SC cannot confirm if Azam Baki breached trading regulations

(The Star) – The Securities Commission said it has not been able to establish that there was a breach of regulation with relation to the trading account of Malaysian Anti-Corruption Commission chief commissioner Tan Sri Azam Baki.

It noted that as a capital market regulator, its regulatory remit was 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) of the SICDA occurred. Section 25(4) provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.

“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 in a statement on Tuesday (Jan 18).

Allegations recently surfaced that Azam owned a substantial number of shares in two companies between 2015 and 2016 when he was the MACC director of investigations.

On Jan 5, Azam said he had given permission to his younger brother to use his trading account to acquire the shares.

Azam said although he need not have declared the share trading as it was not done by him, he had informed his superiors of the matter at the time.