KUALA LUMPUR (March 11): Communications Minister Datuk Fahmi Fadzil said on Wednesday that the Cabinet has ordered enforcement agencies to carry out a detailed probe into “corporate mafia” allegations involving the Malaysian Anti-Corruption Commission (MACC), but made no mention of setting up a royal commission of inquiry (RCI).
He said the Cabinet discussed corporate manipulation and was briefed that investigations into several individuals have been ongoing for years.
“Cabinet has ordered enforcement agencies, including the police (PDRM), Securities Commission (SC), MACC, and Inland Revenue Board (LHDN), to continue detailed probes into the corporate manipulation issue,” Fahmi said at a news conference.
He added that appropriate legal action will also be taken, and that it will not be limited to those currently under scrutiny. This may include seizure of assets believed to be involved in criminal activity.
Fahmi said the government will also examine potential gaps in existing laws that could allow such manipulation to occur.
MACC and its chief, Tan Sri Azam Baki, have recently been in the spotlight following a Bloomberg report alleging that the anti-graft agency colluded with a group of businessmen, described as a “corporate mafia”, in taking control of public-listed companies. Both Azam and the MACC have denied the claims.
DAP, the largest party in the unity government, has called for a full investigation into the allegations through a royal commission of inquiry.
Azam is also being probed by a separate task force — including Attorney General Tan Sri Mohd Dusuki Mokhtar, Public Service Department director general Tan Sri Wan Ahmad Dahlan Abdul Aziz, and Treasury secretary general Datuk Johan Mahmood Merican — over another Bloomberg report alleging his shareholding in Velocity Capital Partner Bhd (KL:VELOCITY) exceeded the limit permitted for a civil servant. Azam has denied any wrongdoing and provided his statement to the task force.