KUALA LUMPUR (Jan 18): Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki, who has been embroiled in a proxy stock trading scandal, issued a statement Tuesday (Jan 18) saying he is thankful that the Securities Commission Malaysia (SC) found he had not committed any offences.
"I have been informed by the SC that the inquiry into the matter has been concluded. As such, it has closed the inquiry file accordingly," he said.
"With that, I will continue my responsibility as the Chief Commissioner of the Malaysian Anti-Corruption Commission to fight corruption in the country without fear or favour," he added.
His statement came after the SC announced earlier on the same day that it had completed its inquiry into his share purchase claims, but could not conclusively establish if he had breached Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (SICDA), which provides that a trading account must be opened in the name of the beneficial owner or authorised nominee.
The SC had, on Jan 6, announced it would look into the issue. At the time, besides Section 25, it also noted that 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.
Azam told a press conference earlier this month that his share trading account had been used by his younger brother to purchase shares in 2015, following allegations that the MACC chief had interests and shareholdings in several companies.
He denied any wrongdoing and said the stocks purchased had subsequently been transferred to his brother's account.