KUALA LUMPUR — Malaysian Anti-Corruption Commission chief commissioner Tan Sri Azam Baki has initiated legal action against Bloomberg over a report alleging that he held 17.7 million shares in a financial services company.
In a statement today, law firm Zain Megat & Murad said it had been instructed to pursue all available legal avenues in response to the article, which it said had since been “repeated and republished by various other media outlets, resulting in the widespread dissemination of the allegations”.
The firm described the reporting, suggestions and insinuations in the article as “libellous, irresponsible and seriously misleading”, adding that they 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.
The firm added that the shares referred to in the report had been disposed of prior to publication, and that this could be verified through existing declarations and documentary records.
Bloomberg had reported that Azam held 17.7 million shares in Velocity Capital Bhd, representing 1.7% of the company, based on its annual return lodged on Feb 3 last year. It also said his name appeared on the company’s register of shareholders with the Companies Commission of Malaysia.
The report suggested that the shareholding could run afoul 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 said yesterday that he would issue a letter of demand to Bloomberg over the article, maintaining that he had not committed any offence and does not currently hold any shares in the market. – February 12, 2026