Azam Baki fully complied with asset declaration requirements, says MACC

Monday 21 Sep 2026

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KUALA LUMPUR (Feb 10): The Malaysian Anti-Corruption Commission (MACC) said its chief commissioner Tan Sri Azam Baki, who has come under scrutiny for his holding in a public-listed company, is in full compliance with asset declaration requirements.

Declarations were made via the Human Resource Management Information System (HRMIS) to the Public Service Department (JPA) on sources of income and acquisition and disposal of assets, including shares, the commission said in a statement on Tuesday.

“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,” it noted.

MACC said it remains committed to upholding trust, integrity and transparency in the discharge of its statutory duties.

The statement was in response to a Bloomberg report on Azam's 17.7 million shares, a 1.38% stake, in Velocity Capital Partner Bhd (KL:VELOCITY). The shareholding was listed in the company’s annual return to the Companies Commission Malaysia dated Feb 3 last year.

A check by The Edge showed that a Companies Commission Malaysia document with information registered as at Dec 26, 2025, still listed Azam as a shareholder of Velocity Capital with 17.7 million shares.

Azam reportedly told New Straits Times that the shares were purchased last year and disposed of within the year.

Velocity Capital’s shareholding disclosure dated Oct 1, 2025, in its latest annual report filed with Bursa Malaysia does not list Azam within the group’s top 30 shareholders, which discloses stakes ranging from 28.79% to 0.28%. He was also absent from the top 30 list on Oct 1, 2024.

According to the Code of Conduct and Disciplinary Management of Public Officials issued by the Public Service Department, a public servant cannot own shares worth more than RM100,000 in any company.

Just four years ago in 2022, Azam Baki made the news after several parties raised that he held 1.03 million shares in KBES Bhd (now One Glove Group Bhd (KL:ONEGLOVE), valued at RM334,587 at the time of reporting on March 31, 2016 base on its share price of 32.5 sen then. He was a director in MACC at the time.

Azam initially said that his share trading account had been used by his younger brother to purchase shares in 2015. This prompted more questions on whether he breached a securities act considering all dealings shall only be effected only by account owner or an authorised nominee. The Securities Commission later clarified that Azam Baki had control of the account.

Velocity Capital, a ceramic and logistics firm-turned-money lender, which has been in the news the last few months, sold its entire 6.46% stake in MMAG Holdings Bhd (KL:MMAG) last month, after holding it for less than a year.

Explaining the disposal, Velocity Capital said it decided to exit its investment in MMAG after reviewing market conditions and the continued decline in MMAG’s share price, which could have exposed the company to further downside risk.

The investment, made in March 2025, was originally intended to strengthen business collaboration between its logistics arm Line Haul Sdn Bhd and MMAG’s subsidiary Line Clear Express Sdn Bhd.

Businessman Datuk Seri Farhash Wafa Salvador Rizal Mubarak sold his 20.16% stake in MMAG to Future Star Sdn Bhd, owned by 25-year-old Penangite Cheah Min Lly. The disposal at a hefty premium to the then prevailing market price, marked Farhash’s exit from the company.

Farhash emerged with a substantial stake in MMAG back in March last year. His emergence coincided with the emergence of two other substantial shareholders in the same month, Velocity Capital and NexG Bhd (KL:NEXG). NexG remains with a 9.48% stake.

Edited ByPresenna Nambiar

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