Anwar Ibrahim defends Azam Baki.
Former economy minister Rafizi Ramli has criticised MACC chief commissioner Azam Baki’s explanation of his past shareholdings, saying it suggests a poor understanding of how shares work.
Rafizi said Azam’s claim that his share purchases did not involve paid-up capital was troubling, given that he leads an agency responsible for investigating white-collar crimes involving complex financial and share transactions.
“Perhaps, it is better for Azam to take leave first to return to class and understand shares.
“I’m worried about how he will steer MACC, which has to investigate all sorts of misconduct involving shares,” he said in a short video posted on his social media accounts today.
Yesterday, Azam said he had divested all his shareholdings since last year, following media reports that he held shares in Awanbiru Technology Berhad and Velocity Capital Partner Berhad far beyond limits imposed on civil servants.
Under the 2024 Public Officers’ Conduct and Disciplinary Management Circular, civil servants are prohibited from purchasing shares exceeding five percent of paid-up capital or RM100,000 in current value.
Azam argued that his shareholdings did not involve paid-up capital, as they were acquired through purchases on the open market. He also said the shareholdings had been declared to the Public Service Department (PSD).
“If anyone says it still falls under paid-up capital, I bought it at a rate of 1.25 percent of the total shares offered to the public,” he said.
In response, Rafizi said any share constitutes paid-up capital, regardless of whether it is purchased on the open market.
“For private limited companies, the company issues shares to partners who hold the shares. When partners buy shares, it means they inject paid-up capital into that private limited company.
“For larger companies, they are allowed to issue shares to raise paid-up capital on the open market, namely Bursa Kuala Lumpur.
“When Azam bought shares in these public-listed companies through the open market, it means he owns part of these companies and his shares have become the paid-up capital of these companies.
“How do you not understand even that, Tan Sri?” he said, using Azam’s honorific.
The Pandan MP added that the limits imposed on civil servants are clear and reasonable, as large shareholdings raise questions about how such investments are funded on a civil servant’s salary.
“Even more dangerous, a conflict of interest arises because public decisions or enforcement could be influenced by his interests in specific companies or industries,” he said.
The PSD has since said, without referring to any specific cases, that it will review its rules on moonlighting and shareholdings.
Meanwhile, the Prime Minister defended the MACC chief commissioner amid renewed scrutiny of his shareholding transactions, saying due process must be respected.
“He is doing his job. Why attack him? We must listen to the explanations from all sides.
“We have to hear his explanation,” Anwar said.
He stressed that Malaysia must be governed by the rule of law, not by “whims and fancy”, while preserving mutual respect in its multi-ethnic and multi-religious society.
Anwar warned against actions driven by emotion, pressure or unilateral behaviour that could undermine harmony and national unity, and cautioned against disrespect towards religious beliefs and cultural practices.
Touching on sensitivities related to food practices, including pork-related issues, he said Malaysia’s long tradition of coexistence must be protected, noting that different communities have long respected one another’s practices without provocation or confrontation.