KUALA LUMPUR – An inquiry into alleged abuses by Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki could not conclusively find any breach of the Securities Central Depository Act 1991 (Sicda), the Securities Commission Malaysia (SC) said today.
The SC said its probe was centred around the premise of whether Section 25(4) of the Sicda, which relates to ownership of the securities account in question, was breached by Azam when he supposedly allowed his brother to purchase shares with his account.
“In this regard, the said inquiry relates to the issue of whether a potential breach under Section 25(4) 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,” SC said in a statement today.
The SC noted how its role as the capital market regulator only permits it to probe into alleged breaches of regulations parked under Sicda, the Securities Commission Malaysia Act 1993, and the Capital Markets and Services Act 2007.
The findings came just a day after Azam was accused of being in contempt of Parliament by opposition lawmakers for apparently declining to meet with the parliamentary select committee on agencies.
Dewan Rakyat Secretary Nizam Mydin Bacha Mydin announced yesterday that the proceedings regarding the controversy involving Azam scheduled for tomorrow had been postponed indefinitely, citing several legal issues as a stopping block.
The chief commissioner recently made headlines after it was revealed that he had purchased shares in two public-listed companies in 2015, which he later clarified were bought by his brother Datuk Nasir Baki under his name.
Anti-Corruption Advisory Board (LPPR) chairman Tan Sri Abu Zahar Ujang had said that the board had met Azam in November last year to discuss the matter and was satisfied by his explanation and found no elements of wrongdoing in the purchase of the shares.
Other members of LPPR, however, refuted Abu Zahar’s claims and have distanced themselves from him, saying his view does not represent theirs.
Azam has maintained his innocence and insisted he would not step down from his post, saying the only qualified individual that could end his tenure is the Yang di-Pertuan Agong, much to the ire of opposition lawmakers.
As for why he took time to respond to the controversy, Azam said he will reveal the truth when the time is right, and as the nation’s highest-ranking graft buster, he has other work to attend to. – The Vibes, January 18, 2022
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