Securities Commission says Azam Baki was in control of account he said his brother used

The Securities Commission said this conclusion was because Tan Sri Azam Baki was named as the account holder and had control of the said trading account. — Picture by Hari Anggara
The Securities Commission said this conclusion was because Tan Sri Azam Baki was named as the account holder and had control of the said trading account. — Picture by Hari Anggara

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KUALA LUMPUR, Jan 19 — The Securities Commission clarified today that it found no evidence of proxy trading by Tan Sri Azam Baki as the Malaysian Anti-Corruption Commission chief commissioner was in full control of a share trading account he claimed he let his brother use.

The clarification was for its statement yesterday in which it said Azam did not breach Section 25(4) of the Securities Industry (Central Depositories) Act 1991.

The commission said this conclusion was because Azam was named as the account holder and had control of the said trading account.

Secondly, the MACC chief commissioner was said to have operated the said account, “in that he had given instructions to buy, sell and transfer securities from the said account.”

“Therefore, the SC arrived at the decision that there was no breach of section 25(4) of the Securities Industry (Central Depositories) Act 1991,” the regulator said briefly.

The statement was issued just a day after the commission said it had wrapped up its inquiry on Azam’s controversial acquisition of public shares, and found no conclusive evidence that he broke stock trading rules.

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.

The SC said it did not conclusively find that Azam committed any breach under section 25(4) Securities Central Depository Act 1991 (SICDA) that a trading account must be opened in the name of the beneficial owner or authorised nominee.

Shortly after, Azam issued a statement declaring that the SC had found him innocent and that he would continue work as usual.

The regulator’s summary of its investigation drew strong criticism.

Among the critics were Muar MP Syed Saddiq Syed Abdul Rahman, who suggested that there was potential conflict of interest in the investigation launched by SC against Azam since several members of the commission’s board themselves are being probed for alleged misconduct.

The Parliamentary Select Committee on Agencies had also summoned Azam for questioning this week, but postponed it to an unspecified date after he refused on grounds that he was already under probe by other agencies.

The MACC chief commissioner is also being investigated by the MACC Complaints Committee.

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