Securities Commission to 'be in touch' with MACC chief
The Securities Commission (SC) said it will be speaking to MACC chief Azam Baki after he admitted that his brother had used his name to purchase shares.
"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," it said in a statement.
The SC pointed out that under...
The Securities Commission (SC) said it will be speaking to MACC chief Azam Baki after he admitted that his brother had used his name to purchase shares.
"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," it said in a statement.
The SC pointed out that under Section 25 of the Securities Industry (Central Depositories) Act 1991(Sicda), every security 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," it added in a statement.
Offences under Section 25 is punishable with a fine of up to RM3 million or imprisonment of up to 10 years or both.
Azam had faced pressure to explain his ownership of millions of shares in two public-listed companies in 2015 and 2016.
MACC's Anti-Corruption Advisory Board chairperson Abu Zahar Ujang convened a special press conference yesterday to explain the issue.
Abu Zahar said the shares were purchased in Azam's name by his younger brother and declared he had done nothing wrong. He added that Azam had since transferred the shares to the brother.
However, the press conference opened a can of worms, with the opposition accusing Abu Zahar of acting beyond his authority.
Kepong MP Lim Lip Eng had said the admission could constitute a possible violation of Sicda.
Sungai Buloh MP R Sivarasa previously also pointed out that Section 23 of Service Circular 3/2002 forbids a civil servant from owning more than RM100,000 in shares.
