RM800,000 shareholding declared, sold within a year, says Azam

 The MACC chief says reports questioning his shares in Velocity Capital Bhd are malicious and warns of possible legal action.

Bloomberg reported that MACC chief Azam Baki’s shareholding was disclosed in Velocity Capital Bhd’s annual return lodged on Feb 3 last year.

PETALING JAYA:

 Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki has clarified that his RM800,000 shareholding in a financial services company was bought last year and disposed of within the same year.

Azam said the shares were also properly declared, the New Straits Times reported.

“I made the declaration on this, including sources of my income, through the Human Resource Management Information System, to the public service department.

“All transparent,” he was quoted as saying.

Azam also described reports questioning his shareholding as malicious and misleading, adding that he was considering legal action over what he described as defamatory claims.

Bloomberg reported that Azam’s shareholding was disclosed in Velocity Capital Bhd’s annual return lodged on Feb 3 last year. However, his name still appears on the company’s register of shareholders at the Companies Commission of Malaysia.

Based on the company’s share price at Monday’s close, the stake would be worth about RM800,000.

A 2024 government circular on the conduct of public officials states that civil servants may hold shares in Malaysian-incorporated companies only if the holdings do not exceed 5% of paid-up capital or RM100,000 in value, whichever is lower.

Public officers are also required to declare their assets periodically.

This has prompted some quarters, such as Umno Supreme Council member Puad Zarkashi and PKR’s Pasir Gudang MP Hassan Karim, to either respond to the matter or demand for the termination of Azam’s contract. - FMT