Inside the MACC chief's penny stock foray
Azam Baki is back in the news again over his Bursa adventures.
Yesterday, Bloomberg ran the scoop that MACC chief commissioner Azam Baki held 17.7 million shares in Bursa-listed moneylender Velocity Capital Partner Bhd.
The newswire cited the company’s annual return filed with the Companies Commission (SSM), which lists all shareholders.
Azam doesn’t surface on Bursa filings — despite Velocity Capital being listed — because he effectively owned around 1% of the firm, well below the disclosure threshold.
Bloomberg estimated the stake at roughly RM800,000, derived from Velocity’s Monday closing price of 4.5 sen. At its peak last March — when the counter touched 10.5 sen — the same block would have been worth RM1.86 million.
Hours after the story broke, Azam told the New Straits Times that the shares were “purchased last year and disposed of within the year.”
He said the transaction had been declared through the Human Resource Management Information System (HRMIS) to the Public Service Department.
“All transparent,” he added, going on to describe the reporting as “malicious and misleading” and that he is considering legal action.
The MACC issued a separate statement saying Azam had “fully complied with asset declaration requirements in force”, but did not deny the shareholding itself.
The Bloomberg piece gave us the flash while Azam cleared the air, or tried to.
But there are things about this deal that deserve unpacking.
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