Just on Feb 7, I had praised the Malaysian Anti-Corruption Commission (MACC) for its recent successes when a bombshell dropped about the graft buster and its chief commissioner Azam Baki.

In praising it, I had said that – despite its successes – the real test was introducing much-needed reforms to the MACC. And it now seems not only imperative but also urgent.

Bloomberg News reported on Feb 10 that Azam owned 17.7 million shares of Velocity Capital Partner Bhd., according to an annual filing by Velocity Capital to the Companies Commission of Malaysia on Feb 3 last year.

The stake, it said in an investigative article, would be worth almost RM800,000, much more than Malaysian regulations allowed.

It noted that a 2024 government circular stipulated that a public servant could purchase shares in a company incorporated in Malaysia on condition they did not exceed 5% of its paid-up capital or RM100,000 in value, whichever was lower.

On Feb 12, Bloomberg ran another story, this time claiming that MACC officials were assisting businessmen – at least one of whom it named – who apparently wanted to take over certain companies “by threatening, arresting and detaining executives, sometimes recommending charges against them”.

The alleged services ranged from raids on company offices to pressuring executives to sell their shares, and even recommending charges to public prosecutors. It was claimed that each “service” came with a price tag, with some allegedly reaching millions of ringgit.

This is a horrible, and serious, allegation.

The report also claimed that the MACC’s involvement in the scheme extended from lower-level officers to the highest ranks of the commission.

Azam said on Feb 10 that the report was malicious and had tarnished his and the MACC’s reputation. He clarified that he declared his shareholdings in the company to the public services department in July 2025 and disposed of them within the year.

“I don’t have any units of any other share. I don’t have a single unit in any other company,” he insisted.

On Feb 12, it was reported that Azam had sent a letter of demand to Bloomberg over the report and was seeking RM100 million in damages.

According to one report, when asked about Azam’s RM100 million damages demand, a Bloomberg News spokesperson said: “We stand by our reporting.”

FMT reported Azam as saying on Feb 13 that he was open to an investigation as he had “nothing to hide”.

The MACC itself dismissed the allegation that its investigations were influenced by businessmen, adding that all investigations were conducted “strictly in accordance with the law, guided by evidence, and carried out independently without fear or favour”.

It said: “Decisions relating to prosecution are subject to prosecutorial discretion and judicial oversight by the Attorney-General’s Chambers and the court system, in line with Malaysia’s legal framework, founded on the principle of separation of powers.”

It added that the Bloomberg report contained malicious and unfounded allegations, intended to damage its reputation.

But the damage is done: the credibility of the MACC and its chief has come under question. It has become international news.

In the wake of the allegations, several individuals and organisations have called on Azam to resign or be removed or be suspended pending a probe.

In fact, a group calling itself the #TangkapAzamBaki Secretariat plans to hold a protest rally in front of Sogo shopping mall on Sunday. FMT reported that it had held a similar rally in January 2022 following reports on his share trading activities at that time.

Apart from demanding Azam’s resignation, the group is also calling for an investigation into the Bloomberg allegations and the revocation of his adjunct professor title at public universities.

Meanwhile, the Center to Combat Corruption and Cronyism (C4) said on Feb 12 that it was “outraged” by allegations that a loose network of businessmen would purchase shares in locally owned companies before intimidating executives – with the help of MACC officials – and forcing them out.

“All involved MACC officers should be suspended with immediate effect until independent investigations are concluded, with details of Section D’s operations made transparent and publicly available,” C4 said in a statement.

“We demand that the government make immediate efforts to investigate these findings and reform the MACC.”

Former economy minister Rafizi Ramli urged Prime Minister Anwar Ibrahim to immediately suspend Azam pending a probe. Umno’s Puad Zarkashi was reported to have said: “Don’t sweep it under the carpet.”

PAS’ information chief Ahmad Fadhli Shaari said in a Facebook post: “If the government continues to remain silent without any transparent and convincing explanation, then Azam Baki should take responsibility by resigning, or his services should be terminated immediately in order to protect the good name of the MACC and the integrity of the country’s institutions.

“Failure to provide a clear explanation will only undermine the people’s confidence and the world’s perception of Malaysia’s commitment to fighting corruption.”

This was not the first time someone or other had called for Azam to resign or be replaced. It is to be noted that Azam’s one-year contract had been extended three times past the mandatory retirement age for public officials.

This latest episode underscores the need to introduce reforms, including processes that will ensure the integrity of the MACC and its officers.

For instance, in light of the Bloomberg allegations, there is a need for a review of asset declaration laws to strengthen requirements and ensure comprehensive monitoring. It also calls for a tightening of the investigation process with more transparency and oversight.

C4 said: “An agency empowered to raid offices, freeze assets, and recommend criminal charges is immensely dangerous without effective checks.

“Such powers risk being weaponised, whether for political ends or private gain. Such sweeping authority demands equally robust safeguards.

“In this light, calls for reform are not merely about safeguarding the commission’s independence, but about ensuring MACC has an effective accountability framework.”

C4 and others have in the past called for an independent MACC, noting that so long as the selection, appointment and dismissal of the MACC chief rested with the prime minister, it could not be said to be fully independent.

C4 had earlier said that collective parliamentary appointment, either through a direct vote in the Dewan Rakyat, or a parliamentary select committee, would mitigate potential conflicts of interest in the selection process.

Several NGOs and individuals have also called for changes to the MACC Act, particularly sections regarding asset disclosure and investigation capabilities.

There is little doubt that the latest allegations make it imperative that the MACC be reformed now rather than later so that public trust in its integrity returns. Will the government act?

The views expressed are those of the writer and do not necessarily reflect those of FMT.