KUALA LUMPUR: Malaysian Anti-Corruption Commission (MACC) chief Tan Sri Azam Baki reportedly holds millions of shares in a financial services company, marking the first public disclosure of a significant stake under his name since a previous uproar over his shareholdings sparked protests demanding his resignation.
According to Velocity Capital Partner Bhd.’s annual filing to the Companies Commission of Malaysia on February 3 last year, Azam owns 17.7 million shares in the company. The stake was valued at nearly RM800,000 as of Monday’s market close.
As of Tuesday, Azam remains listed on Velocity Capital’s shareholder register at the Companies Commission. It is unclear when the shares were acquired. Velocity Capital has not yet submitted its annual return for this year.
Azam, 62, and the MACC declined to comment on the shareholdings. Velocity Capital, a publicly listed financial services company, also did not respond to requests for comment.
A 2024 government circular provides guidance on the 1993 regulations regarding public officials’ conduct, stating that public servants may purchase shares in Malaysian companies provided they do not exceed 5% of the company’s paid-up capital or RM100,000, whichever is lower. Public servants must also declare assets at least once every five years and upon purchase or sale of holdings.
There are no prominent reports of civil servants being disciplined for shareholdings. Transparency International and other anti-graft groups have long pushed for mandatory public declaration of assets by public officials. Azam, considered a public official under MACC law, has not publicly declared his assets.
Prime Minister Datuk Seri Anwar Ibrahim has extended Azam’s one-year contract three times beyond the mandatory retirement age, defending the decision by citing Azam’s “extraordinary courage” in pursuing high-profile corruption cases. Azam’s current contract is set to end in May.
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Azam faced public outcry after a Malaysian journalist reported in late 2021 on his stockholdings, questioning whether they breached rules on ownership and declaration of assets. Protesters marched in Kuala Lumpur in January 2022 demanding his resignation and arrest.
At the time, Azam said one of his brothers had used his trading account to buy shares. The Securities Commission of Malaysia investigated and concluded that Azam did not breach securities law, finding no conclusive evidence of misuse by anyone else. No other disciplinary action has been disclosed.
Azam also filed a defamation suit against journalist Lalitha Kunaratnam seeking RM10 million. The case was settled in 2024 under undisclosed terms, with no admission of fault from either party. Lalitha declined to comment.
Velocity Capital’s website states the company is shifting focus from transportation, logistics, and ceramics to financial services, particularly money lending. Its shares have fallen 50% since a peak in March last year, trading at 0.045 ringgit each as of Monday’s close.
– Bloomberg
-Thestar
