Azam Baki shares saga deepens as MACC blasts Bloomberg report, but stops short of denial

The Malaysian Anti-Corruption Commission (MACC) has attacked a Bloomberg report concerning its chief commissioner's breach of wealth ownership rules for public servants, but stops short of denying that he held millions of shares in a listed company worth around RM800,000, which he purchased while leading the anti-graft body.

This follows Azam Baki's own confirmation of the financial news outlet's disclosure today that he held 17.7 million shares worth about RM800,000 in Velocity Capital Partner Bhd, stating he had purchased and disposed of them last year, during his tenure as MACC chief.

Azam's ownership of the shares contravenes a 2024 government circular that prohibits public servants from purchasing shares exceeding RM100,000 in value.

Bloomberg said its checks showed Azam failed to meet the requirement to publicly declare assets at least once every five years.

In its statement, MACC said Azam had already declared the shares, although not publicly.

"MACC would like to clarify that the declaration of assets by civil servants is subject to the governance and administrative procedures set out under the public service framework and is made through official channels to the relevant authorities," it said, adding that declarations were made to the Public Service Department through the Human Resources Information Management System.

MACC said Azam had "fully complied with asset declaration requirements in force".

"MACC remains committed to upholding trust, integrity and transparency in carrying out its statutory duties, and will not compromise on any attempt to undermine the credibility and the public's trust in the commission through inaccurate and irresponsible reporting," the statement added.

The Farhash link?

The Bloomberg report was followed up by former economy minister Rafizi Ramli, who questioned whether Azam, through his share ownership in Velocity Capital Partner Bhd, benefited from business deals involving former PKR leader turned multi-millionaire businessman Farhash Wafa Salvador.

In an immediate response, Farhash denied any business links with Azam.

"How would I know what shares he or anyone has? Got nothing to do with me!" he told news portal Malaysiakini.

The question arose as Farhash had only two months ago disposed of 462 million of his shares in MMAG Holdings Bhd to Future Star Sdn Bhd. According to business daily The Edge, the shares were tied to Velocity Capital’s moneylending arm, Velocity Capital Sdn Bhd.

Farhash’s holdings were also previously parked under a pledged securities account with Velocity Capital.

Last year, Azam sparked outrage after his sudden announcement that Farhash had been cleared of any wrongdoing in connection with approval to explore minerals in a massive forest reserve in Sabah.

He was also criticised for using the word "tohmahan", a Malay term denoting a baseless allegation, when referring to allegations involving Farhash.

Azam, 62, has been the most controversial MACC chief to date. In 2022, he was embroiled in a controversy over his ownership of shares in publicly listed companies, which he said were purchased by his brother using his trading account.

Two years later, he was at the centre of a Bloomberg report that quoted sources as saying that Prime Minister Anwar Ibrahim had instructed Azam not to investigate Farhash over the purchase of shares in a company linked to the development of a new billion-ringgit immigration system.

Azam's tenure was extended three times by Anwar, who has publicly praised him as "courageous" in the so-called war against corruption.