Securities Commission to look into Azam Baki's stock trading account

SHAH ALAM -- Securities Commission Malaysia (SC) will gather all relevant evidence, including a proper explanation from Malaysian-Anti Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki, over the latter's share trading account.

In a brief statement today, the SC stated that under section 25 of the Securities Industry (Central Depositories) Act 1991(SICDA), 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.

"The SC will be in touch with the parties involved, including Tan Sri Azam Baki, for an explanation and to verify statements made, as well as gather any relevant evidence,'' said the statement.

Yesterday, Azam held a special press conference to clear his name of an alleged conflict of interest while in the course of carrying out his duties as the head of the anti-graft body.

In the press conference, the Anti-Corruption Advisory Board board's chairman Tan Sri Abu Zahar Ujang also said they were satisfied with explanations given by Azam and cleared him of any corruption or power abuse in acquiring shares in 2015.

Abu Zahar said based on his statements, the shares in question belonged to Azam's brother Nasir Baki.

Abu Zahar also said the board did not find any criminal activities or "conflict of interest" on the matter.