MACC chief commissioner Azam Baki has again come under scrutiny after news reports revealed that he had at some point held considerable shares in two public-listed companies.
While Azam insisted that he did nothing wrong, saying he had disclosed the shareholdings with the Public Service Department, a politician has raised questions on how the career civil servant could afford the shares, estimated to be worth hundreds of thousands of ringgit.
According to his interview with a news portal recently, the anti-graft agency's top executive claimed that, having served the civil service for over 40 years, he "had more than enough" money to cover his share purchases.
"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.
"There is nothing against the law for any citizen to acquire shares with legitimate remuneration," Azam said, as quoted by The Vibes.
Azam, however, did not reveal how much he earned monthly through salary and pensions, nor the amount of gratuity payment that he received from the government when he reached his mandatory retirement age in 2023.
Queries have been sent to MACC for information on the figures.
While they have yet to respond, Malaysiakini checked online and found several publicly available documents that can shed some light on how much a MACC chief commissioner makes a month.
Top level grade
The rank of MACC chief commissioner comes under the paygrade of “Gred Utama Turus II”, which is among the highest in the civil service top management level.
Widely referred to as “Turus II”, the grade is just two steps below the chief secretary to the government and reserved for very senior positions, such as secretary-generals of ministries and the inspector-general of police.
According to the civil service's latest salary codes, the “Turus II” pay grade provides a minimum monthly salary of RM11,380 and can go up to RM31,140.
It comes with an annual increment of nine percent, but is capped at RM612.08 a year for those who have reached the ceiling salary.
This is based on the new Public Service Remuneration System, widely known as SSPA, which replaced the Malaysian Remuneration System from December 2024.
“Turus II” officers also get a fixed housing allowance of RM2,500 and an entertainment allowance of RM5,100, according to a document published on the Public Service Department's website.
Malaysiakini learned there are also several other allowances to help pay for the services of personal assistance and utility bills.
On top of these, top management officials enjoy several other perks such as official vehicles and drivers, among others.
Retirement perks
Meanwhile, upon retirement, civil servants who have served more than 30 years can get a monthly pension of up to 60 percent of their last drawn salary.
They would also receive a gratuity payout that is calculated based on their last drawn salary and months of service (7.5 percent x total months of service x last drawn salary).
Using simple calculations, a “Turus II” officer who has served for about 40 years until retirement, like Azam, would have received a gratuity of roughly between RM400,000 and slightly over RM1 million, with a monthly pension of between RM6,800 and RM18,600.
Yesterday, former DAP lawmaker Tony Pua raised an issue with Azam's ownership of shares in financial services company Velocity Capital Partner Bhd.
This came after Bloomberg reported that Azam was listed as holding 17.7 million shares in the company, based on its annual return lodged on Feb 3 last year.
At Monday’s closing price, the stake would be worth about RM800,000.
Azam defends shareholdings
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.
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.
Following this, Malaysiakini reported 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.
However, Anwar had retorted with a spirited defence of the MACC chief.
"Why should I sack someone who is doing their job?... Read his (Azam's) explanation.
"This is a sickness. A person is doing their job but you insult them, why? Wrong. Listen to his explanation," the prime minister added. - Mkini
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