PRESS STATEMENT
11 FEBRUARY 2026
On 10 February 2026, Bloomberg reported that Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Azam Baki currently retains 17.7 million shares in financial services company Velocity Capital Partners Berhad, equivalent to a 1.7% stake. The shares are worth approximately RM800,000. However, Malaysian public servants are prohibited from purchasing shares in a single company above a RM100,000 value limit, or no more than 5% of its paid-up capital, whichever is lower. The Center to Combat Corruption and Cronyism (C4 Center) is appalled by these revelations that have added to mounting doubts regarding Azam Baki’s credibility as MACC Chief Commissioner. We call for his immediate suspension and investigation into these share purchases.
Shortly after these revelations came to light, Azam told the New Straits Times that the shares had been properly declared through the Public Service Department’s Human Resource Management system, further adding that the shares were purchased last year and disposed of within the year. The MACC also released a statement defending Azam, stating that he had fully complied with the asset declaration requirements.
However, these responses miss the point completely – this is not a matter of whether or not such purchases were declared, or when they were disposed of. To be absolutely clear: Azam Baki, as a public servant, is prohibited from purchasing the reported value of his shares regardless of disposal or declaration – this is a clear violation of the 2024 Public Officers’ Conduct and Disciplinary Management Circular which he is subject to.
Furthermore, the statement from the MACC lacks credibility entirely – a bare response claiming that the media reports have affected the MACC’s reputation and credibility. If Azam Baki has violated regulations by exceeding his share purchase limits, then this is what has negatively impacted the MACC’s reputation – not the media reporting the fact.
After two shareholding scandals, there must be accountability
In 2021, an independent journalist reported on Azam Baki’s stockholdings over his ownership of 1,930,000 shares in Gets Global Berhad, worth around RM772,000 at the time. In his response, Azam Baki claimed that his brother had used his account to execute the share transactions, denying any pecuniary interest in the purchases.
The Securities Commission conducted an investigation on the share purchases that disproved his assertion, having found no evidence of proxy trading as Azam had control over his own trading account. Azam also sued the independent journalist for defamation seeking RM10 million in damages, a move widely condemned as an attempt to silence and intimidate a media worker investigating for the public interest. The suit was subsequently dropped.
Despite a clear violation of public service regulations, public protests, and mass calls for his resignation, Azam has faced no further scrutiny on this matter. Absurdly, he has instead had his tenure as MACC Chief Commissioner extended three times since he first took office, a decision made and defended repeatedly by Anwar Ibrahim.
Velocity Capital Partners Berhad
A further concerning element of this story is that on 3 March 2025, Velocity Capital Partners Berhad had acquired a 6.49% stake in MMAG Holdings Berhad, an integrated supply chain management provider. Later on 26 March, controversial figure and former aide of Prime Minister Anwar Ibrahim, Farhash Wafa Salvador, acquired a 20% stake in MMAG and was subsequently appointed as Chairman.
While Farhash vehemently denies knowledge and involvement of Azam’s shareholdings, serious questions remain. Numerous calls for MACC investigations into Farhash’s business dealings have not been acted upon, despite numerous media reports demanding scrutiny and transparency – was this due to any conflict of interest from Azam’s shareowning in Velocity Capital Partners Berhad, which had a stake in a company Farhash held shares in, and was Chairman of?
Where is the accountability?
Despite Azam previously lauding the MACC as the only agency to be monitored by five oversight bodies, what use is that when its own Chief Commissioner can flout rules multiple times with no accountability?
In fact, the five oversight bodies – including the Anti-Corruption Advisory Body – have little meaningful power to investigate and discipline any MACC officer as they are simply advisory bodies with members appointed by the Prime Minister. This was exposed in C4 Center’s latest report, “Who Holds the MACC Accountable? Improving Oversight of the Malaysian Anti-Corruption Commission”, published last month.
These revelations leave yet another dark stain on the MACC’s reputation, despite Malaysia’s recently announced ranking increase in Transparency International’s Corruption Perception Index.
It is unacceptable that the MACC Chief Commissioner – supposedly leading the charge against corruption in the country – can face no repercussions for not one, but two massive shareholding scandals. In fact, how can the public know for sure that there has been no other questionable share purchasing conducted by Azam Baki?
While Prime Minister Anwar Ibrahim has previously strongly defended Azam Baki, there is no way out now. If the Madani Government wishes to retain any shred of credibility for its reform agenda – which it has already conceded is not moving fast enough – then strong and immediate action must follow.
C4 Center strongly demands that:
- Azam Baki is suspended with immediate effect pending a full and transparent investigation into his share purchases;
- Full public disclosure of Azam Baki’s assets in the interests of public trust and transparency;
- The Government reforms MACC; especially with regard to its oversight and accountability mechanisms in line with international standards and public demands.
END OF STATEMENT
Issued by:
Center to Combat Corruption & Cronyism (C4 Center)
For further enquiries, please contact:
c4center@gmail.com
019-216 6218
