KUALA LUMPUR – The Securities Commission Malaysia (SC) cannot conclusively establish if there was a breach under Section 25(4) SICDA in the trading account of Tan Sri Azam Baki, the Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC).
The regulatory body said that the SC 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).
The investigation was opened to determine if there was a possible violation under Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA), which provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.
“SC has completed its investigation and based on the evidences compiled, the SC cannot conclusively establish if there was a violation under Section 25(4) of SICDA,” it said in a news statement today.
Azam, who got into the controversy of proxy share trading told a news conference earlier this month that his trading account was used by his brother to purchase shares in 2015.
He also denied any misconducts in the matter.
Right after the Azam’s statement, the SC issued a statement on 6 January stating that the regulator would contact the MACC Chief Commissioner and other parties involved to get their explanation, verify their statements and compile relevant evidences. -MalaysiaGazette