MACC looks into complaint against SC members

By MT Webmaster Last updated Jan 12, 2022

(FMT) – The Malaysian Anti-Corruption Commission (MACC) has confirmed receiving a complaint alleging misconduct and corruption among certain individuals in the higher management and board of directors of the Securities Commission Malaysia (SC).

A source told Utusan Malaysia MACC is “reviewing” the complaint before conducting an investigation.

“It is understood that MACC is reviewing the complaint it received before an investigation is carried out,” the source said.

“The review will cover all aspects, including going through evidence presented by the complainant, before opening an investigation paper, if an offence is found.”

On Jan 6, it was reported that the SC would be “in touch with (MACC chief) Azam Baki for an explanation” after it was revealed that his brother had bought shares using his trading account.

It cited Section 25 of the Securities Industry (Central Depositories) Act 1991 (Sicda).

In addition, it said, Section 29A of Sicda stipulated that all dealings in securities shall be
effected only by the beneficial owner of the securities or by an authorised nominee.

According to Utusan Malaysia, a non-governmental organisation (NGO) lodged a report against SC at MACC yesterday afternoon, alleging corruption and wrongdoing by certain members.

Four youths, claiming to represent “concerned Malaysians”, said they had evidence to prove their allegations.

The report also quoted a representative of the NGO as saying that they had referred to three cases, including one involving alleged conflict of interest by an SC board member totalling RM28.2 million, in which the board member had interests in a company with work ties with the SC.

The NGO also alleged that the family member of a top management personnel had been given a high position in a company under investigation, with the probe later closed by the SC.

It also cited a case of SC officials who allegedly received bribes to close an investigation into a public-listed company suspected of being involved in insider trading.