(Kuala Lumpur, 30th) According to informed sources, Malaysian Prime Minister Dato’ Seri Anwar has urged relevant officials not to immediately disclose to the public the investigation report on the shareholding situation of the MACC chief.
In February this year, Anwar’s cabinet ordered an investigation into whether Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Dato’ Seri Azam Baki’s shareholdings exceeded the legal limit. The investigation result, conducted by a three-member high-level civil servant committee led by the Attorney General, has been submitted to the cabinet, and the matter subsequently handed over to the government’s Chief Secretary for follow-up.
Sources indicated that Anwar has asked key individuals involved not to make public this shareholding report or investigation results until an independent probe into allegations in a Bloomberg report—concerning businessmen working with the MACC to oust company executives—has concluded. Anwar is concerned that premature disclosure could weaken public trust in the government before a general election which could be held as early as this year.
Those in the know revealed the plan is to discuss the matter in the Cabinet only after the investigation into the so-called “corporate mafia”—a businessmen’s network allegedly working with MACC officers to threaten and oust company executives—has concluded. This month, the Cabinet ordered enforcement agencies, including the MACC, to investigate these “corporate mafia” allegations. It remains unclear how long the investigation will take.
Bloomberg earlier reported that Anwar is expected to let Azam Baki step down when his term ends on May 12. Sources say Azam Baki, after stepping down, has been seeking a senatorship. Senators are nominated by the state assemblies or the Malaysian King on the Prime Minister’s recommendation, and may serve up to two three-year terms.
No comment has yet been given by representatives from the Prime Minister’s Office. Azam Baki and the MACC have also not responded to requests for comment.
In February, two Bloomberg reports triggered public attention in Malaysia. The first, based on public information, claimed that Azam held shares in excess of limits allowed for public officials. The second accused the MACC of colluding with businessmen to target and expel company executives. Azam and the MACC have strongly denied these allegations.
The specific results of the Azam shares investigation report have not yet been disclosed. Anwar’s party MP, former cabinet minister Dato’ Seri Mohd Rafizi, said this month the investigation allegedly found that Azam held shares in nine companies worth about RM14 million (about USD 3.5 million).
According to the Malaysian Government notice 2024 and relevant 1993 regulations, civil servants may buy shares in Malaysian-registered companies, but may not hold more than 5% of a company’s paid-up capital or RM100,000 (whichever is lower), and must declare assets at time of purchase and sale, and at least once every five years. Azam denies any wrongdoing.
Senior Minister Anthony Loke of Anwar’s cabinet has called for a Royal Commission of Inquiry to investigate the “corporate mafia” allegations. However, in a podcast in March, he said attempts to get cabinet approval for such a commission had failed. The government has yet to respond to Loke’s comments.
On March 13, police and Securities Commission officials raided the office of Malaysian businessman Victor Chin, who was named in the Bloomberg report. Chin denied involvement in the “corporate mafia” and has made multiple statements to defend himself, saying he was made a scapegoat and pointing out that the investigation should also scrutinize the role of the MACC and police.
In February this year, Anwar’s cabinet ordered an investigation into whether Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Dato’ Seri Azam Baki’s shareholdings exceeded the legal limit. The investigation result, conducted by a three-member high-level civil servant committee led by the Attorney General, has been submitted to the cabinet, and the matter subsequently handed over to the government’s Chief Secretary for follow-up.
Sources indicated that Anwar has asked key individuals involved not to make public this shareholding report or investigation results until an independent probe into allegations in a Bloomberg report—concerning businessmen working with the MACC to oust company executives—has concluded. Anwar is concerned that premature disclosure could weaken public trust in the government before a general election which could be held as early as this year.
Bloomberg earlier reported that Anwar is expected to let Azam Baki step down when his term ends on May 12. Sources say Azam Baki, after stepping down, has been seeking a senatorship. Senators are nominated by the state assemblies or the Malaysian King on the Prime Minister’s recommendation, and may serve up to two three-year terms.
No comment has yet been given by representatives from the Prime Minister’s Office. Azam Baki and the MACC have also not responded to requests for comment.
In February, two Bloomberg reports triggered public attention in Malaysia. The first, based on public information, claimed that Azam held shares in excess of limits allowed for public officials. The second accused the MACC of colluding with businessmen to target and expel company executives. Azam and the MACC have strongly denied these allegations.
The specific results of the Azam shares investigation report have not yet been disclosed. Anwar’s party MP, former cabinet minister Dato’ Seri Mohd Rafizi, said this month the investigation allegedly found that Azam held shares in nine companies worth about RM14 million (about USD 3.5 million).
According to the Malaysian Government notice 2024 and relevant 1993 regulations, civil servants may buy shares in Malaysian-registered companies, but may not hold more than 5% of a company’s paid-up capital or RM100,000 (whichever is lower), and must declare assets at time of purchase and sale, and at least once every five years. Azam denies any wrongdoing.
Senior Minister Anthony Loke of Anwar’s cabinet has called for a Royal Commission of Inquiry to investigate the “corporate mafia” allegations. However, in a podcast in March, he said attempts to get cabinet approval for such a commission had failed. The government has yet to respond to Loke’s comments.
On March 13, police and Securities Commission officials raided the office of Malaysian businessman Victor Chin, who was named in the Bloomberg report. Chin denied involvement in the “corporate mafia” and has made multiple statements to defend himself, saying he was made a scapegoat and pointing out that the investigation should also scrutinize the role of the MACC and police.