Azam Baki listed as holding shares in financial services firm, says report

 Velocity Capital Bhd's annual return shows that the MACC chief owns a stake worth about RM800,000.

MACC chief Azam Baki came under public scrutiny in late 2021 following reports on his share trading activities, which raised questions about possible breaches of the rules governing public officials.

PETALING JAYA:

 Malaysian Anti-Corruption Commission (MACC) chief Azam Baki is listed as holding 17.7 million shares in a financial services company, according to a corporate filing with the Companies Commission of Malaysia (SSM).

Bloomberg reported that the shareholding was disclosed in Velocity Capital Bhd’s annual return lodged on Feb 3 last year.

Based on the company’s share price at Monday’s close, the stake would be worth about RM800,000.

As of press time, Azam’s name still appeared on Velocity Capital’s register of shareholders at SMM.

According to the company’s website, Velocity Capital is a Bursa Malaysia-listed firm previously involved in transportation, logistics and ceramics manufacturing, and is now pivoting towards financial services, particularly moneylending.

It is unclear when the shares were acquired, and Velocity Capital has yet to file its annual return for this year.

Azam did not respond to queries. MACC and Velocity Capital also did not reply to requests for comment.

A 2024 government circular on the conduct of public officials states that civil servants may hold shares in Malaysian-incorporated companies only if the holdings do not exceed 5% of paid-up capital or RM100,000 in value, whichever is lower. Public officers are also required to declare their assets on a periodic basis.

Azam, who is deemed a public officer under the law governing MACC, has not publicly declared his assets. Transparency International and other anti-corruption groups have long called for mandatory public asset declarations by civil servants.

Prime Minister Anwar Ibrahim has extended Azam’s contract three times beyond the mandatory retirement age of public officers. His current contract is set to expire in May, barring any further extensions.

Anwar previously defended the extensions, saying Azam had shown “extraordinary courage” in pursuing powerful figures allegedly involved in corruption and the abuse of power.

The Prime Minister’s Office did not respond to a request for comment.

Azam first came under scrutiny in late 2021 over reports on his share trading activities, which eventually led to protests calling for his resignation in January 2022.

At the time, he said the trades were carried out by his brother using his trading account. The Securities Commission later said it found no conclusive evidence that securities laws had been breached.

Azam also sued journalist Lalitha Kunaratnam for defamation over the reports, seeking RM10 million in damages. The case was settled last year on undisclosed terms, with no admission of liability by either party. - FMT