At first glance, Azam Baki’s shareholdings may look like a distant corporate issue. Something that only investors or lawyers need to worry about. However, the real danger lies beneath, because the real story is not the shares.
It’s the patterns of influence and alleged interactions between enforcement officials and certain business actors that Bloomberg’s investigation hinted at, what many are calling a nexus.
The MACC chief commissioner’s shares scandal acted as the spark because the real fire is the nexus quietly burning through our institutions - the nexus between enforcement power and private corporate interests that strikes at the heart of fairness, governance, and public trust, quietly shaping decisions that affect us all.
Put simply, Azam's shares alone don’t hurt ordinary Malaysians, but the nexus that Bloomberg reported, which is the network of influence and leverage, does affect everyone, whether you trade shares, own a business, or just rely on institutions to be fair and impartial.
Bloomberg’s reporting showed that Azam was listed as holding shares worth around RM800,000 in public companies. That alone raised obvious questions about conflict of interest and asset declaration rules.
Azam has said that he no longer owns any company shares and that all shareholdings linked to him have since been divested. He maintains that this can be independently verified.
He has also filed a legal notice against the Bloomberg report, calling it misleading and defamatory, and insisting he complied with asset declaration requirements.
However, focusing only on the share value is like looking at a leaky tap and calling it unimportant. One drip seems trivial, but a tap that drips all night eventually fills the bucket and damages the floor.
Even if Azam never used his position for personal gain, people may wonder: Can we trust him to act fairly?
Internal sources reportedly told Bloomberg reporters that some enforcement actions appeared to be aligned with the interests of specific business players, not purely the public interest.
Some complainants were alleged to have used anti‑corruption complaints to pressure rival companies or executives, disrupting boardroom stability or influencing strategic outcomes.
There were claims of intimidation, selective investigations, and pressure tactics, not as part of routine law enforcement, but in ways that could benefit connected interests.
Bloomberg report matters
That is what ordinary Malaysians must grasp: a network of influence and decision‑making that can shape outcomes behind closed doors, whether it happens in boardrooms, enforcement agencies, or political corridors.
Many Malaysians may feel indifferent about Azam's scandal because they may claim that they don’t trade shares and are not corporate executives. However, what Bloomberg reported matters, and here’s why:
When the institutions tasked with upholding law and equity are perceived as serving connected interests, ordinary people will doubt whether justice is applied equally. So, where is the fairness in everyday life?
If enforcement tools can be leveraged to influence corporate outcomes, then competition is distorted, trust erodes, and investment slows. Economic confidence is affected and will be shown via jobs, prices, and opportunities for ordinary citizens.
The government risks undermining public trust. Citizens need to know that regulatory and enforcement bodies work for the public interest, not for narrow networks of influence. When that trust is lost, confidence in governance weakens across the board, from schools to hospitals to business licences.
Imagine it like a termite infestation in your house. The walls look fine, but the foundation is being eaten away quietly, silently, until the damage is extensive. That is what this nexus does to our institutions if left unchecked.
So, if we do not confront the nexus, we are repeating the mistakes of the past. Decades of turning a blind eye to corruption have weakened our institutions. Today, that same pattern is quietly eroding fairness, trust, and opportunity across the nation.
Lack of independence
In response to public outrage, the government announced a special committee to investigate Azam’s shareholdings. But this approach is deeply flawed:
Why the narrow focus on share numbers? The inquiry is framed around compliance with administrative rules on assets and not the broader question of how enforcement decisions are made, who benefits, and whether there was undue influence in enforcement processes.
The lack of independence is troubling. The committee is led by political appointees and the attorney‑general, and not by independent experts or oversight bodies with no stake in the outcome. This undermines confidence that the investigation will be credible and impartial.
Prime Minister Anwar Ibrahim came to power on a platform of reform. Yet in this defining moment, his government has chosen containment over confrontation, procedural fixes over systemic reform. This is leadership failure from the top.
A leaking tap, if ignored repeatedly, will eventually lead to a flood and damage. Or a termite infestation will quietly spread until the structure is compromised.
Therefore, ignoring the broader nexus and focusing only on share numbers is like ignoring the tap while the floor rots, or painting the walls while termites munch the beams.
Every day that this issue is not resolved decisively, transparently, and independently is a day that Malaysia’s institutions become less credible, less fair, and less able to protect the public interest.
Malaysians can choose to do nothing, or they can do the following:
Demand transparency, not silence.
Insist on independent oversight, not political containment.
Hold MPs and the prime minister accountable for strengthening and not shielding our institutions.
This scandal is not just about one set of shares in a corporate filing. It is about how power is exercised, who it protects, and who it leaves behind.
The ripples from this nexus already affect everyday life, in public confidence, economic opportunity, and the belief that law and justice apply to everyone.
That is why we should all care. - Mkini
MARIAM MOKHTAR is a defender of the truth, the admiral-general of the Green Bean Army, and the president of the Perak Liberation Organisation (PLO). Blog, X.
The views expressed here are those of the author/contributor and do not necessarily represent the views of MMKtT.
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