This article first appeared in The Edge Malaysia Weekly on December 29, 2025 - January 4, 2026
Tan Sri Azam Baki
Chief of Malaysian Anti-Corruption Commission (MACC)
Few public officials dominated 2025 quite like Tan Sri Azam Baki. The Malaysian Anti-Corruption Commission (MACC) chief entered the year promising to “strengthen public trust” and, in many ways, he delivered — but his tenure also faced turbulence and controversy.
On paper, Azam had a strong year. MACC reported the recovery of RM15.5 billion in stolen assets since 2022, highlighting high-profile raids that netted luxury watches, gold bars and stacks of cash. He also pushed an inter-agency task force to deliver faster crackdowns on financial crime and controversially introduced a BMI (body mass index) requirement for promotion starting in 2026, saying discipline “begins at home”.
A major highlight was the seizure of RM177million in cash and 16kg of gold from properties linked to former prime minister Datuk Seri Ismail Sabri Yaakob. The investigation concerned alleged corruption and money-laundering tied to funds used in the Keluarga Malaysia initiative. Yet, no criminal charges have been filed, and prosecution now rests with the Attorney-General’s Chambers.
Azam’s third reappointment in May drew immediate backlash. Critics, including reform advocate Nurul Izzah Anwar, warned that retaining the same leadership signalled a retreat from promised institutional reforms.
The Sabah mining investigation added further controversy. In September, Azam announced that MACC found “no criminal elements” in a deal involving politically connected entrepreneur Datuk Farhash Wafa Salvador. Critics accused the commission of selective enforcement, citing the closure of the Farhash-linked mineral exploration licence probe as evidence.
The year’s final months brought a flashpoint. Whistleblower Albert Tei released a video alleging that Prime Minister Datuk Seri Anwar Ibrahim’s former aide Datuk Seri Shamsul Iskandar Mohd Akin had solicited and accepted bribes. Portions of the video implicated Azam by association. Tei and Shamsul have since been charged with giving and receiving bribes linked to the Sabah mining contracts, while Tei claims that MACC officers broke into his home and threatened his family during his arrest.
For Azam, 2025 was a year defined by dual narratives: record enforcement numbers under a chief insisting he is “cleaning house”, but also growing public scepticism about the independence of the country’s anti-graft agency. — By Timothy Achariam
Datuk Seri Farhash Wafa Salvador Rizal Mubarak
Chairman of Apex Equity Holdings Bhd & MMAG Holdings Bhd
Datuk Seri Farhash Wafa Salvador Rizal Mubarak, the former political secretary to Prime Minister, Datuk Seri Anwar Ibrahim, is now a corporate player, having surfaced as a substantial shareholder in some companies and as a director in others.
It is noteworthy that Farhash is only 43 and, until a year ago, was an unknown in corporate circles.
Farhash is linked to at least four publicly traded companies — namely Apex Equity Holdings Bhd (KL:APEX), Excel Force MSC Bhd (KL:EFORCE), Key Alliance Group Bhd (KL:KGROUP) and MMAG Holdings Bhd (KL:MMAG).
He is a substantial shareholder in MMAG, with a 20% stake. Apart from Farhash, NexG Bhd (KL:NEXG), formerly known as Datasonic Bhd, is also a substantial shareholder in MMAG with an interest of 9.5%.
NexG made headlines in August this year when it was awarded a RM1.7 billion contract to supply passports for six years starting next June. Two months later, NexG was awarded a six-year contract worth RM732.7 million to supply identification cards to the government.
Farhash does not have any interest in NexG. However, he is reported to have influence over the company, where Datuk Ishak Ismail is also said to have built up a substantial stake.
Ishak is also another close associate of Anwar. So far, both Farhash and Ishak have not surfaced at NexG. But the company has seen a slew of board changes.
Farhash’s first foray into a listed company was an appointment as group executive chairman of stockbroker Apex Equity Holdings at end-December 2022, a month after Anwar came into power following the 15th general election in November.
Since then, his interest in other listed companies tends to draw attention. The companies he is involved in, one way or another, are neither blue-chip nor government-linked but largely small-cap ones that hardly draw attention, except for NexG.
But will that scenario change in the coming year? — By Jose Barrock
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