The chief commissioner of the Malaysian Anti-Corruption Commission is listed as holding 17.7 million shares in a financial services company, according to a corporate filing with the Companies Commission of Malaysia.
Disclosure in annual return
Bloomberg reported that the shareholding appeared in Velocity Capital Bhd’s annual return submitted on Feb 3 last year. Based on the company’s share price at Monday’s close, the stake is worth about RM800,000.
As of press time, Azam Baki’s name remained on the company’s register of shareholders at SSM.
Company background and uncertainties
Velocity Capital, a Bursa Malaysia-listed firm, was previously involved in transportation, logistics and ceramics manufacturing. It has since shifted focus to financial services, especially moneylending, according to its website.
It is unclear when the shares were acquired. Velocity Capital has not yet filed its annual return for this year.
Azam Baki did not respond to queries. MACC and Velocity Capital also did not reply to requests for comment.
Rules on shareholdings for public officers
A 2024 government circular on the conduct of public officials allows civil servants to hold shares in Malaysian companies only if the stake does not exceed 5% of paid-up capital or RM100,000 in value, whichever is lower.
Public officers must also declare their assets periodically. Azam Baki, classified as a public officer under MACC laws, has not made his assets public.
Transparency International and other anti-corruption groups have long advocated for mandatory public declarations by civil servants.
Contract extensions and past scrutiny
Prime Minister Anwar Ibrahim has extended Azam Baki’s contract three times beyond the usual retirement age for public officers. The current term ends in May unless extended further.
Anwar previously defended the extensions, citing Azam Baki’s extraordinary courage in pursuing high-profile corruption and abuse-of-power cases.
The Prime Minister’s Office did not respond to a request for comment.
Azam Baki first faced scrutiny in late 2021 over reports on his share trading. This led to protests demanding his resignation in January 2022.
He explained then that the trades were done by his brother using his account. The Securities Commission later found no conclusive breach of securities laws.
Azam Baki also sued journalist Lalitha Kunaratnam for defamation over the reports, seeking RM10 million. The case settled last year on undisclosed terms, with no admission of liability by either side.
About The Author
