SC set to interview MACC chief’s brother - report

 

The Securities Commission (SC) will reportedly summon Nasir Baki for an “interview” following the revelation that he had purchased shares using the trading account belonging to his elder brother - present MACC chief commissioner Azam Baki. 

Citing “sources familiar with the matter”, The Malay Mail reported that Nasir will be called in “soon” to offer his explanation.

It also reported that financial transactions by both brothers will be scrutinised for possible violations of the Securities Industry (Central Depositories) Act 1991, also known as Sicda.

The SC has been contacted for confirmation and comment.

The commission said last week that it will be contacting Azam along with “all parties involved” to gather explanation and evidence for the case.

Section 25 of Sicda states that every trading account must either be in the name of the beneficial owner of the deposited securities or an authorised nominee.

Section 29A also states that all dealings have to be by the beneficial owner or an authorised nominee.

Offences under Section 25 are punishable with a fine of up to RM3 million or imprisonment of up to 10 years, or both.

Azam came under fire recently after it was revealed that he owned millions of shares in two public-listed companies - Excel Force MSC and Gets Global Berhad - back in 2015 and 2016.

He had been the MACC investigation chief at the time.

On Jan 5, MACC’s Anti-Corruption Advisory Board chairperson Abu Zahar Ujang held a press conference to defend Azam, explaining that the shares were purchased by Nasir using Azam’s trading account.

Azam stressed that he had since transferred the shares to Nasir and had thus done “nothing wrong”.

However, the move backfired and led to more criticism along with questions about whether Azam had violated Sicda and whether Abu Zahar had acted beyond his authority.

Aside from attracting scrutiny by the SC, Azam has been summoned before the Parliament Select Committee on Agencies under the Prime Minister’s Department.

Meanwhile, the top public official is suing whistleblower K Lalitha for defamation after she wrote about his share ownership scandal.

The lawsuit has attracted yet more criticism against Azam. - Mkini