KUALA LUMPUR (Feb 12): Malaysian Anti-Corruption Commission chief commissioner Tan Sri Azam Baki has initiated legal proceedings against Bloomberg, following a report on his shareholdings that his legal team describes as "libellous, irresponsible and seriously misleading".
His solicitors, Messrs Zain Megat & Murad, issued a statement Thursday stating its client has not breached any law or public service regulation regarding his recent shareholdings in Velocity Capital Partner Bhd (KL:VELOCITY).
The allegations raised in the news agency's report have caused “serious injury” to their client as well as to the dignity, credibility and institutional integrity of the office of the chief commissioner, the law firm said, adding it has been instructed to seek all available legal recourse in relation to the libelous publication, including claims for damages and other appropriate reliefs.
“Azam has not breached any law, regulation or public service requirement in respect of the matters reported,” the firm asserted.
In the report published earlier this week, Bloomberg wrote that Azam held 17.7 million shares in Velocity Capital based on a Companies Commission of Malaysia (SSM) document dated Feb 3 last year. Based on the stock's closing price of 4.5 sen on Feb 9, the stake was valued at nearly RM800,000, the news agency noted.
The report also highlighted a 2024 government circular, which stipulates that civil servants may only purchase shares in Malaysian companies on the condition that the investment does not exceed 5% of the company's paid-up capital or RM100,000 in value, whichever is lower. The circular also mandates that public officials declare their assets at least once every five years, as well as at the time of any purchase or sale.
On Wednesday, Azam acknowledged during a press conference that he had purchased the Velocity Capital shares in early 2025 and sold them in July of the same year. He also told reporters then that he had instructed his lawyers to issue a letter of demand to Bloomberg and expressed his readiness to pursue further legal action, including claiming for damages.
Between January and July 2025, Velocity Capital traded within a range of 4.5 sen to 10.5 sen. At the period's peak, a block of 17.7 million shares would reach a market value of RM1.86 million, while at the 4.5 sen low, the stake would be worth RM796,500.
Messrs Zain Megat & Murad stressed that Azam has, at all times, remained in full compliance with all asset declaration obligations imposed on civil servants.
“The shares referred to in the report had been disposed of prior to publication [of the Bloomberg report]. The relevant declarations and documentary records exist and are verifiable,” the law firm said, adding Azam remains committed to "integrity, accountability and the rule of law" in the discharge of his public duties.
The news agency did not immediately respond to a request for comment as at press time.
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