KUALA LUMPUR – Securities Commission Malaysia (SC) will be summoning Tan Sri Azam Baki and those involved in the shares ownership related to the Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC) to get an explanation on his statement and to compile relevant evidence.
In a brief statement, the SC said, under Section 24 of the Securities Industry Act (Central Depositories) 1991 (SICDA), every security account opened with the central depositories must be on the name of the securities beneficiary owner or nominee.
Besides that, Section 29A of SICDA also requires all securities transactions to be implemented by the securities beneficiary owner, or the named nominee.
The SC issued the statement a day after the Chairman of MACC Anti-Corruption Advisory Board (LPPR), Tan Sri Abu Zahar Ujang stated his satisfaction towards the explanation given by Azam on the shares ownership issue. According to him, there was no element of criminal act or conflict of interests in the Chief Commissioner’s shares ownership.
According to him, the LPPR panellists meeting on 24 November last year had decided on the matter after Azam was called to explain on the shares ownership allegation.
“Azam told us that he neither own stakes in any companies nor the stocks.
“The purchase of those shares was made in the open share market and there was no conflict of interest on the purchases made in 2015,” said Abu Zahar in a news conference yesterday. -MalaysiaGazette