SHAH ALAM - The Securities Commission Malaysia (SC) found no evidence of proxy trading by Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki.
SC said Azam was in full control of a share trading account he claimed he let his brother use.
This means that Azam did not commit any offence under Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA).
SC said based on the independent evidence gathered at the inquiry into Azam’s trading account, it showed that he was the named account holder and had control of the said trading account.
It also stated that Azam operated the account that he had opened and in that, 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,” SC said in a statement today.
This statement came a day after the commission said it had wrapped up its inquiry into Azam's controversial acquisition of public shares, where they found no conclusive evidence that he breached any trading rules.
SC began looking into the issue earlier this month when Azam openly admitted in a press conference on Jan 5 that his brother Nasir Baki had used his share trading account, with his consent, to buy millions of shares in two-public listed companies back in 2015.
Azam has since issued a statement declaring that SC found him innocent and would continue work as usual.
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.
He is also being investigated by the MACC Complaints Committee.