The anti-graft chief owned 17.7 million shares of Velocity Capital Partner worth almost US$204,000
Published Wed, Feb 11, 2026 · 09:11 PM
[KUALA LUMPUR] Malaysian Prime Minister Anwar Ibrahim, who rose to power on a pledge to clean up government, is facing calls to suspend the country’s anti-graft chief and investigate his shareholding in a financial-services company.
Former Economy Minister Rafizi Ramli urged Anwar to immediately suspend Azam Baki, chief commissioner of the Malaysian Anti-Corruption Commission, and thoroughly probe the shareholding and Azam’s assets to determine how he could afford the holdings. Members of both the ruling coalition and the opposition have raised questions.
The anti-graft chief owned 17.7 million shares of Velocity Capital Partner, according to an annual filing by Velocity Capital to the Companies Commission of Malaysia on Feb 3 last year, Bloomberg News reported on Tuesday. The stake would be worth almost US$204,000 late Wednesday (Feb 11), much more than is allowed under Malaysian regulations.
A 2024 government circular, which provides guidance on a 1993 regulation stipulating the conduct of public officials, says a public servant may purchase shares in a company incorporated in Malaysia on the condition they don’t exceed 5 per cent of its paid-up capital or RM100,000 (S$32,252) in value, whichever is lower.
The MACC said in a statement on Tuesday that Azam has “fully complied with the applicable asset declaration requirements” in respect to sources of income and acquisition and disposal of assets, including shares.
Azam told Malaysia’s New Straits Times on Tuesday that the transaction had been properly declared and that he had nothing to hide, adding the shares were bought in 2025 and sold within the year.
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The reported value of the stake indicates Azam has “blatantly violated government regulations regarding share ownership by a high-ranking civil servant,” former economy minister Rafizi said in a statement late Tuesday.
A lawmaker from a key member of Anwar’s coalition also demanded swift action from the authorities. “This is something the government and Azam Baki need to answer immediately,” said Puad Zarkashi, a lawmaker from United Malays National Organisation. “Don’t sweep it under the carpet.”
Anwar’s office didn’t respond to a request for comment on Wednesday.
Anwar previously extended Azam’s one-year contract three times past the mandatory retirement age for public officials. He said Azam had been brave in pursuing powerful figures allegedly involved in corruption.
The opposition Pan-Malaysian Islamic Party, the biggest party in federal parliament, also urged Anwar to provide an explanation.
“If the government continues to remain silent without any transparent and convincing explanation, then Azam Baki should take responsibility by resigning, or his services should be terminated immediately in order to protect the good name of the MACC and the integrity of the country’s institutions,” PAS’ Information Chief Ahmad Fadhli Shaari, a lawmaker, said in a Facebook post. “Failure to provide a clear explanation will only undermine the people’s confidence and the world’s perception of Malaysia’s commitment to fighting corruption.”
The controversy risks denting the credibility of Anwar’s anti-graft drive just as Malaysia attracts foreign investors drawn to its reforms and resilient economy.
Transparency International and other anti-graft advocacy groups have long pushed Malaysia’s government to make it mandatory for public servants to publicly declare their assets. The South-east Asian country rose three rungs to 54th place in Transparency International’s latest annual corruption perceptions index. BLOOMBERG
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