PETALING JAYA: The Securities Commission (SC) said it would be in touch with Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki and other parties involved for an explanation over the issue of him acquiring shares in two companies in 2015.

       In a statement, SC said 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.

       “The SC will be in touch with the parties involved, including Azam Baki, for an explanation and to verify statements made, as well as gather any relevant evidence,” it said.

       Allegations recently surfaced that Azam owned a substantial number of shares in two companies between 2015 and 2016 when he was the MACC director of investigations.

       On Wednesday (Jan 5), Azam said he had given permission to his younger brother to use his trading account to acquire the shares.

       Azam said although he need not have declared the shares trading as it was not done by him, he had informed his superiors.