KUALA LUMPUR: Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki has called a recent report on his RM800,000 (US$203,900) shareholding in a financial services company malicious and misleading, saying he had declared the shares to the public service department.
Azam said he bought the shares last year and disposed of them that same year, reported news outlet New Straits Times (NST).
NST’s report said Azam had “described the reports questioning the transaction as malicious and misleading, adding that he is considering legal action”.
Business news portal Bloomberg reported on Tuesday (Feb 10) that Azam was listed as holding 17.7 million shares in Velocity Capital Bhd, citing the company’s annual filing with the Companies Commission of Malaysia dated Feb 3 last year.
The stake would be worth almost RM800,000 based on Monday’s closing price and Azam was still listed on Velocity Capital’s register of shareholders at the Companies Commission as of Tuesday, according to Bloomberg.
A 2024 Malaysia government circular, cited by Bloomberg, states that a public servant may purchase shares in a company incorporated in Malaysia but the shares cannot exceed 5 per cent of the company’s paid-up capital or RM100,000 in value, whichever is lower.
Public servants are also required to declare assets at least once every five years and at the time of purchase and sale of holdings.
Bloomberg reported that Azam, who is considered a public official under the law governing MACC, had not publicly declared his assets.
In response, Azam told NST on Tuesday that he had nothing to hide regarding the RM800,000 worth of shares and that the transaction had been properly declared.
“I made the declaration on this, including sources of my income, through the Human Resource Management Information System to the Public Service Department (HRMIS). All transparent.” he said, as quoted by NST.
In a statement, the MACC said the Bloomberg report contained “misleading statements and unfounded allegations”.
“The report not only affects the image and reputation of the officer concerned but also unjustifiably associates MACC with allegations of wrongdoing, which may undermine public confidence in the Commission,” it said.
MACC added that Azam has “fully complied with the applicable asset declaration requirements”, including declarations made via HRMIS to the Public Service Department covering sources of income as well the acquisition and disposal of assets.
“Any portrayal suggesting a failure to declare assets is factually incorrect and creates a misleading impression of the integrity and governance framework governing MACC and the public service, thereby unfairly and detrimentally reflecting on the Commission as a law enforcement agency,” the statement said.
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