Azam Baki shareholding triggers calls to suspend MACC chief
Malaysia’s Prime Minister Anwar Ibrahim faces pressure to suspend anti-graft chief Azam Baki pending an investigation into his shareholding in Velocity Capital Partner. Former economy minister Rafizi Ramli urged immediate action and a full probe of Azam’s assets. The push follows a filing that lists Azam as owning 17.7 million shares in the company, a stake worth nearly RM800,000 on Feb 11. Bloomberg first reported the stake; questions have since come from both government and opposition figures. MACC said Azam complied with asset declaration rules. Azam told local media he bought the shares in 2025 and sold them within the same year.
What the filings and prices show
Velocity Capital’s annual return to the Companies Commission of Malaysia dated Feb 3, 2025, lists Azam with 17.7 million shares. Based on recent market prices, that stake was worth about RM796,500 to RM800,000 as of late Feb 11. The Edge reviewed company documents reflecting the holding as at Dec 26, 2025. These figures underpin the political outcry and calls for an independent review.
Do civil service rules allow this?
A 2024 government circular guiding the 1993 conduct rules states that a public servant may buy shares in a Malaysian company only up to 5% of paid-up capital or RM100,000 in value, whichever is lower. “Paid-up capital” is the money a company has received from shareholders in exchange for issued shares. Officials also say a civil servant can exceed the limits only with prior approval from the Chief Secretary to the Government. The debate now centres on whether such approval existed and whether valuation thresholds were breached.
MACC’s response and Azam’s account
MACC said Azam “fully complied” with asset declaration requirements, covering sources of income and transactions. Azam told the New Straits Times he had declared the deal, bought the shares in early 2025 and disposed of them within the year; he later reiterated that he made no profit from the trades and that records are available to authorised officers. He has also criticised some media coverage and indicated he may seek legal recourse.
Why the issue matters for Anwar’s reform pledge
Rafizi says the reported holdings “blatantly violated” the government’s shareholding rules for senior civil servants and wants Azam suspended while inquiries proceed. The controversy tests Anwar’s promise to uphold integrity in public institutions and could shape confidence in enforcement bodies. As of the evening of Feb 11 (Europe/Paris time), the Prime Minister had yet to announce disciplinary steps; calls for action continued across media and political circles.
In sum, verified filings, market values and the 2024 guidance have set up a direct rules-versus-explanation clash. Authorities now face a narrow set of factual checks: whether approvals were granted, whether valuation caps applied at the time of purchase, and whether declarations met policy. The answers will determine if Azam merely observed process or breached civil service limits—and how Anwar’s government enforces its own standards.
