By The Straits Times | Created at 2026-06-19 07:43:25 | Updated at 2026-06-19 09:52:18
2 hours ago
KUALA LUMPUR - Malaysia has overhauled its rules for civil servants’ shareholdings and asset declarations, months after a report about the stock holdings of former anti-graft chief Azam Baki spurred public debate in the country.
Under the new regulations, a public official can buy shares in a company incorporated in Malaysia as long as they do not exceed 5 per cent of its paid-up capital or RM300,000 (S$94,000) in value, whichever is lower, according to a circular issued by the Public Service Department earlier this week.
While the 5 per cent cap has not changed, the limit has increased from RM100,000, and the new rules, which took effect this week, also state that a public official’s cumulative shareholdings may not exceed RM300,000 in value.
Officers who want to exceed those limits must apply for approval from designated officials, which can include the Prime Minister and chief secretary to the government, according to the June 16 circular, which also sets rules for digital assets.
“This measure aims to strengthen integrity, accountability and transparency in public services, while ensuring that it remains relevant and in line with changing market conditions and the evolution of investment instruments,” Public Service Department Director General Wan Ahmad Dahlan Abdul Aziz said in the circular.
The department had been reviewing rules on stock ownership for public servants after Bloomberg News reported in February that then-Malaysian Anti-Corruption Commission Chief Commissioner Azam held 17.7 million shares in a financial services company, a stake that would have been worth almost RM800,000.
Azam denied wrongdoing, saying he had properly declared the transaction and that he had nothing to hide. Malaysia’s cabinet ordered an investigation into his shareholdings in February.
A three-person committee of senior civil servants reported its findings to the cabinet, and the matter was referred to the chief secretary to the government in March to take next steps.
The report or its findings have not been made public yet.
Azam retired as MACC chief in May. BLOOMBERG
