This article first appeared in The Edge Malaysia Weekly on March 16, 2026 - March 22, 2026
When Minister of Communications Datuk Fahmi Fadzil told the media last Wednesday that the cabinet had ordered enforcement agencies to carry out a detailed probe into “corporate mafia” allegations involving the Malaysian Anti-Corruption Commission (MACC), he made no mention of setting up a royal commission of inquiry (RCI).
DAP, the largest party in the unity government, as well as civil society groups such as G25 and Bersih, has called for a full investigation into the allegations through an RCI.
In the post-cabinet meeting press conference, Fahmi said the cabinet has ordered enforcement agencies, including the police, Securities Commission Malaysia, MACC and the Inland Revenue Board to “continue detailed probes” into the “corporate manipulation issue”.
MACC and its chief Tan Sri Azam Baki, have been in the news following a Bloomberg report alleging that the graft buster had colluded with a group of businessmen, described as the “corporate mafia”, to take control of public-listed companies. Both Azam and the MACC have denied the claims.
Azam is also being probed by a separate task force over his investment in Velocity Capital Partner Bhd (KL:VELOCITY) as alleged by Bloomberg in another report, which stated that he held 17.7 million shares in the company. Azam said he no longer held the shares and that he had disclosed the investment as required under rules governing the civil service.
Meanwhile, the companies allegedly targeted by the group of businessmen or “corporate mafia” in collusion with the MACC are the same ones that The Edge has covered extensively. There had been instances where news of raids or investigations by the MACC on companies or their shareholders would emerge just as a boardroom or shareholder tussle was beginning to brew.
The share prices of the companies would collapse while the management and operations of the businesses were disrupted as accounts were frozen while banks pulled credit lines. Minority shareholders were left in the lurch, plus the volatile trading of these companies’ shares put the local bourse in a bad light.
Over time, the tussle would end with a change in ownership and interestingly, in most cases, no one was charged.
Certainly, allegations that the MACC is being weaponised or that it is an “agency for hire” are damaging.
For the record, the MACC has strongly denied the allegations and described the claims as baseless.
Only an independent body with statutory investigative powers — in the form of an RCI, no less — is in the best position to look into these serious claims.
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