This article first appeared in The Edge Malaysia Weekly on February 16, 2026 - February 22, 2026

LAST week, Bloomberg published two exposé articles on the Malaysian Anti-Corruption Commission (MACC) and its chief commissioner, Tan Sri Azam Baki.

The first, titled “Malaysian anti-graft chief returns to stocks after outcry”, highlighted Azam’s shareholding in Main Market-listed moneylending solutions provider Velocity Capital Partner Bhd (KL:VELOCITY), valued at roughly RM800,000.

The second, “Who’s watching Malaysia’s anti-corruption watchdog?”, alleged that MACC was helping a group of businessmen seize control of companies.

Bloomberg also released a video titled Inside Malaysia’s Controversial Anti-Corruption Commission summarising the second article.

The US news agency’s exposé on MACC and Azam Baki has reignited public attention on the murky intersections of politics, enforcement agencies and Corporate Malaysia.

The second report suggested that some businessmen might have leveraged MACC investigations to pressure public-listed companies, facilitating acquisitions at undervalued prices.

While Bloomberg focused on the agency itself, the broader narrative lies in a web of Bursa Malaysia-listed companies connected to Victor Chin Boon Long and his associates.

So, just who is Chin?

The 57-year-old reportedly made his fortune out of electronics mall Plaza Low Yat in Bukit Bintang, Kuala Lumpur, where he owned several information and communications technology (ICT) businesses. He later shifted focus on equity investments.

Chin first caught the investing public’s attention when he rejected Ninetology Marketing Sdn Bhd’s 55 sen per share offer for ACE Market-listed Ingenuity Solutions Bhd back in 2012. He had a 29.15% stake in the company then.

At that time, Ninetology’s unit was the appointed sole local vendor for China-based ZTE Corp’s mobile devices in Malaysia.

Minority shareholders then were left fuming when Chin walked away from an easy RM90 million if only he had accepted the offer, causing the share price to collapse back to 12 sen.

Ingenuity Solutions was later renamed Ingenuity Consolidated Bhd. After yet another name change in 2016, it became MMAG Holdings Bhd (KL:MMAG), with a market capitalisation of merely RM94 million now.

In recent years, Chin and his associates have held equity stakes in close to 30 companies listed on Bursa Malaysia. Prominent names include payment solutions provider Revenue Group Bhd (KL:REVENUE), digital solutions firm Green Packet Bhd (KL:GPACKET) and security-based ICT solutions provider NexG Bhd (KL:NEXG).

Revenue Group — co-founded by Datuk Eddie Ng Chee Siong, alongside brothers Brian Ng Shih Chiow and Dino Ng Shih Fang, who are not related to him — was once seen as a good proxy to harness the potential of cashless payment transactions, until a bitter shareholder dispute erupted in 2023.

Revenue Group was then investigated by MACC over an alleged false claim relating to the purchase of thermal printing paper worth more than RM400,000 in February 2023 — one month after Francis Leong Seng Wui, who is said to be Chin’s lieutenant, was appointed executive director of Revenue Group. Leong was also a board member of Green Packet and Classita Holdings Bhd (formerly Caely Holdings Bhd, and currently known as NexG Bina Bhd).

Two of its directors were then arrested by the anti-graft commission. Soon after, the Ng brothers were ousted but Eddie lost his grip on the company later too.

The Edge has learnt that, at Green Packet, the company’s founder, Puan Chan Cheong, better known as C C Puan, was once a close friend of Chin’s. However, the duo got into a dispute over share trading proceeds. Chin’s associates gained control of Green Packet, and Puan was eventually declared bankrupt and exited Green Packet.

Chin’s wife has been in the thick of the action over the years.

NexG Bhd raised many eyebrows when it announced the purchase of a 32.61% stake in the then Classita Holdings plus warrants for RM76.78 million cash last August.

NexG bought the shares and warrants from Hong Seng Consolidated Bhd (KL:HONGSENG). Interestingly, in July 2023, Hong Seng acquired part of Classita from Chin’s wife, Chan Swee Ying, who owned a 44.59% stake, or 303.9 million shares.

To recap, Classita was under MACC investigation. Its share price plunged, following news reports that its accounts were frozen by MACC in April 2022. At the time, the company was known as Caely Holdings, a lingerie company co-founded by a couple.

After nearly eight months, MACC unfroze the bank accounts of Classita and its subsidiaries after concluding its investigation without bringing charges against the company.

During the investigation period, Chan emerged as a substantial shareholder of Classita in November 2022 when she exercised her warrants, giving her 90.03 million shares, or a 26.55% stake.

In a new twist, Royal Malaysia Police in March 2023 launched an investigation into Chin’s alleged involvement in misappropriating RM30.7 million in Caely (M) Sdn Bhd, a unit of Caely Holdings.

