Azam Baki plans legal action against Bloomberg over report alleging he holds shares in financial firm
PETALING JAYA: Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki has announced plans to issue a letter of demand to Bloomberg following the publication of a report he describes as misleading and malicious.
The international news agency published an article alleging that Azam holds 17.7 million shares in Velocity Capital Bhd, representing approximately 1.7% of the company’s total shares. According to Bloomberg‘s report, this information was based on the company’s annual return filed on February 3 of the previous year.
Speaking to media representatives in Putrajaya, Azam defended his position and stated that the letter of demand would be sent to address what he considers damage to MACC’s reputation.
“We did reply to (Bloomberg) on Jan 14, but why didn’t they say that in their article? We will send the letter of demand tomorrow, for damaging (MACC’s reputation),” Azam stated during the press conference.
The MACC chief emphasised that he has not violated any regulations and currently does not hold any shares in the market. He clarified that the shares in question were both purchased and sold within the same year and were properly declared according to required procedures.
Bloomberg‘s report noted that Azam’s name continues to appear on the company’s shareholder register at the Companies Commission of Malaysia.
The reported shareholding would potentially conflict with a 2024 government circular that establishes specific limits for civil servants holding shares in Malaysian companies. Under these regulations, civil servants may only hold shares if their holdings do not exceed 5% of the paid-up capital or RM100,000 in value, whichever amount is lower.
Deputy Law and Institutional Reform Minister M Kulasegaran had earlier addressed the matter in the Dewan Rakyat, explaining that civil servants have the option to apply for exemptions from the 2024 circular through the chief secretary to the government.
The Bloomberg report has prompted various parties to call for Azam to be placed on leave or for the government to terminate his contract.
This controversy echoes a similar situation from late 2021, when Azam faced allegations regarding extensive corporate stock ownership, which also led to resignation calls. At that time, MACC explained that the trades were executed by Azam’s brother using his trading account.
Following that incident, the Securities Commission conducted an investigation and concluded that it found no definitive evidence of securities law violations.
The latest development adds another chapter to the ongoing scrutiny of the MACC chief’s financial dealings and compliance with civil service regulations.
