Azam Baki: MACC Chief Denies Wrongdoing in Shareholding Report | Malaysia News

Malaysian Anti-Corruption Chief Denies Allegations of Undisclosed Shares

KUALA LUMPUR – Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki has defended himself against a report alleging he held a substantial shareholding in a financial services company without proper declaration, calling the claims “malicious and misleading.” Azam stated he had declared the shares to the public service department, asserting full transparency in the transaction.

The controversy centers around a report published on Tuesday, February 10, 2026, by Bloomberg, which cited a Companies Commission of Malaysia filing from February 3, 2025, showing Azam held 17.7 million shares in Velocity Capital Bhd. Based on Monday’s closing price, the stake was reportedly worth almost RM800,000 (approximately US$203,900).

Azam told the New Straits Times (NST) that he purchased the shares last year and disposed of them later the same year. He emphasized that he had made a full declaration, including sources of income, through the Human Resource Management Information System (HRMIS) to the Public Service Department. “All transparent,” he said, according to the NST report.

The Bloomberg report also referenced a 2024 government circular outlining regulations for public servants holding shares in Malaysian companies. The circular stipulates that such holdings cannot exceed 5 percent of the company’s paid-up capital or RM100,000 in value, whichever is lower. Public servants are also required to declare their assets at least once every five years, and at the time of purchase and sale of any holdings.

Bloomberg noted that, as a public official under the law governing the MACC, Azam had not publicly declared his assets. This prompted the MACC to issue a statement refuting what it called “misleading statements and unfounded allegations” contained in the Bloomberg report.

“The report not only affects the image and reputation of the officer concerned but also unjustifiably associates MACC with allegations of wrongdoing, which may undermine public confidence in the Commission,” the MACC statement read. The commission maintained that Azam had “fully complied with the applicable asset declaration requirements,” including declarations made via HRMIS to the Public Service Department, covering both sources of income and the acquisition and disposal of assets.

The MACC statement further asserted that any suggestion of a failure to declare assets was “factually incorrect and creates a misleading impression of the integrity and governance framework governing MACC and the public service, thereby unfairly and detrimentally reflecting on the Commission as a law enforcement agency.”

Minister in the Prime Minister’s Department M. Kulasegaran addressed the matter in Parliament on February 10, 2026, assuring that Azam’s shareholding had been reported to the Cabinet and relevant government authorities. He stated that while Bloomberg had published allegations, the matter should be assessed based on law and due process. “We must understand that nobody is above the law in Malaysia, nobody, and this includes the MACC chief,” Kulasegaran said.

Kulasegaran also noted that he found no existing investigation or regulation that sets a limit on investments for government servants, but emphasized the importance of informing relevant authorities about such investments. He added that the matter had been known to the relevant authorities since the investment was made.

The allegations against Azam Baki come amid broader scrutiny of financial dealings involving public officials in Malaysia.