KUALA LUMPUR (Feb 10): Pandan MP Datuk Seri Rafizi Ramli has called on Prime Minister Datuk Seri Anwar Ibrahim to suspend Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki for a probe into the senior official’s assets.
The former economy minister’s statement was issued after the news on Azam’s shareholding in Velocity Capital Partner Bhd (KL:VELOCITY). Rafizi questioned the investment and claimed the stake violated public service regulations.
A filing by Velocity Capital to the Companies Commission of Malaysia dated Dec 26, 2025, showed that Azam owns 17.7 million shares, or a 1.28% stake, in the company. Based on Tuesday’s closing price of 4.5 sen, his stake is worth RM796,500.
Rafizi called for Azam to be suspended from his duties for a comprehensive investigation to be undertaken over the alleged share ownership violation, an asset review, and a probe into whether he is involved in transactions involving MMAG Holdings Bhd (KL:MMAG) and NexG Bhd (KL:NEXG).
Rafizi highlighted in the statement that Datuk Seri Farhash Wafa Salvador Rizal Mubarak once pledged his stake in MMAG to Velocity Capital’s money-lending arm, Velocity Capital Sdn Bhd.
In response to the news, the MACC said its chief commissioner is in full compliance with asset declaration requirements. It said asset declarations were made to the Public Service Department (JPA) on sources of income and acquisition and disposal of assets, including shares.
However, Rafizi questioned how Azam could afford the stake in Velocity Capital.
Rafizi noted Farhash emerged as a substantial shareholder in MMAG on March 29 last year, a day after NexG bought a stake in the company.
NexG secured passport and identity card contracts from the government valued over RM2.5 billion after the emergence of new shareholders, he noted.
“Bloomberg’s disclosure today shows that Azam is a major shareholder of Velocity Capital, which places him within the network of transactions (through Velocity Capital) involving Farhash and NexG (a company that received multi-billion-ringgit contracts from the government),” said Rafizi in the statement.
In its report, Bloomberg underlined a public service regulation that states a public servant may purchase shares in a company incorporated in Malaysia on the condition that they don’t exceed 5% of its paid-up capital or RM100,000 in value, whichever is lower.
Meanwhile, Azam was quoted by New Straits Times as saying that he sold the stake in Velocity Capital in 2025.
“I await Anwar's response before issuing a further statement,” he added.
A bourse filing shows that Farhash sold his stake in MMAG to Future Star Sdn Bhd, owned by 25-year-old Penangite Cheah Min Lly on Dec 31, 2025. The shares, now held by Future Star, remain pledged to Velocity Capital’s money-lending arm.