KUALA LUMPUR, Jan 19 – DAP Secretary-General and Member of Parliament for Bagan Lim Guan Eng today took to task the Securities Commission, asking if Malaysia was the sole global investor outlier in permitting proxy share trading?
He cited the SC’s clearance of Malaysian Anti-Corruption Commission (MACC)’s chief commissioner Tan Sri Azam Baki from any wrongdoing following an inquiry into the shares held in Azam’s trading account. Azam has claimed that the share transactions were undertaken by his brother using his trading account.
“The Securities Commission Malaysia (SC) should come clean to prove that there was no regulatory and enforcement failure in being unable to conclusively establish that Azam Baki has committed a breach under section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA),” Guan Eng said in a statement issued here today.
“Such a dishonest and irresponsible statement from the SC has not only tarnished the reputation of SC in regulating and enforcing compliance but also put investor confidence in our country’s capital market at risk.
“Like every developed capital market in the world, Malaysia has outlawed proxy share trading through Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA).”
Guan Eng questioned the SC’s move for not taking action when Azam has openly and publicly admitted that he had allowed his brother to conduct proxy share trading.