(Bloomberg) — Malaysia’s anti-graft chief Azam Baki was summoned by a special committee set up to probe his stock ownership to explain the matter on Thursday, as authorities respond to calls for him to be investigated.
The committee is examining the compliance and regularity of Azam’s share ownership based on the initial report it received, Shamsul Azri Abu Bakar, chief secretary to the government, said in a statement on Sunday. It is still in the process of evaluating all evidence obtained and will call other relevant witnesses to complete the investigation, he said.
Bloomberg News reported on Feb. 10 that Azam, chief commissioner of the Malaysian Anti-Corruption Commission, owned 17.7 million shares of Velocity Capital Partner Bhd., according to an annual filing by the financial services firm to the Companies Commission of Malaysia. That stake would have been worth almost 800,000 ringgit ($205,000) at the time of the report.
A 2024 Malaysian government circular, which provides guidance on 1993 regulations stipulating the conduct of public officials, says a public servant may purchase shares in a company incorporated in Malaysia on the condition that they don’t exceed 5% of its paid-up capital or 100,000 ringgit in value, whichever is lower. They also must declare assets at least once every five years and at the time of purchase and sale of holdings.
Another investigation by Bloomberg News also alleged collusion between MACC officers and businessmen who were attempting company takeovers. The reports triggered a backlash in Malaysia, drawing protesters to the capital and fueling a broader debate over alleged abuse of power.
The nation’s leading civil society groups have urged the formation of a Royal Commission of Inquiry to investigate allegations surrounding abuse of power, unexplained wealth and regulatory extortion by the anti-graft agency and its chief.
Azam has denied he did anything wrong with his shareholdings and has called Bloomberg’s reporting malicious and misleading. MACC said all its investigations are conducted in accordance with the law and rejected any suggestion they are influenced by private interests.
“The committee assures that a thorough investigation will be carried out transparently, independently and professionally,” Shamsul said in Sunday’s statement.
The results of the investigation and recommendations for further action will be forwarded to the authorities, including if any violation of any criminal law or regulation is found to have occurred, he said.
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