Malaysia’s cabinet has ordered an investigation into the allegations surrounding anti-graft chief Azam Baki, days after a report said he had shareholdings that were higher than allowed limits for public officials.
The cabinet has directed a special committee to look into the matter, Communications Minister Fahmi Fadzil said at a press conference in Putrajaya on Friday.
The Malaysian Anti-Corruption Commission didn’t immediately respond to a request for comment. Earlier on Friday, Azam said in a statement that he was fully open to being investigated and had nothing to hide.
The cabinet announcement comes after Bloomberg News reported this week that Azam, chief commissioner of the MACC, 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 ($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 don’t exceed 5 percent 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.
Fahmi said Friday that the cabinet didn’t discuss whether Azam would be suspended during the probe. He said the committee conducting the investigation will be led by Shamsul Azri Abu Bakar, the chief secretary to the government.
The report on Azam’s shareholding has caused an outcry in Malaysia, with people calling for his suspension or resignation. A protest is planned for Sunday in Kuala Lumpur, echoing a previous march in 2022 when Azam was earlier reported to hold shareholdings worth more than the limit for public officials.
In his statement Friday, Azam said he did nothing wrong.
“All financial and asset declarations have been made in accordance with the prevailing public service regulations and through the prescribed official channels, as required of every public officer,” he said.
In a statement after the report, the MACC said Azam has “fully complied with the applicable asset declaration requirements” in respect to sources of income and acquisition and disposal of assets, including shares.
Malaysia’s Public Service Department said in a statement Thursday that it’s reviewing rules for public officials, including those on stock ownership, some of which have been in place for more than 20 years.
Also on Thursday, Bloomberg published a report containing allegations that MACC officials were helping a group of businessmen seize control of companies. Both the agency and the businessmen who responded to requests for comment from Bloomberg denied any wrongdoing.