KUALA LUMPUR – The independent evidence gathered during the investigation of Tan Sri Azam Baki’s trading account showed that the Chief Commissioner of the Malaysian Anti-Corruption Commission is the named account holder and had control of the account.
The Securities Commission Malaysia (SC) said, Azam also managed his own account as he has given instruction to purchase, sell and transfer the securities from that account.
Therefore, the SC concluded that there was no violation of Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA), it said in a brief statement, as an explanation to the statement the regulatory body said yesterday.
In a statement yesterday, the SC said that it could not conclusively establish if there was a breach under Section 25(4) SICDA in the trading account of Azam Baki.
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 evidence compiled, the SC cannot conclusively establish if there was a violation under Section 25(4) of SICDA,” it said in a news statement today.
“Section 25(4) stipulates that a trading account must be opened in the name of the beneficial owner or authorised nominee,” it said. -MalaysiaGazette
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