MACC chief Azam Baki says RM800,000 Velocity Capital stake was fully declared

PUTRAJAYA, Feb 10 — Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki has defended his former shareholding in Velocity Capital Bhd, saying the transaction was fully transparent and properly declared.

According to the New Straits Times, Azam said he had nothing to hide regarding the RM800,000 stake, which he reported through the Human Resource Management Information System (HRMIS) to the Public Service Department.

“All of this was declared, including my income sources, and everything was transparent,” he told the newspaper.

Azam added that the shares, purchased last year, were sold within the same year. 

He described reports questioning the transaction as misleading and malicious, and said he is considering legal action over the coverage.

Earlier, a news portal reported that Azam held 17.7 million shares in Velocity Capital Bhd, citing the company’s annual return filed with the Companies Commission of Malaysia (SSM) on February 3 last year. 

Based on the company’s share price on Monday, the holding would be valued at roughly RM800,000.

Velocity Capital, which is listed on Bursa Malaysia, was previously involved in transportation, logistics and ceramics manufacturing. 

The company has since shifted focus towards financial services, including moneylending.