Indian Clarity

Light. Truth. Clarity.

Loading ad...
Companies

Malaysia’s Anti-Graft Chief Questioned in Shareholding Probe

(Bloomberg) -- Malaysia’s anti-graft chief Azam Baki was summoned by a special committee set up to probe his stock ownership to explain the matter on Thursday, as authorities respond to calls for him to be investigated. The committee is examining the compliance and regularity of Azam’s share ownership based on the initial report it received, Shamsul Azri Abu Bakar, chief secretary to the government, said in a statement on Sunday. It is still in the process of evaluating all evidence obtained and will call other relevant witnesses to complete the investigation, he said.

Malaysia’s Anti-Graft Chief Questioned in Shareholding Probe

Credit: Livemint

Key Highlights

  • Bloomberg News reported on Feb.
  • 10 that Azam, chief commissioner of the Malaysian Anti-Corruption Commission, owned 17.7 million shares of Velocity Capital Partner Bhd., according to an annual filing by the financial services firm to the Companies Commission of Malaysia.
  • That stake would have been worth almost 800,000 ringgit ($205,000) at the time of the report.
  • A 2024 Malaysian government circular, which provides guidance on 1993 regulations stipulating the conduct of public officials, says a public servant may purchase shares in a company incorporated in Malaysia on the condition that they don’t exceed 5% of its paid-up capital or 100,000 ringgit in value, whichever is lower.
  • They also must declare assets at least once every five years and at the time of purchase and sale of holdings.
Loading ad...

Sources

  1. Malaysia’s Anti-Graft Chief Questioned in Shareholding Probe

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

Related Stories

Loading ad...