SC: Azam inquiry inconclusive

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Not able to conclusively establish that a breach has occurred.

The Securities Commission (SC) has not been able to conclusively establish that a breach had occurred in regards to the share ownership issue involving Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki.

Hari Anggara

The SC issued a statement today on the outcome of its inquiries under section 25(4) SICDA in relation to Azam’s trading account.

“At the outset, the SC wishes to state that as a capital market regulator, the SC’s regulatory remit are set out under the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA), and Securities Industry (Central Depositories) Act 1991 (SICDA).

“In this regard, the said inquiry relates to the issue of whether a potential breach under section 25(4) Securities Central Depository Act 1991 (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 statement read.

“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,” it said.

The SC did not elaborate on the next course of action or it if would make any recommendations to any other body.

Previously, the SC explained in a statement on January 6 that all trades and securities accounts opened with the central depository must be made in the name of the beneficial owner of the account or an authorised nominee.

According to Azam, his share trading account was used by his brother to purchase shares in 2015, and he did not commit any criminal offence or abuse of power as alleged.

Azam has maintained he did no wrong even as his critics accuse him of conflict of interest and abusing his position.

Earlier reports:

Jan 17, Azam objects to PSC inquiry, Wednesday hearing postponed indefinitely

Jan 13, Azam ordered to appear at PSC meeting next Wednesday

Jan 12, Azam: Only King can ask me to resign

Jan 8, Police probing Azam Baki

Jan 7, Pakatan: Don’t just probe Azam Baki, but also Abu Zahar, past MACC chiefs

Jan 6, Azam Baki demands RM10m, apology from researcher who blew whistle on his millions of shares

Jan 6, Securities Commission seeks Azam Baki’s explanation over admission of proxy share trading

Jan 5, MACC chief breaks silence on stock ownership