How could you afford these shares, Pua asks Azam

 

Pointing out that the issue is not about MACC chief commissioner Azam Baki’s disclosure of his shareholdings, former DAP lawmaker Tony Pua is more concerned with how a career civil servant could afford to purchase the shares and warrants.

“The question wasn’t about whether you disclosed your purchase and disposal of shares. The question is, how did you afford to acquire all these shares and warrants as a civil servant?

“Where and how did you, as a senior career government servant, acquire such wealth?” he asked in a Facebook post.

Yesterday, Bloomberg reported that Azam was listed as holding 17.7 million shares in financial services company Velocity Capital Partner Bhd, based on its annual return lodged on Feb 3 last year.

At Monday’s closing price, the stake would be worth about RM800,000.

Following the disclosure, the chief commissioner said he had declared his shareholdings with the Public Service Department, but did not address his non-compliance with the RM100,000-per-company limit for civil servants.

Azam also said he had disposed of the shares within the same year as purchasing them.

MACC chief commissioner Azam Baki

While it is not known how much Azam paid for the shares, the lowest Velocity Capital shares traded last year were RM0.015 per unit, meaning the MACC chief’s holdings could have been worth RM265,500 at the minimum.

Calls for resignation

Malaysiakini reported today that Azam also holds shares in another company that may not comply with rules limiting how much stock a civil servant can buy in a single entity.

Records from the Companies Commission of Malaysia show that, as of Jan 13, Azam held slightly over 4.52 million shares in Awanbiru Technology Berhad, representing a 1.08 percent stake.

The shares were valued at RM0.305 each on Jan 13, putting Azam’s stake at almost RM1.38 million at that time.

While it is not known when Azam purchased the shares, the lowest price for Awanbiru Technology stocks in the last five years was RM0.175 per share on July 12, 2023. At that price, 4.52 million shares would have been worth just over RM790,000.

The disclosures have prompted calls for Azam’s resignation and for Prime Minister Anwar Ibrahim, who has since renewed the MACC chief’s tenure three times, to take action. - Mkini