Azam bought Velocity shares for RM1.5m, lost RM400k in sale

 

MACC chief Azam Baki is estimated to have spent RM1.5 million when purchasing Velocity Capital Partner Berhad shares, and lost over RM400,000 when he sold the shares.

A FMT report last night stated that it had sighted documents which indicated Azam had bought the shares on Jan 15 last year.

The report also cited a source as saying that the top graftbuster lost over RM400,000 when he liquidated the shares on an unspecified date in July.

On Jan 15, 2025, Velocity Capital Partner shares traded between RM0.075 and RM0.085 per unit. Azam had 17.7 million shares, which, if bought at the highest price, would have cost RM1.5 million.

Meanwhile, the lowest that Velocity Capital Partner shares traded in July 2025 is RM0.06 per share. If Azam sold his shares at this price, he would have recouped RM1.06 million.

Assuming these calculations are accurate, Azam would have lost around RM440,000 in the deal.

Open market purchases

While share trading by civil servants is not illegal, the 2024 Public Officers’ Conduct and Disciplinary Management Circular stipulates that civil servants are not allowed to purchase shares exceeding five percent of paid-up capital or RM100,000 at current value.

However, Azam countered that his shareholding did not involve paid-up capital but was instead acquired through purchases on the open market.

Public Service Department

Azam has denied wrongdoing, citing a declaration he made to the Public Service Department (PSD). The PSD has since said it is reviewing the "outdated" shareholding rules.

The MACC chief has also said that he has enough of his own money for his stock trading activities.

"As a government officer who has served the civil service for more than 40 years with a ‘Gred Utama Turus II’, my pensions and gratuity, plus salary and savings, are more than enough to cover my share purchases," he had told The Vibes on Wednesday.

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In addition, FMT quoted a source yesterday as saying Azam received gratuity and a golden handshake totalling RM1.2 million when he reached retirement age in 2023.

"So he has more than enough,” the source said. - Mkini