When MACC itself looks like a suspect
The controversy has widened from questions about shareholdings to broader allegations of corporate intimidation, institutional overreach and the adequacy of existing oversight mechanisms. By last Friday, the cabinet relented following public pressure and was openly discussing the possibility of a Royal Commission of Inquiry (RCI).
The first Bloomberg exposé revealed that Azam held 17.7 million shares in Velocity Capital Partner Bhd — valued at roughly RM800,000 — rekindling scrutiny reminiscent of the 2021-2022 shareholding uproar.
The second article alleged that MACC higher-ups had worked with a group of businessmen, purportedly known as the “corporate mafia”, to pressure major shareholders into relinquishing control of listed companies.
Bloomberg also released a video titled Inside Malaysia’s Controversial Anti-Corruption Commission summarising the second article.
The anti-graft commission responded swiftly, calling the allegations baseless and “malicious”. Azam insisted he had nothing to hide, saying the shares were bought in early 2025 and sold within months, with all declarations made through official channels.
He later proceeded to file legal action against Bloomberg over an article published on 10 February concerning alleged share ownership, which he claims is defamatory. Azam is seeking RM100 million in general damages and demanding a public apology.
At the Parliament on 10 February, Deputy Law Minister M Kulasegaran noted that public servants may exceed the usual RM100,000 shareholding threshold only with approval from the Chief Secretary to the Government (KSN). Kulasegaran did not confirm whether Azam’s shareholding in Velocity Capital had received approval from the KSN.
However, he told the Dewan Rakyat that the investments in question were reported to the relevant authorities at the time they were made last year. Hence, the issue of non-disclosure does not arise at present, according to him.
Kulasegaran noted that a 2024 government circular regulates the shareholding capacity of public officials.
However, a check of the circular shows that the conduct of public officials does not explicitly allow the KSN to grant exemptions for public officials to hold shares above the prescribed limit.
In the circular, the section on public officials’ conduct in purchasing shares states that civil servants may purchase shares, debentures, bonds and other securities, but only within set limits.
Shareholdings must not exceed 5% of a company’s paid-up capital or RM100,000 at current market value, whichever is lower, for Malaysian-incorporated companies.
For government-linked companies established by the federal or state governments, the limit is 5% of paid-up capital. Investments in government-sponsored unit trusts are capped at levels set by the government.
Civil servants who are directly or indirectly involved with a company — including those serving on its board, approving business licences, providing operational services or handling equity allocation — must obtain prior approval from the relevant ministry’s secretary-general or the state secretary before purchasing or holding shares.
Political pressure mounts
The revelations triggered immediate calls for accountability.
Datuk Seri Rafizi Ramli urged the prime minister to suspend Azam, arguing that the reported holdings violated public service rules. He led a group of eight PKR lawmakers pressing DAP and Amanah to jointly demand action.
Hundreds of black-clad protesters gathered in Kuala Lumpur on 15 February (Sunday) to demand Azam’s resignation and arrest, marking the largest anti-corruption rally since 2022, which was also centred on Azam.
Prior to Sunday’s rally, the government had set up a special task force to investigate Azam on his shareholdings, headed by Chief Secretary Tan Sri Shamsul Azri Abu Bakar and chaired by Attorney-General (AG) Tan Sri Mohd Dusuki Mokhtar.
Critics, however, questioned whether an executive-level committee could investigate the head of a powerful enforcement agency with sufficient independence.
As the pressure on Azam to step down continued, on 15 February, he insisted there was no reason for him to go on leave while the investigations by the special task force continued, raising more eyebrows. Azam pledged he would cooperate fully. He appeared red-eyed and visibly anxious when addressing questions raised by the media.
Azam was made the chief commissioner in March 2020. He has, so far, served three prime ministers, namely Tan Sri Muhyiddin Yassin, Datuk Seri Ismail Sabri Yaakob and Datuk Seri Anwar Ibrahim. His tenure has been extended three times and is currently scheduled to end on 12 May.
DAP leaders pushed for the inquiry, insisting that only an RCI had the statutory powers to investigate systemic allegations, including the purported corporate-intimidation schemes.
DAP national chairman Encik Gobind Singh Deo, who is also Digital Minister, commented that the “corporate mafia” allegations have raised serious questions about the integrity of the MACC and that denial alone is sufficient.
“It is a fundamental principle of justice that no one should be a judge in their own case. When the integrity of our premier anti-graft agency is questioned, a self-issued clearance does not measure up,” he said in a statement.
Meanwhile, Prime Minister Datuk Seri Anwar Ibrahim urged patience while the committee examined the facts, saying investigations must proceed “transparently and openly”.
Soon, public-interest groups intensified calls for a more credible review. G25 Malaysia, a Malay-Muslim group of former civil servants and individuals, warned that the AG’s dual role as government adviser and public prosecutor posed a clear perception of conflict.
The Institute for Democracy and Economic Affairs (IDEAS), Gabungan Pilihan Raya Bersih dan Adil (Bersih), the Center to Combat Corruption and Cronyism (C4 Center), along with 45 other civil society groups and eight prominent individuals echoed the demand, saying Malaysia required an RCI led by a figure with the stature of former chief justice Tun Tengku Maimun Tuan Mat.
The Malaysian Bar added that any review mechanism must be truly independent, transparent and timely, noting that institutional integrity, not just personal conduct, was at stake.
A turning point at month’s end
As the debate intensified, MACC issued a statement on 24 February directly rejecting the “corporate mafia” allegations and calling those with evidence to come forward.
In a surprise turn of events, last Friday, police opened investigations into claims of an international media-linked plot to topple the government. The police report alleged that a prominent local family is involved in engaging international public relations firms and media organisations to take down the government and sabotage national stability.
Hours later, MACC released a statement seeking public assistance to locate the late former finance minister Tun Daim Zainuddin’s four children — Asnida Abdul Daim, Md Wira Dani Abdul Daim, Muhammed Amir Zainuddin Daim, Muhammed Amin Zainuddin Daim.
Soon after Toh Puan Na’imah Abdul Khalid, widow of the late Tun Daim Zainuddin, came into the picture. She denied the allegations and called the claims “false and preposterous”. She rejected suggestions that she had influenced Bloomberg’s investigation, saying the credit belonged to the journalists who reported the allegations involving the MACC chief.
Amir and Amin have also dismissed claims by the MACC that they could not be located, calling the assertion “false and mischievous”.
In a statement last Friday, lawyers Rajesh Nagarajan and Sachpreetraj Singh, representing two of Tun Daim’s children, Amir and Amin, said the MACC’s public release of the names, photographs and residential addresses of all four children — despite knowing they are represented by counsel and in communication with the commission — was reckless and unjustified.
Meanwhile, at Putrajaya, Communications Minister Datuk Fahmi Fadzil announced that the special task force’s probe into Azam’s share ownership was “nearing completion” and that its report would be submitted next week.
Crucially, he confirmed that the cabinet was reviewing the possibility of establishing an RCI, which Anwar himself later acknowledged had been formally discussed.
Given the events that have unfolded over the past two weeks, MACC will continue to hog the limelight while the public is likely to judge the Madani government by this issue.
Adapted from the article written by Emir Zainul for The Edge Malaysia.
This article first appeared in The Edge Malaysia Weekly on 2 March 2026 - 8 March 2026. Reappeared yesterday, Tuesday 10 March 2026 in The Edge Malaysia business news portal.
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