KUALA LUMPUR – Police have confirmed receiving a report that was lodged in relation to the claim by the Malaysian Anti-Corruption Commission (MACC) chief commissioner that he had let his brother use his account to purchase shares.
Criminal Investigation Department director Datuk Seri Abd Jalil Hassan said this in a statement today to announce that the report has been referred to the Securities Commission (SC) for further action.
The SC will now need to factor in the police report as it calls in parties involved in the recent debacle.
It had said on Thursday that it will be looking to get an explanation from those set to be summoned before the next course of action is decided.
“SC will be in touch with the parties involved, including (chief commissioner) Tan Sri Azam Baki, for an explanation and to verify statements made, as well as to gather any relevant evidence,” read their statement.
It cited Section 25 of the Securities Industry (Central Depositories) Act 1991 (Sicda), which states that every securities account opened with a central depository must be in the name of the beneficial owner of the deposited securities or in the name of an authorised nominee.
“In addition, Section 29A of Sicda stipulates that all dealings in securities shall be effected only by the beneficial owner of the securities or an authorised nominee,” it said, suggesting that one’s trading account can be managed by a third party with proper authorisations in place.
Yesterday, Home Affairs Minister Datuk Seri Hamzah Zainudin said that the SC will investigate and police will receive information on the investigation’s developments.
“If an offence has been committed, police will start another probe and investigation papers will be opened,” Hamzah said, stressing that the matter that was reported is related to the Securities Commission Act.
He said that the police reports made against Azam were related to the ownership of shares in various companies.
At a press conference on January 5, Azam said that his brother, Nasir Baki, used his share-trading account to purchase shares in a private company in 2015, but maintained that he had no vested interest or benefit.
He went on to explain that all the shares were eventually moved to Nasir’s account, and insisted that he saw no issue with allowing his brother to initially use his. – The Vibes, January 8, 2022
