Malaysia’s Anti-Graft Chief Questioned in Shareholding Probe
(Bloomberg) — Malaysia’s anti-corruption chief Azam Baki was summoned by a special committee set up to investigate his stock ownership to explain the matter Thursday as authorities responded to calls for him to be investigated.
Government principal secretary Shamsul Azri Abu Bakar said on Sunday that the committee was examining the propriety and regularity of Azam’s shareholding based on the initial report it received. He said he was still in the process of evaluating all evidence obtained and would call other relevant witnesses to complete the investigation.
Bloomberg News reported on Feb. 10 that Azam, chief commissioner of the Malaysian Anti-Corruption Commission, owns 17.7 million shares of Velocity Capital Partner Bhd., according to the financial services firm’s annual filing with the Companies Commission of Malaysia. At the time of writing, this stake was worth almost 800,000 ringgit ($205,000).
A 2024 Malaysian government circular, which provides guidance on the 1993 regulations governing the conduct of public officials, says a public official can purchase shares in a company incorporated in Malaysia, provided that the value does not exceed 5% of the paid-up capital or 100,000 ringgit in value, whichever is lower. They must also declare assets at least every five years and when purchasing or selling assets.
Another investigation by Bloomberg News alleged collusion between MACC officials and businessmen trying to take over the company. The reports triggered a backlash in Malaysia, drawing protesters to the capital and fueling a broader debate over alleged abuses of power.
The country’s leading civil society groups have called for a Royal Commission of Inquiry to investigate allegations of abuse of power, unexplained wealth and regulatory extortion by the anti-corruption agency and its chief.
Azam denied any wrongdoing regarding his shares and said Bloomberg’s reporting was malicious and misleading. The MACC said all its investigations were conducted lawfully and rejected any suggestion that they were influenced by private interests.
“The committee ensures that a comprehensive investigation will be conducted in a transparent, independent and professional manner,” Shamsul said in a statement on Sunday.
He said the results of the investigation and recommendations on further action would be forwarded to authorities, including any findings of violations of criminal laws or regulations.
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