Pandan MP Rafizi Ramli has raised questions about whether MACC chief commissioner Azam Baki, through his shareholdings, benefited from business deals that involve Farhash Wafa Salvador Rizal Mubarak.
This is in relation to Azam's shares in Velocity Capital Partner Berhad, a company which Farhash used to acquire a leading stake in MMAG Holdings Berhad last year.
When contacted, Azam declined to comment on the matter.
Farhash (above, right), however, denied ever discussing business with Azam.
"How would I know what shares he (Azam) or anyone has? Got nothing to do with me! I am only aware of (Azam's shareholdings) after you informed me," the businessperson told Malaysiakini.
A Bloomberg report today highlighted that Azam owns 17.7 million shares in financial services company Velocity Capital Partner Berhad - which is about a 1.7 percent stake.
Malaysiakini has verified the report with the Companies Commission of Malaysia (CCM) records.
The shares are worth close to RM800,000 as of the opening of trade today. This is far above the limits set on civil servants - where they cannot buy more than RM100,000 worth of shares in a single company.
New Straits Times cited Azam as saying the shares had been properly declared through the Public Service Department's Human Resource Management system.
He also said the shares were purchased last year and disposed of within the year. This is despite his name still appearing as a shareholder in CCM records as of Dec 26, 2025.
Farhash’s business dealings
On March 3 last year, Velocity Capital Partner acquired a 6.49 percent stake in MMAG - which is an integrated supply chain management provider.
Later on March 26, Farhash acquired a 20 percent stake in MMAG, held through Velocity Capital Partner’s security account. Farhash was also made the non-independent non-executive chairperson of MMAG.
The Edge, citing Bloomberg’s off-market data, indicated that Farhash had bought the shares for 40 sen a piece for a total of RM184.8 million. This was about 26 sen lower per share than what MMAG stocks were priced at the time.
Also buying into MMAG that month was NexG Bhd, previously known as Datasonic Group Berhad. NexG would later win government tenders to provide passports and identity cards.
In November, disaster struck as MMAG's stock prices fell to as low as six sen per share.
On Dec 31, when share prices were at seven sen a piece, Farhash sold all his holdings in MMAG for 18.9 sen a share, or RM87.32 million in total. The businessperson is estimated to have lost RM97.48 million in the deal.
All his shares were sold to a company wholly owned by 25-year-old Cheah Min Lly. The shares remain pledged to Velocity Capital Partner.
Farhash then resigned as chairperson, citing personal reasons.
Velocity Capital Partner sold off its direct stake in MMAG, but remains exposed to the company through the shares pledged by Cheah.
Same transaction network
Rafizi, in his statement today, said the Bloomberg exposé showed that Azam's shareholdings in Velocity Capital Partner placed him in the same transaction network that involved Farhash and NexG.
"What is his interest in the transactions involving companies that sparked speculation before this, namely MMAG and NexG, because NexG had won big tenders from the government?" Rafizi asked.
There has been no evidence linking NexG's tender awards with its MMAG investments.
Rafizi also questioned how a senior civil servant like Azam had enough money to be a significant shareholder in a public-listed company, and how he could remain as MACC chief commissioner despite violating civil service rules on shareholdings.
Rafizi, a former economy minister, urged Prime Minister Anwar Ibrahim to suspend Azam from his duties immediately to allow a thorough probe to determine, among others, whether Azam was involved directly or indirectly in any business dealings involving MMAG and NexG.
Malaysiakini has also reached out to MMAG, Velocity Capital Partner, and NexG for a response to Rafizi's statement.
Not the first time
This is not the first time Azam's shareholdings have become an issue.
Previously, in late 2021, the MACC chief commissioner came under scrutiny over his ownership of 1,930,000 shares in Gets Global Berhad, previously KBES Berhad, on April 30, 2015, worth around RM772,000 at the time.
His shareholding in Gets Global went down to 1,029,500 as of March 31, 2016, worth around RM340,000 at the time. He also held 2,156,000 warrants in Excel Force MSC Berhad in March 2016.
The RM100,000 share purchase limit rule for civil servants was already in place at the time.
In January 2022, Azam said he had informed the MACC Corruption Prevention Advisory Board that the shares were bought by his brother, who borrowed his name, and that he believed he did not do anything wrong.
The declaration triggered a Securities Commission probe that eventually found no evidence of proxy trading as Azam had “control” over his own trading account.
On Jan 20, 2022, Anwar, then the-opposition leader, pledged to raise the matter with then-prime minister Ismail Sabri Yaakob.
This was after PKR Youth handed him a memorandum, which, among others, called for MACC chiefs to declare their assets.
Since taking power as prime minister in November 2022, however, Anwar has become a staunch supporter of Azam, once declaring that the latter was the only one brave enough to go after corrupt leaders.
Anwar has extended Azam's contract as MACC chief past retirement three times.
Azam's current contract is due to expire on May 12, and he has indicated his plans to finally retire. - Mkini
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