KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) has issued a strong rebuttal to a recent Bloomberg report concerning its Chief Commissioner Tan Sri Azam Baki, labelling the allegations as "misleading" and "factually incorrect."
In its statement, MACC vehemently rejected claims suggesting that assets had not been declared, asserting that such allegations were false and undermined the integrity of the Commission’s governance structure.
“Any suggestion that assets were not declared is factually incorrect and creates a misleading impression of the integrity and governance framework governing MACC and the public service,” the Commission said.
MACC clarified that asset declarations are a mandatory requirement for public officers, regulated by administrative procedures within the public service framework. Declarations must be submitted via official channels to the relevant authorities.
“The Chief Commissioner of MACC has fully complied with the applicable asset declaration requirements, including those made through the Human Resource Management Information System (HRMIS) to the Public Service Department (JPA),” the statement continued. The declarations cover income sources and transactions involving assets, including shares.
The Commission emphasised that the allegations not only damaged the reputation of the officer in question but also unjustifiably implicated the organisation, risking public confidence in its operations.
“We reaffirm our commitment to trust, integrity, and transparency in carrying out our statutory duties, and we will not tolerate attempts to harm our credibility through inaccurate reporting,” MACC concluded.
According to a corporate filing with the Companies Commission of Malaysia (SSM), Azam is allegedly listed as holding 17.7 million shares in Velocity Capital Bhd, a financial services company.
Bloomberg reported that the shareholding was disclosed in the company’s annual return lodged on February 3, 2025. Based on the company’s share price at Monday’s close, the stake would be valued at around RM800,000.
As of the time of publication, Azam’s name remains on Velocity Capital’s shareholder register at SSM.
Velocity Capital, a Bursa Malaysia-listed firm, was previously involved in transportation, logistics, and ceramics manufacturing, and is now pivoting towards financial services, particularly moneylending, according to the company’s website.
It remains unclear when the shares were acquired, and Velocity Capital has yet to file its annual return for the current year.
A 2024 government circular on the conduct of public officials states that civil servants may hold shares in Malaysian-incorporated companies only if the holdings do not exceed 5% of paid-up capital or RM100,000 in value, whichever is lower. Public officers are also required to declare their assets periodically. - February 10, 2026
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