“The SC has concluded its inquiry and based on the evidence gathered, the SC is not able to conclusively establish that a breach under section 25 (4) of the Securities Industry (Central Depositories) Act 1991 (Sicda) has occurred,” it said in a statement today.

Section 25 (4) of Sicda provides that a trading account must be opened in the name of the beneficial owner or the authorised nominee.

Azam has denied any wrongdoing, saying he did not purchase the shares and that his brother had used his trading account to buy shares in public listed companies.

The SC had said on Jan 6 that it would get in touch with Azam to verify his statement and to “gather any relevant evidence”.

It said that every securities account opened with a central depository must be in the name of the beneficial owner of the deposited securities.

Citing Section 25 of Sicda, it said an account could also be 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,” it said.

Azam is alleged to have bought millions of shares and warrants in public listed companies with a value over the RM100,000 cap on equity holdings by civil servants.

He has since explained that his brother, Nasir, had bought the shares using his account, which were then transferred to Nasir’s account shortly after.

The parliamentary select committee (PSC) meeting scheduled for tomorrow to discuss the issue was postponed yesterday, with parliament secretary Nizam Mydin Bacha Mydin stating that this was due to issues that needed to be referred to the legal adviser of Parliament.

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