Azam initiates legal action against Bloomberg

2026-02-12 - 13:06

Law firm Zain Megat & Murad said MACC chief Azam Baki had not breached any law, regulation or public service requirement in respect of the matters reported. (Bernama pic) PETALING JAYA: Malaysian Anti-Corruption Commission chief Azam Baki has initiated legal action against Bloomberg over its report alleging that he holds 17.7 million shares in a financial services company. Law firm Zain Megat & Murad said they will pursue all available legal channels over the article, which had since been “repeated and republished by various other media outlets, resulting in the widespread dissemination of the allegations”. The firm said the reporting, suggestions and insinuations contained in the article were “libellous, irresponsible and seriously misleading”, and had caused serious injury not only to Azam but also to the dignity, credibility and institutional integrity of his office. “Azam has not breached any law, regulation or public service requirement in respect of the matters reported. “At all material times, he has complied fully with all applicable asset declaration obligations imposed on public officers. “Any acquisition and subsequent disposal of shares were properly declared through the prescribed official channels, including the Human Resource Management Information System, in accordance with public services department requirements,” it said in a statement today. The firm said the shares referred to in the report had also been disposed of prior to publication, verifiable through existing declarations and documentary records. In the article, Bloomberg reported that Azam held 17.7 million shares in Velocity Capital Bhd, or 1.7%, based on the company’s annual return lodged on Feb 3 last year. It was reported that his name still appeared on the company’s register of shareholders at the Companies Commission of Malaysia. This stake is said to be in breach of a 2024 government circular which states that civil servants may hold shares in Malaysian-incorporated companies only if the holdings do not exceed 5% of the paid-up capital or RM100,000 in value, whichever is lower. Azam also said yesterday he would send Bloomberg a letter of demand over the article, and insisted that he had not committed any offence and did not hold any shares in the market currently.