Malaysia summons anti-corruption chief in stock ownership probe

Malaysia's top anti-corruption official is under investigation for potential violations of government ethics rules regarding stock ownership. Chief Commissioner Azam Baki of the Malaysian Anti-Corruption Commission (MACC) was summoned by a special committee on Thursday to explain his ownership of 17.7 million shares in Velocity Capital Partner Bhd, as revealed in an annual filing to the Companies Commission of Malaysia. At the time of reporting, this stake was worth approximately 800,000 ringgit (US$205,000).

The investigation centers on compliance with a 2024 government circular that implements 1993 regulations governing public officials. The rules state that a public servant's shareholdings in a Malaysian company must not exceed 5% of its paid-up capital or 100,000 ringgit in value, whichever is lower. Officials are also required to declare assets every five years and upon any purchase or sale of holdings. Baki's reported holdings appear to significantly surpass the 100,000 ringgit threshold.

The stock revelation has triggered a significant public and political backlash. Civil society groups and protesters have taken to the streets in the capital, demanding a thorough investigation into allegations that extend beyond stock ownership to include broader claims of abuse of power, unexplained wealth, and regulatory extortion within the MACC. Separate investigative reports have alleged collusion between MACC officers and businessmen involved in company takeovers. In response, leading civil society organizations are urging the formation of a Royal Commission of Inquiry, a powerful investigative body, to examine the allegations comprehensively. The special committee's work is ongoing, with plans to call additional witnesses as it evaluates all evidence.