Azam says he will cooperate with SC over share ownership allegation

 

Azam Baki has pledged to give his full cooperation to the Securities Commission (SC) following the top graft buster's admission that his younger brother had used his trading account to purchase company shares.

The Malaysian Anti-Corruption Commission chief commissioner is expected to meet with the SC next week.

"I will give my full cooperation to the SC. No issue on this. I will provide the documentation and information that it requires," Azam said, adding he is aware that the revelation of his brother using his trading account has raised questions.

"It is best that we let the SC look into this first before I make further statements," he was quoted as saying by The Star.

The SC said yesterday that it would speak to Azam and the parties involved for an explanation after Azam admitted letting his brother use his trading account.

Azam is facing pressure to explain his ownership of millions of shares in two public-listed companies in 2015 and 2016.

On Jan 5, MACC's Anti-Corruption Advisory Board chairperson Abu Zahar Ujang convened a special press conference to explain the issue.

Abu Zahar said the shares were purchased in Azam's name by his younger brother and that Azam had done nothing wrong. Abu Zahar 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 said the admission could constitute a possible violation of Section 25A of the Securities Industry (Central Depositories) Act 1991 (Sicda), which forbids individuals from trading securities using another person's trading account unless he or she is an authorised depository agent.

An offence under Section 25 is punishable with a fine of up to RM3 million or imprisonment of up to 10 years, or both.

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. - Mkini