SC says it is unable to establish if Azam Baki had breached SICDA regulation

KUALA LUMPUR, Jan 18 – The Securities Commission Malaysia (SC) says it is not able to conclusively establish if the Chief Commissioner of Malaysian Anti-Corruption Commission Tan Sri Azam Baki had breached the Securities Industry (Central Depositories) Act 1991 (SICDA) for having allowed his trading account to be used by his brother.

It said the inquiry into Azam Baki’s trading account was made under section 25(4) SICDA.

“In this regard, the said inquiry relates to the issue of whether a potential breach under section 25(4) Securities Central Depository Act 1991 (SICDA) occurred. Section 25(4) SICDA provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.”

The SC said this in a press statement today in response to media queries on the outcome of the SC’s investigation under section 25 (4) of SICDA, adding that it has concluded its enquiry and is not able to establish if a breach has occurred based on the evidence gathered.

“At the outset, the SC wishes to state that as a capital market regulator, the SC’s regulatory remit are set out under the Securities Commission Malaysia Act 1993 (SCA), Capital Markets and Services Act 2007 (CMSA).