Deputy commissioner of police Datuk Noorsiah Mohd Saadudin announced in a statement that the police had opened an investigation paper, following a media report alleging Chin made use of enforcement authorities in taking control over Malaysian corporates.

A month later, Leong stepped down as executive director of Classita. He had joined the board in June 2022 — two months after MACC started a probe into the company.

The couple, Datin Fong Nyok Yoon and Datuk Chuah Chin Lai, lost control of the lingerie maker and exited from Classita.

Back to NexG, prior to the Classita deal, Chan had also sold a 7.58% stake in MMAG to NexG in March last year. She also disposed of a 6.5% MMAG stake to Velocity Capital and, subsequently, ceased to be a substantial shareholder and alternate director of MMAG. Last November, Chin stepped down as an executive director of both MMAG and Ingenieur Gudang Bhd (KL:INGENIEU).

Datuk Farhash Wafa Salvador Rizal Mubarak also acquired a 19.9% stake in MMAG, emerging as the largest shareholder and was appointed as the non-executive chairman around the same time. Both Velocity Capital and Farhash sold their MMAG stakes at a loss after the meltdown of the latter’s share price. Farhash has also stepped down as the chairman.

Chan currently owns a 19.9% stake in Ingenieur Gudang, a construction outfit previously known as Dynaciate Group Bhd. She also holds a 4.63% stake in MMAG, 1.36% in Velocity Capital and 1.70%

in NexG. Her shares in these four companies are estimated to be worth RM30.15 million.

Chan had served as executive director of MMAG and Dynaciate, as well as money lending and ICT firm Harvest Miracle Capital Bhd (KL:HM).

A check on Bursa Malaysia and Bloomberg shows that as at end-June 2025, Chin held a direct stake of 0.78% in NexG. The block of shares is worth RM7.78 million now if he still owns the shares.

He also used to own shares in Internet of Things (IoT) firm G3 Global Bhd (KL:G3), poultry firm Lay Hong Bhd (KL:LAYHONG), as well as Takaso Resources Bhd, 1 Utopia Bhd and Minetech Resources Bhd.

Takaso Resources was later renamed O&C Resources Bhd and operates as property developer OCR Group Bhd (KL:OCR) today.

1 Utopia went on to become Sterling Progress Bhd, then Macpie Bhd, and is now known as XOX Networks Bhd (KL:XOXNET), whose core business focuses on concerts and live entertainment.

Minetech Resources was eventually transformed into AIZO Group Bhd (KL:AIZO), now involved in property, engineering and renewable energy.

Chan also used to be a substantial shareholder of Harvest Miracle, G3 Global, as well as glove maker-cum-moneylender Hong Seng and CSH Alliance Bhd, which is now known as Velocity Capital.

Notably, Datuk Chong Loong Men is another name that was mentioned in Bloomberg article.

Chong is a former officer of the Securities Commission Malaysia (SC). He started his career with the Attorney General’s Chambers as a deputy public prosecutor.

He has a 6.56% stake in travel management firm Parlo Bhd (KL:PARLO); 2.95% stake in business process outsourcing solution provider Advance Information Marketing Bhd (KL:AIM); and 5.5% stake in engineering, procurement, construction and commissioning (EPCC) firm Sarawak Consolidated Industries Bhd (KL:SCIB).

Chong sits on the board of SCIB, Parlo and NexG, as well as Erdasan Group Bhd (KL:ERDASAN), an industrial automation firm that was known as AT Systematization Bhd.

He also previously served as director in Advance Information Marketing, health supplement company Bioalpha Holdings Bhd (KL:BIOHLDG), medical beds specialist LKL International Bhd (KL:LKL), civil engineering firm Vizione Holdings Bhd (KL:VIZIONE), frozen processed food distributor Green Ocean Corp Bhd (KL:GOCEAN) and ceramic tiles company Seacera Group Bhd (KL:SEACERA).

Meanwhile, Chin’s right-hand man Leong has a 30.67% stake in wire manufacturer South Malaysia Industries Bhd (KL:SMI); 5.02% stake in Revenue Group; 4.89% stake in Hong Seng; and 0.79% stake in Ingenieur Gudang. His shares in these four companies are estimated to be worth RM15.58 million.

Leong was once a shareholder of Green Packet and 1 Utopia. He was also a director in semiconductor firm Globetronics Technology Bhd (KL:GTRONIC) and its 31%-owned fleet management solutions and financing services provider Greentronics Technology Bhd (KL:GREENTEC), formerly known as Mpire Global Bhd; and Sand Nisko Capital Bhd.

Leong was also on the board of Revenue Group, Hong Seng and Classita.

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