Bloomberg unfazed by Azam Baki’s lawsuit threat

 

BLOOMBERG News has stood by its reporting concerning the shareholdings of Malaysia’s top anti-corruption official, who has moved to take legal action against the US-based publication.

In a brief response to The Edge, a spokesperson for Bloomberg said “We stand by our reporting.”

Tan Sri Azam Baki, chief commissioner of the Malaysian Anti-Corruption Commission (MACC), has commenced legal proceedings over the article detailing his share ownership. His lawyers described the report as defamatory, irresponsible and misleading.

To recap, Bloomberg reported that he held 17.7 mil shares in Velocity Capital Partner Bhd, a financial services firm.

During a press conference covered by national news agency Bernama, Azam confirmed that he purchased the shares in early 2025 and disposed of them in July the same year.

Velocity Capital itself has drawn attention in recent months due to its significant stake in MMAG Holdings, previously chaired by Datuk Seri Farhash Walfa Salvador, who was also the company’s largest shareholder.

The company has undergone several rebrandings since its listing. Initially known as APP Industries Bhd, it subsequently changed its name to PFCE Bhd, Spring Gallery Bhd, DWL Resources Bhd, KTG Bhd and CSH Alliance Bhd before adopting its current identity.

According to its latest annual report, Velocity Capital operates through subsidiaries involved in haulage, information technology solutions, packaging manufacturing and electric vehicle distribution. 

Over the years and through its various name changes, the group has ventured into a range of sectors, including porcelain and ceramic marketing, as well as the rubber glove and personal protective equipment industries. —Focus Malaysia