Azam’s shareholdings draw scrutiny again.
Pandan MP Rafizi Ramli has raised questions over whether Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki benefited from business dealings involving Farhash Wafa Salvador Rizal Mubarak through his shareholdings.
The issue centres on Azam’s stake in Velocity Capital Partners Berhad, a company used by Farhash to acquire a major stake in MMAG Holdings Berhad last year. When contacted, Azam declined to comment.
Farhash denied any business relationship with Azam, saying, “How would I know what shares he (Azam) or anyone has? Got nothing to do with me! I am only aware of (Azam’s shareholdings) after you informed me.”
A Bloomberg report revealed that Azam owns 17.7 million shares in Velocity Capital Partners, equivalent to about a 1.7 percent stake. The shares were valued at nearly RM800,000 at the opening of trade today, exceeding the RM100,000 limit imposed on civil servants for shareholdings in a single company.
New Straits Times quoted Azam as saying the shares were properly declared through the Public Service Department’s Human Resource Management system. He said they were purchased and disposed of within the same year, although his name still appeared as a shareholder in CCM records accessed today.
On March 3 last year, Velocity Capital Partners acquired a 6.49 percent stake in MMAG, an integrated supply chain management provider. On March 26, Farhash acquired a 20 percent stake in MMAG through Velocity Capital Partners’ securities account and was appointed non-independent non-executive chairperson.
According to The Edge, citing Bloomberg off-market data, Farhash bought the shares at 40 sen each for RM184.8 million, about 26 sen below MMAG’s market price at the time. NexG Bhd, formerly Datasonic Group Berhad, also bought into MMAG that month. NexG later secured government tenders to supply passports and identity cards.
MMAG’s share price later collapsed, falling to as low as six sen in November. On Dec 31, with shares trading at seven sen, Farhash sold his entire stake for 18.9 sen per share, or RM87.32 million, resulting in an estimated loss of RM97.48 million. The shares were sold to a company wholly owned by 25-year-old Cheah Min Lly and remain pledged to Velocity Capital Partners.
Farhash subsequently resigned as chairperson, citing personal reasons. Velocity Capital Partners has since sold its direct stake in MMAG but remains exposed through the pledged shares held by Cheah.
Rafizi said the Bloomberg exposé showed that Azam’s shareholdings placed him within the same transaction network involving Farhash and NexG. “What is his interest in the transactions involving companies that sparked speculation before this, namely MMAG and NexG, because NexG had won big tenders from the government?” Rafizi asked.
There has been no evidence linking NexG’s tender awards to its investment in MMAG.
Rafizi also questioned how Azam, as a senior civil servant, could afford to be a significant shareholder in a listed company and remain in office despite allegedly breaching civil service rules. He urged Prime Minister Anwar Ibrahim to suspend Azam immediately to allow a full investigation into whether the MACC chief was directly or indirectly involved in business dealings linked to MMAG and NexG.
Azam’s shareholdings have previously drawn scrutiny. In late 2021, he was questioned over his ownership of 1.93 million shares in Gets Global Berhad, then known as KBES Berhad, valued at about RM772,000 in April 2015. His stake later fell to 1,029,500 shares by March 2016, worth around RM340,000. He also held 2.156 million warrants in Excel Force MSC Berhad at the time, despite the RM100,000 limit already being in force.
In January 2022, Azam said he had informed the MACC Corruption Prevention Advisory Board that the shares were bought by his brother using his name, and that he believed he had done nothing wrong. A Securities Commission probe later found no evidence of proxy trading, concluding that Azam had control over his own trading account.
On Jan 20, 2022, Anwar, then opposition leader, said he would raise the issue with then prime minister Ismail Sabri Yaakob after receiving a memorandum from PKR Youth calling for asset declarations by MACC chiefs.
Since becoming prime minister in November 2022, Anwar has defended Azam and extended his contract as MACC chief three times beyond retirement age. Azam’s current contract expires on May 12, and he has indicated that he plans to retire.