Tan Sri Azam Baki, Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC), has strongly hit back at reports questioning his ownership of shares in a financial services firm, describing the allegations as “malicious and misleading.”
The controversy erupted following a report by Bloomberg on Tuesday, which revealed that corporate filings listed Azam as holding 17.7 million shares in Bursa Malaysia-listed Velocity Capital Partner Bhd. Based on the company’s closing price on Monday, the stake is valued at approximately RM800,000 ($203,900).
MACC issued a strongly worded rebuttal against a recent international media report, labeling allegations that its Chief Commissioner failed to declare his assets as “misleading and baseless.”
Bloomberg report alleged that Tan Sri Azam Baki held millions of shares in a financial services company, Velocity Capital Partner Bhd, and suggested a potential breach of wealth ownership rules for public servants.
Azam stated that he purchased the shares in 2025 and disposed of them within the same year.
He emphasised that the acquisition, along with his sources of income, was formally declared to the Public Service Department (JPA) via the Human Resource Management Information System (HRMIS).
The MACC chief warned that he is considering legal action against those responsible for the reports, labeling them defamatory.
The report has raised questions regarding compliance with Malaysian civil service regulations. A 2024 government circular stipulates strict limits on shareholdings for public servants:
Holdings must not exceed RM100,000 in value.
Holdings must not exceed 5% of a company’s paid-up capital.
Public servants are required to declare assets at the time of both purchase and sale.
While Bloomberg noted that Azam is listed as a shareholder in a filing dated Feb 3 last year, MACC countered that he has “fully complied with the applicable asset declaration requirements.”
The MACC issued a stern statement defending its chief, asserting that the reports were an attempt to undermine public confidence in the commission.
“The report not only affects the image and reputation of the officer concerned but also unjustifiably associates MACC with allegations of wrongdoing,” the statement read. “Any portrayal suggesting a failure to declare assets is factually incorrect and creates a misleading impression of the integrity framework governing MACC.”
This is not the first time Azam’s shareholdings have come under fire. In 2022, a similar controversy involving shares purchased using his trading account—which he claimed were made by his brother—led to widespread public protests.
Following the latest revelations, members of the opposition and civil society, including PKR MP Hassan Karim and UMNO Supreme Council member Puad Zarkashi, have called for the government to provide an immediate and transparent explanation.
