Did Azam breach stock ownership laws?

[superadmin]

PETALING JAYA: The Securities Commission (SC) has been urged to investigate whether top graft buster Azam Baki breached stock ownership laws when he let his brother use his share trading account.

The call for a probe was made by lawyers Rafique Rashid Ali and M Manoharan as well as Subang MP Wong Chen and Klang MP Charles Santiago.

Azam, the Malaysian Anti-Corruption Commission (MACC) chief, said at a press conference yesterday that he had willingly given his brother permission to buy shares using his account and that he had explained the matter to the Anti-Corruption Advisory Board.

Speaking to FMT, Rafique referred to Section 25 (4) of the Securities Industry Central Depositories Act (Sicda), which states that securities accounts must be in the name of the benefiting owner.

“Azam’s press conference must now be subjected to investigation by the Securities Commission,” he said.

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