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

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The Securities Commission Malaysia (SC) will call up Tan Sri Azam Baki following allegations of him purchasing stock market shares in 2015.

Shafwan Zaidon

In a statement today, the SC said it wanted the Malaysian Anti-Corruption Commission (MACC) chief commissioner to verify the statements made as well as to gather any relevant evidence.

“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,” it said.

In December last year, MACC Consultation and Corruption Prevention Panel member Professor Edmund Terence Gomez had resigned his position following what he claimed was inaction by the panel in investigating Azam for claims that he owned millions of shares in two companies.

His resignation letter was uploaded on social media and went viral.

Yesterday, the commission’s Anti-Corruption Advisory Board (ACAB) announced in a press conference that it had actually met with Azam in November and had been satisfied by his explanation that the shares were purchased in 2015 by his brother Nasir using Azam’s account.

The shares were later that year transferred to Nasir’s account once he had opened one.


Related report:

Jan 5, MACC chief breaks silence on stock ownership