Wrapping up probe, Securities Commission says can’t conclusively establish breach of rules in Azam Baki shares trade

KUALA LUMPUR, Jan 18 — The Securities Commission (SC) today said it has finished its investigations concerning the controversial acquisition of public shares by Tan Sri Azam Baki that has stirred public uproar and demands for the Malaysian Anti-Corruption Commission (MACC) chief’s removal from office.

The SC began looking into the issue earlier this month after Azam openly admitted in a news conference that his brother, Nasir Baki, had used his share trading account — with his permission — to buy millions of shares in two public-listed companies back in 2015.

“In this regard, the said inquiry relates to the issue of whether a potential breach under section 25(4) Securities Central Depository Act 1991 (SICDA) occurred. 

“Section 25(4) SICDA 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 brief statement.

The SC did not elaborate on the next course of action or it if would make any recommendations to any other body.

Previously, the SC explained in a statement on January 6 that all trades and securities accounts opened with the central depository must be made in the name of the beneficial owner of the account or an authorised nominee.

Azam has maintained he did no wrong even as his critics accuse him of conflict of interest and abusing his position.

He has also said he plans to take legal action against the person who wrote the articles alleging conflict of interest last year, which sparked the controversy. 

* An earlier version of this article contained an error which has since been rectified.