Malaysia

Inquiry couldn’t determine if Azam Baki violated securities law: SC

Agency concludes probe on inconclusive note

Updated 4 years ago · Published on 18 Jan 2022 3:24PM

Inquiry couldn’t determine if Azam Baki violated securities law: SC
The Securities Commission says 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 MACC chief Tan Sri Azam Baki when he supposedly allowed his brother to purchase shares with his account. – The Vibes file pic, January 18, 2022

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

Related News

Malaysia / 1d

MACC opens seven investigation papers in FELDA, FIC cases

Malaysia / 1d

RCI TH: Former minister remanded for five days

Malaysia / 1d

RCI TH: MACC seeks remand of former minister

Malaysia / 2d

MACC arrests former minister over Tabung Haji RCI probe

Malaysia / 6d

Saravanan's letter will be referred to MACC, relevant authorities - PM Anwar

Malaysia / 6d

Saravanan charged with accepting bribe of nearly RM1.1 million

Spotlight

Malaysia

Anwar: Children’s smiles, dreams are Malaysia’s future (video)

Heritage

Penang first state to recognise Hungry Ghost Festival, cemeteries as heritage

Malaysia

Child malnutrition needs urgent action, says Charles Santiago

By Alfian Z.M. Tahir

Malaysia

Zahid: Umno, BN favour earlier GE16

World

Trump floats renaming Strait Of Hormuz ‘Trump Strait’ amid Iran conflict

Malaysia

Weak earthquake measuring 3.4 magnitude detected in Keningau

Malaysia

Stepfather held over alleged rape, sexual assault of 13-year-old in Besut

Malaysia

Toying with danger: Police tracking owner of MPV

You may be interested

Malaysia

Anwar warns US-Iran escalation risks wider Middle East war

Malaysia

Cloud seeding targets Sarawak dams amid heat and dry spell

Malaysia

Collision between tanker and ferry under investigation - PPC

By Ian McIntyre

Malaysia

PM orders probe after Temerloh crash kills family of three and another motorist

Malaysia

MOF: Unsubsidised petrol, diesel prices fall five sen from Thursday

Malaysia

RCI TH: Former THP manager charged with CBT involving RM72,000

Malaysia

VVIP could be first charged in Tabung Haji RCI probe

Malaysia

Probe into tanker-ferry collision to focus on radar, navigational systems

By Ian McIntyre