SC now clarifies that Azam Baki controlled his own stock trading account
KUALA LUMPUR (Jan 19): The Securities Commission Malaysia (SC) has clarified that evidence gathered as part of its investigation into the stock trading account of the Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC) , Tan Sri Azam Baki, show that he is the named account holder and that he had control of the account.
Azam “managed the account he had opened, in the sense that he gave instructions to buy, sell and transfer securities of said account”, the SC said in a statement on Wednesday (January 19th).
“Consequently, the SC has come to the decision that there has been no breach of section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA),” said he added.
Article 25(4) stipulates that a trading account must be opened in the name of the beneficial owner or the authorized agent.
Under Bursa Malaysia Depository rules, a person cannot act as an authorized agent, this would mean that Azam was the beneficial owner of the shares in his account.
In an earlier statement on Tuesday, the SC said it had completed its investigation into Azam’s stock purchase claims, but could not “conclusively establish” whether the chief’s trading account of MACC had not been opened in his name as beneficial owner or authorized agent.
Azam, who is mired in a proxy stock trading problem, had explained at a press conference earlier this month that his stock trading account had been used by his younger brother Nasir to buy stocks. shares in 2015.
The explanation was given after it was reported that Azam held large stakes in several companies. He denied any wrongdoing and said the purchased shares were then transferred to Nasir’s account.
The SC then issued a statement on January 6 indicating that it would look into the matter, noting the stipulation of SICDA Section 25(4), as well as Section 29A which states that all transactions in securities must be carried out only by the beneficial owner. securities or an authorized agent.
It’s not immediately clear whether critics of Azam’s stock swap deal will be happy with the latest clarification.
It is likely that they will demand proof that the funds used to buy the shares actually came from Nasir.
A group of PKR Members of Parliament (MPs) had earlier questioned Anti-Corruption Advisory Council Chairman Tan Sri Abu Zahar Ujang if the council had seen the documents showing Nasir’s money trail to Azam.
This came after Abu Zahar announced that the board of directors had concluded that there was no criminal conduct or conflict of interest on the part of Azam regarding the purchase of shares because he had not been carried out by the head of the MACC but by Nasir.
But PKR MPs – Sivarasa Rasiah, Maria Chin Abdullah, Ahmad Fahmi Mohd Fadzil, Sim Tze Tzin, Hassan Karim, Maszlee Malik and Syed Ibrahim Syed Noh – questioned whether it was permissible for Nasir to acquire shares using Azam’s trading account, and demanded proof. of the money trail between the brothers.
Meanwhile, six other MACC advisory board members – Tan Sri Ismail Omar, Datuk Seri Azman Ujang, Datuk Seri Akhbar Satar, Datuk Dr Hamzah Kassim, Datuk David Chua Kok Tee and Professor Datuk Dr Mohammad Agus Yusoff – had distanced themselves from the statement made by Abu Zahar, saying it was merely the president’s personal opinion.
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