Malaysia Graft Chief Denies $203K Shareholding Claim

Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki has defended his shareholding in a financial services company, calling recent reports on the matter malicious and misleading. Azam stated he properly declared the shares to the public service department and has fully complied with asset declaration requirements.

Azam Baki Responds to Shareholding Report

Azam Baki reportedly purchased 17.7 million shares in Velocity Capital Bhd last year and disposed of them later that same year, according to a report by Bloomberg, citing the company’s annual filing with the Companies Commission of Malaysia dated Feb. 3, 2023.

The stake was worth almost RM800,000 (US$203,900) based on Monday’s closing price, and Azam was still listed on Velocity Capital’s register of shareholders as of Tuesday, Bloomberg reported.

A 2024 government circular states that public servants may purchase shares in Malaysian companies, but the shares cannot exceed 5 percent of the company’s paid-up capital or RM100,000 in value, whichever is lower. Public servants are required to declare assets at least once every five years, and at the time of purchase and sale of holdings.

Bloomberg reported that Azam, considered a public official under the law governing MACC, had not publicly declared his assets.

Azam told the New Straits Times (NST) that he had nothing to hide regarding the shares and that the transaction had been properly declared through the Human Resource Management Information System (HRMIS) to the Public Service Department. “All transparent,” he said, as quoted by NST.

The MACC released a statement calling the Bloomberg report misleading and containing unfounded allegations. The statement said the report affects the image and reputation of Azam and could undermine public confidence in the Commission.

The MACC affirmed that Azam has “fully complied with the applicable asset declaration requirements,” including declarations made via HRMIS covering sources of income and the acquisition and disposal of assets. The Commission stated that any suggestion of a failure to declare assets is factually incorrect.