Law firm Zain Megat & Murad said they will pursue all available legal channels over the article, which had since been “repeated and republished by various other media outlets, resulting in the widespread dissemination of the allegations”.
The firm said the reporting, suggestions and insinuations contained in the article were “libellous, irresponsible and seriously misleading”, and had caused serious injury not only to Azam but also to the dignity, credibility and institutional integrity of his office.
“Azam has not breached any law, regulation or public service requirement in respect of the matters reported.
“At all material times, he has complied fully with all applicable asset declaration obligations imposed on public officers.
“Any acquisition and subsequent disposal of shares were properly declared through the prescribed official channels, including the Human Resource Management Information System, in accordance with public services department requirements,” it said in a statement today.
The firm said the shares referred to in the report had also been disposed of prior to publication, verifiable through existing declarations and documentary records.
It is understood that Azam is seeking RM100 million in damages for alleged harm to his reputation and professional standing.
When contacted, a lawyer from the firm, Megat Abdul Munir Megat Abdullah Rafaie, said a letter of demand was sent to Bloomberg’s headquarters in New York and Kuala Lumpur today.
However, he said he could not divulge further details about the letter.
In the article, Bloomberg reported that Azam held 17.7 million shares in Velocity Capital Bhd, or 1.7%, based on the company’s annual return lodged on Feb 3 last year.
It was reported that his name still appeared on the company’s register of shareholders at the Companies Commission of Malaysia.
This is said to be in breach of a 2024 government circular which states that civil servants may hold shares in Malaysian-incorporated companies only if the holdings do not exceed 5% of the paid-up capital or RM100,000 in value, whichever is lower.
Azam yesterday insisted that he had not committed any offence and did not hold any shares in the market currently.