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Now, Bloomberg calls MACC chief Azam a ‘corporate mafia’
KUALA LUMPUR, Feb 12, 2026: International news agency Bloomberg has posted yet another damning report on Malaysian Anti-Corruption Commission (MACC) chief Azam Baki.
The report, re-posted by news portal MalaysiaNow, is titled Gun flashing and blackmail: Explosive investigation by Bloomberg links MACC boss Azam to 'corporate mafia'.
This comes after Azam threatened to sue Bloomberg for reporting that he held RM800,000 worth of shares beyong Government regulations.
It sure looks like Bloomberg is “going all out” for Azam's “dirt”.
No News Is Bad News reproduces below the second damning story on Azam:
Gun flashing and blackmail: Explosive investigation by Bloomberg links MACC boss Azam to 'corporate mafia'
It comes just days after revelations that the embattled MACC chief commissioner held millions of shares in a listed company in violation of a code of conduct for public servants.
February 12, 2026 10:46 AM5 minute read
Azam Baki, whose tenure at the MACC has been extended three times by Prime Minister Anwar Ibrahim, has been accused of links to the corporate mafia in a new investigative report by Bloomberg.
A new explosive investigation by Bloomberg details how the Malaysian Anti-Corruption Commission (MACC), led by chief commissioner Azam Baki, is linked to individuals known as the "corporate mafia", assisting rogue businessmen in forcefully taking over public listed companies by using the anti-graft agency's extensive powers to arrest, intimidate and threaten charges against company founders and executives.
The lengthy report outlines a shocking modus operandi used by a division within MACC known as "Section D", employing methods ranging from intimidation, such as office raids, to blackmail and threats to life.
The unit, which handles complaints and arrests related to corruption in listed companies, was led by Wong Yun Fui, currently MACC's deputy director of investigations, who sources told Bloomberg is "valued by Azam".
The process is straightforward and chilling: it begins with an MACC investigation into a company whose executives face charges of financial offences or ongoing lawsuits.
A "corruption" investigation by MACC would coincide with efforts by the "corporate mafia" to alter control of these companies.
A 24-minute special documentary (Click here to watch) accompanying the report interviewed witnesses and executives who have been harassed by MACC, one of whom described how the modus operandi was executed.
"One day, the MACC came to the office on the basis that a complaint was filed and they wanted to investigate some transactions related to the company. They were whispering and sending messages to someone else. They were very suspicious in their behaviour," said the senior company executive, identified only as Adam.
The MACC headquarters in Putrajaya.
He said he was later told to go to the MACC headquarters, where he was put in a room before officers took turns to question him "on and on".
"There was no clear direction about what they were asking me. I was stressed."
Adam was convinced that MACC was intimidating him to pressure him to surrender his stake in the company.
Gun-flashing by 'Azam's close friend'
But what Adam experienced was mild compared to the ordeal of Tai Boon Wee.
In 2023, Tai, who founded rubber products company GIIB Holdings, was facing an MACC investigation over an accounting issue when he was contacted by a new shareholder, Andy Lim, who requested a meeting at an upscale restaurant in Kuala Lumpur. Lim demanded that Tai give him two seats on his company's board.
Bloomberg, which viewed CCTV footage of the meeting which was subject of a police report, said Lim raised his arms to reveal a pistol, in an attempt to threaten Tai into fulfilling his demand.
Police later arrested Lim, and his pistol was confiscated.
Sources told Bloomberg that following this, Azam called the police to request the return of Lim's gun.
Conversations with people within MACC revealed that Lim was "very close with Azam Baki", said Bloomberg, which also cited an internal memo circulated within the agency.
That friendship ties Azam directly to a key figure known as part of the "corporate mafia".
"Senior officials, including the most senior official of the lot, chief commissioner Azam Baki, is aware of its activities," said Bloomberg journalist Tom Redmond, who conducted the investigation alongside Niki Koswanage.
The same memo stated that Lim has had ties with the commission for more than a decade, dating back to when it was known as the Anti-Corruption Agency and Lim was running a driving school.
These ties came to light following the revelation that Azam owned shares in 2015 worth more than RM700,000 in a listed company where Lim also had a stake.
The discovery was at the centre of a share scandal involving the MACC chief in 2022, sparking calls from then opposition leader Anwar Ibrahim for his resignation.
Azam was subsequently absolved of wrongdoing after the Securities Commission said it was his brother who used his trading account.
Victor Chin
The existence of a corporate mafia and its ties with MACC were reminiscent of what was written in a blog called The Corporate Secret in 2023.
An internal MACC memo named Victor Chin as someone who manipulates enforcement officers in a bid to take over companies. Photo: Bloomberg Originals video.
It named Victor Chin as someone who manipulates enforcement officers in a bid to take over companies.
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