(4) SICDA has occurred.
This comes as Tan Sri Azam Baki has been in the spotlight after a news reporter revealed that the top MACC Chief had millions worth of shares in his trading account. Defending himself, Azam Baki said the shares belonged to his brother which was when SC issued a statement saying that trading accounts must be under the authorised person only.
In response, MACC started investigating Security Commission officers on alleged corrupt behaviours.
