Malaysian Anti-Corruption Commission (MACC) Investigation Updates

Background

On February 10, Bloomberg News reported that Azam Baki, Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC), owned 17.7 million shares of Velocity Capital Partner Bhd., valued at approximately $205,000 (or 800,000 ringgit) at the time of the report.

Investigation

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In response to the report, a special committee was set up to probe Azam's stock ownership. The committee, led by Shamsul Azri Abu Bakar, Chief Secretary to the Government, is examining the compliance and regularity of Azam's share ownership based on an initial report. The committee is still evaluating all evidence obtained and will call other relevant witnesses to complete the investigation.

Regulatory Framework

The 2024 Malaysian government circular provides guidance on the 1993 regulations stipulating the conduct of public officials. According to the circular, a public servant may purchase shares in a company incorporated in Malaysia on the condition that they don't exceed 5% of its paid-up capital or 100,000 ringgit in value, whichever is lower. Public servants are also required to declare assets at least once every five years and at the time of purchase and sale of holdings.

Investigation Timeline

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• February 10: Bloomberg News reports on Azam's share ownership
• Sunday (date not specified): Shamsul issues a statement on the investigation
• Ongoing: Committee continues to evaluate evidence and call witnesses

Next Steps

The results of the investigation and recommendations for further action will be forwarded to the authorities, including if any violation of any criminal law or regulation is found to have occurred.