KUALA LUMPUR (March 11): Communications Minister Datuk Fahmi Fadzil on Wednesday said the Cabinet had decided further action will be taken over the shareholding issue involving anti-graft chief Tan Sri Azam Baki, after receiving and discussing findings of a report by the special task force into the matter.
Fahmi, however, declined to elaborate further and urged the media to wait for a statement from the chief secretary to the government (KSN).
“I will not state the findings of the report since the next step will be taken by the KSN. We wait for his statement,” he told reporters.
The government set up a task force — including Attorney General Tan Sri Mohd Dusuki, Public Service Department director general Tan Sri Wan Ahmad Dahlan Abdul Aziz and Treasury secretarygeneral Datuk Johan Mahmood Merican — to probe allegations of Azam’s shareholding in Velocity Capital Partner Bhd (KL:VELOCITY) which exceeded the limit permitted for a civil servant.
Public service regulations state that a civil servant cannot own shares exceeding a 5% stake or RM100,000 in value, whichever is lower.
A Bloomberg report alleged that Azam owned 17.7 million shares in Velocity Capital based on a Companies Commission of Malaysia (SSM) document dated Feb 3 last year.
Azam acknowledged that he owned shares in Velocity Capital Partner in 2025 but clarified he had sold them a few months later and made the necessary disclosures. He has denied any wrongdoing and provided his statement to the task force.