SC to seek Azam Baki's explanation on shares purchased under his account

KUALA LUMPUR: The Securities Commission (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 related to his share trading account used by his brother, Nasir, to purchase shares in 2015.

The SC said 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 the SICDA stipulates that all dealings in securities shall be effected only by the beneficial owner of the securities or an authorised nominee, the commission said in a statement today.

Allegations of Azam, the Malaysian Anti-Corruption Commission (MACC) chief commissioner, having interests and shareholding in several companies had gone viral on social media.

The Anti-Corruption Advisory Board (LPPR), one of the five independent monitoring bodies of the MACC, announced that it has found no criminal conduct or conflict of interest involving Azam's share trading done in 2015.

LPPR chairman Tan Sri Abu Zahar Ujang said yesterday that the board in a special meeting on Nov 24, 2021, had sought Azam's explanation over the matter, and the latter explained that his share trading account was used by his brother, Nasir Baki, to purchase shares in 2015.

Abu Zahar said the purchase of the shares was made in the open market with no conflict of interest, and that the shares were transferred to Nasir within the same year.

-- BERNAMA