A Malaysian lawmaker said a probe into the shareholdings of the country's anti-graft chief Azam Baki allegedly uncovered that he owned shares worth 14 million ringgit ($3.6 million) in nine companies.
"The latest news from Putrajaya currently circulating, according to government sources, is an allegation regarding the findings of the investigation," former economy minister Rafizi Ramli said in a statement Friday. Other than the value of the shares, it is also alleged that "the purchase of these shares did not receive approval, nor were they declared," he said.
The comments came after Malaysia's Cabinet on Wednesday received a report from a special committee led by the country's attorney general to investigate Azam's holdings and referred the matter to the chief secretary to the government to follow up. Communications Minister Fahmi Fadzil said the contents of the report couldn't be disclosed as there were steps that needed to be taken by the chief secretary.
Fahmi didn't respond to a request for comment on the report's alleged contents as mentioned by Rafizi. Representatives of the Prime Minister's Office and the anti-graft agency, known as the MACC, didn't respond to requests for comment outside of regular business hours.
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% 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.
The Cabinet ordered the establishment of a three-person committee of senior government officials led by the attorney general to investigate Azam's shareholdings after Bloomberg reported that he 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 at the time of the Bloomberg report. Azam denied he did anything wrong and said he declared the shareholdings properly.
The Public Service Department's disciplinary board is expected to meet soon to discuss the committee's report on Azam's shares, Chief Secretary to the Government Shamsul Azri Abu Bakar told local media on Tuesday.
"The public has the right to know the details of the investigation results because if the number of shares found is RM14 million as claimed, this issue should not be handled merely as a violation of public servant regulations," Rafizi said.
Rafizi, a lawmaker in Prime Minister Anwar Ibrahim's coalition, called for the results of the investigation to be made public.
"As long as the government does not announce the results of the investigation transparently, including the number of shares involved, the number of companies, and how the violations occurred, speculation about these matters will continue to circulate," he said.
Earlier this week, the Straits Times and Bloomberg reported Anwar is poised to not renew Azam's contract when it ends on May 12.
Separately, the Cabinet asked the police and other agencies to look into allegations that businessmen were colluding with MACC officials to intimidate some company executives and oust them from the firms. Those allegations were reported by Bloomberg in a separate report on the MACC last month.
The Cabinet has asked the police, the Securities Commission, the Inland Revenue Board and the MACC itself to look into the alleged "corporate manipulation."
Fahmi, as the Cabinet spokesman, has made no mention of the establishment of a Royal Commission of Inquiry to investigate the allegations, as had been urged by civil society groups and the biggest party in Anwar's ruling coalition.