Azam owns and operates trading account: SC

The Securities Commission Malaysia (SC) says that there was no breach of section 25(4) of the Securities Industry (Central Depositories) Act 1991 on the issue involving Tan Sri Azam Baki’s stockholding.

“SC wishes to clarify that the independent evidence gathered at the inquiry into Tan Sri Azam Baki’s (TSAB) trading account shows that: TSAB is the named account holder and had control of the said trading account; and TSAB operated the account that he had opened, in that he had given instructions to buy, sell and transfer securities from the said account,” it said.

“Therefore, the SC arrived at the decision that there was no breach of section 25(4) of the Securities Industry (Central Depositories) Act 1991,” SC added.

Prior to this Azam said his brother had used his share trading account to acquire shares and warrants in 2015.

Under section 25 of the Securities Industry (Central Depositories) Act 1991(SICDA), every securities account opened with a central depository must be in the name of the beneficial owner of the deposited securities or in the name of an authorised nominee.

In addition, 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.–TMR