Malaysia anti-graft chief Azam Baki denies wrongdoing over US$203k shareholding controversy

KUALA LUMPUR, MALAYSIA: Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki has rejected allegations that his RM800,000 (US$203,900) shareholding in a financial services company breached public service rules, describing recent reports as “malicious and misleading”.

The controversy intensified after Bloomberg reported on 10 February that Azam was listed as holding 17.7 million shares in Velocity Capital Bhd, citing the company’s annual filing with the Companies Commission of Malaysia dated 3 February 2025.

According to Bloomberg, the stake was valued at almost RM800,000 based on the previous day’s closing price.

Azam was still listed on Velocity Capital’s register of shareholders as of 10 February, the report said.

Under a 2024 government circular cited by Bloomberg, public servants may purchase shares in Malaysian-incorporated companies, provided holdings do not exceed 5 per cent of paid-up capital or RM100,000 in value, whichever is lower.

Public servants are also required to declare assets at least once every five years, as well as at the time of purchase and disposal of holdings.

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

Speaking to local media on 10 February, Azam said he had purchased the shares in 2025 and disposed of them within the same year.

“I made the declaration on this, including sources of my income, through the Human Resource Management Information System to the Public Service Department (HRMIS). All transparent,” he said.

In a statement, MACC said the Bloomberg report contained “misleading statements and unfounded allegations”.

The commission said Azam had “fully complied with the applicable asset declaration requirements”, including declarations made via HRMIS covering sources of income and the acquisition and disposal of assets.

“Any portrayal suggesting a failure to declare assets is factually incorrect and creates a misleading impression of the integrity and governance framework governing MACC,” the statement said.

Prime Minister Anwar Ibrahim on 11 February defended Azam, saying he should be allowed to explain himself.

“He is doing his job. Why attack him? We must listen to the explanations from all sides,” Anwar said, adding that due process must be respected.

Deputy Minister in the Prime Minister’s Department (Law and Institutional Reform) M Kulasegaran told Parliament on 10 February that any decision regarding Azam would be made by the Prime Minister and Cabinet.

He also said there did not appear to be specific laws limiting investments by civil servants. “There is no concrete requirement on investment limits,” he said while winding up debate on the motion of thanks for the Royal Address.

However, several Members of Parliament called for further scrutiny.

Hassan Abdul Karim asked whether Azam could be placed on garden leave pending a professional investigation, noting that former prime ministers Muhyiddin Yassin and Ismail Sabri Yaakob had been investigated by MACC.

Ramkarpal Singh questioned whether action could be taken if Azam was found to have owned shares exceeding permitted limits.

Pandan MP Rafizi Ramli raised broader concerns, linking Azam’s shareholding in Velocity Capital to a network of corporate transactions involving Farhash Wafa Salvador Rizal Mubarak and NexG Berhad.

NexG secured more than RM2.5 billion in government contracts in August and October 2025, including a RM1.73 billion six-year contract from the Home Ministry to supply passports.

NexG is a major shareholder in MMAG Holdings. Farhash purchased 462 million shares in MMAG in March 2025 and sold them on 31 December 2025. Those shares were pledged to Velocity Capital, Rafizi said.

“This means that Velocity Capital is the money-lending company involved in transactions concerning Farhash and linked to NexG Berhad,” Rafizi said, calling for Azam’s immediate suspension pending investigation.

Farhash denied any business links with Azam, according to Malaysiakini.

Checks of Velocity Capital’s website show the Bursa Malaysia-listed firm was previously involved in transportation, logistics and ceramics manufacturing, and is now pivoting towards financial services, including moneylending.

The episode has renewed debate over oversight of Malaysia’s anti-graft agency.

Azam previously faced public criticism in late 2021 after reports questioned his stockholdings. Protesters marched in Kuala Lumpur in January 2022 calling for his resignation and arrest.

Anwar has extended Azam’s one-year contract three times after he reached the mandatory retirement age, praising his “extraordinary courage” in pursuing corruption cases involving powerful figures.

Azam’s current contract is due to end in May 2026.