Malaysia's Cabinet has resolved to appoint a special committee to investigate the facts concerning Azam Baki, chairman of the MACC, after reports revealed he held shares worth millions in a listed company, possibly breaching civil service regulations amid pressure for transparency in the anti-corruption agency.
On Friday, the Malaysian government ordered an investigation into allegations of financial misconduct involving the chairman of the Malaysian Anti-Corruption Commission (MACC), following reports that he improperly held shares in a listed company.
This scandal has drawn renewed scrutiny on Malaysia’s efforts to restore the country's image after the 1MDB corruption crisis. Earlier this week, Bloomberg reported that Azam Baki held millions of shares in a financial services company valued at approximately 800,000 ringgit (about 6.36 million baht).
Communications Minister Fahmi Fadzil told reporters, “The Cabinet has decided to establish a special committee led by the Secretary-General of the Cabinet to investigate the allegations related to the MACC chairman.”
Under Malaysian regulations, civil servants may purchase company shares provided they do not exceed 5% of the registered capital or a value of 100,000 ringgit (approximately 795,000 baht), whichever is lower. Additionally, Bloomberg noted that civil servants must declare their assets at least every five years, but Azam has not publicly disclosed his assets.
Azam strongly denied the allegations in an interview with Bernama news agency, stating he no longer holds shares in any company and acknowledged that although he previously purchased the shares, he sold them without profiting from the sale.
He also explained that the rule limiting shareholding to 5% of registered capital should not apply in this case, as the shares were purchased directly through the stock market.
The Malaysian Anti-Corruption Commission (MACC), established in 2009, is primarily responsible for investigating and curbing corruption in both public and private sectors, with authority to summon individuals, conduct searches, freeze assets, and arrest suspects.
Meanwhile, members of parliament have urged Prime Minister Anwar Ibrahim to suspend Azam during the investigation to ensure utmost transparency. Fahmi concluded, “Once the investigation is complete, the findings will be reported to the Cabinet for further action.”