Malaysia summons anti-corruption chief in stock ownership probe

Malaysia’s anti-corruption chief Azam Baki was summoned by a special committee set up to probe his stock ownership to explain the matter on Thursday, as authorities respond to calls for him to be investigated.

The committee is examining the compliance and regularity of Azam’s share ownership based on the initial report it received, Shamsul Azri Abu Bakar, chief secretary to the government, said in a statement on Sunday. It is still in the process of evaluating all evidence obtained and will call other relevant witnesses to complete the investigation, he said.

On February 10, it was reported that Azam, chief commissioner of the Malaysian Anti-Corruption Commission, owned 17.7 million shares of Velocity Capital Partner Bhd, according to an annual filing by the financial services firm to the Companies Commission of Malaysia. That stake would have been worth almost 800,000 ringgit (US$205,000) at the time of the report.

A 2024 Malaysian government circular, which provides guidance on 1993 regulations stipulating the conduct of public officials, says a public servant may purchase shares in a company incorporated in Malaysia on the condition that they do not exceed 5 per cent of its paid-up capital or 100,000 ringgit in value, whichever is lower. They also must declare assets at least once every five years and at the time of purchase and sale of holdings.

Another news investigation also alleged collusion between MACC officers and businessmen who were attempting company takeovers. The reports triggered a backlash in Malaysia, drawing protesters to the capital and fuelling a broader debate over alleged abuse of power.

The nation’s leading civil society groups have urged the formation of a Royal Commission of Inquiry to investigate allegations surrounding abuse of power, unexplained wealth and regulatory extortion by the anti-corruption agency and its chief.