KUALA LUMPUR (March 9): The Securities Commission Malaysia chairman Datuk Mohammad Faiz Azmi on Monday sidestepped reporters’ question on whether the regulator would investigate alleged “corporate mafia” links.

He refused to comment, citing Section 148 of the Securities Commission Act 1993, which bars officials from revealing confidential information from their duties.

“Are you aware of Section 148? Section 148 says you go to jail if you discuss any investigations that are still ongoing. So, do you really want me to go to jail?” he said when asked about the matter on the sidelines of the launch of the 2026–2030 Capital Market Master Plan.

The “corporate mafia” allegations surfaced in a Bloomberg article titled Who’s Watching Malaysia’s Anti-Corruption Watchdog?, which raised concerns over alleged takeovers of companies listed on Bursa Malaysia in collusion with high-ranking officials from the Malaysian Anti-Corruption Commission (MACC).

The report alleged that executives and shareholders were pressured through intimidation to resign or sell their shares at heavily discounted prices to a group of connected businessmen.

MACC and its chief commissioner Azam Baki have denied the allegations.

The issue has drawn criticism from several quarters. Civil society group Bersih last week questioned the fairness of investigations involving Azam after Prime Minister Datuk Seri Anwar Ibrahim criticised the group for calling for Azam’s resignation before investigations are completed. Meanwhile, the Democratic Action Party (DAP) has called for a royal commission of inquiry into the “corporate mafia” allegations.

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