No breach of rules on Azam Baki's trading account - Securities Commission

KUALA LUMPUR: The Securities Commission Malaysia (SC) has arrived at a decision that there was no breach of section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA) with relation to the Malaysian Anti-Corruption Commission chief commissioner Tan Sri Azam Baki's trading account.

In a statement today, the SC clarified that the independent evidence gathered at the inquiry into Azam's trading account showed that the latter was the account holder and had control of the said trading account.

"The evidence also showed that Azam operated the account that he had opened, in that he had given instructions to buy, sell and transfer securities from the said account," it said.

In a statement on Tuesday, the SC said it has concluded its enquiry in relation to Azam's trading account and based on the evidence gathered, it could not conclusively establish a breach under Section 25(4) of SICDA had occurred.

As a capital market regulator, the SC said that its regulatory remit is set out under the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA), and SICDA.

The statement came in response to media queries received yesterday on the outcome of the SC's inquiries under section 25(4) of the SICDA in relation to Azam's trading account (the said inquiry).

"In this regard, the said inquiry relates to the issue of whether a potential breach under Section 25(4) of SICDA occurred.

"Section 25(4) of SICDA provides that a trading account must be opened in the name of the beneficial owner or authorised nominee," it said.

-- BERNAMA