KUALA LUMPUR (March 24): Businessman Victor Chin Boon Long, who has distanced himself from the ‘corporate mafia’ scandal, is calling on the police chief to act on the boardroom tussle over NexG Holdings Bhd (KL:NEXG) — the sole supplier of Malaysian passport booklet and identity cards.

In a statement issued on Tuesday, Chin wrote a direct message to Inspector General of Police (IGP) Datuk Seri Mohd Khalid Ismail saying, “I have been victimised and cornered by the mafias, using all means including enforcement and regulatory agencies.

I presume you have the full story and suspects behind it. In the case of NexG, it is all in the news and the various statements from NexG. The PDRM (the Royal Malaysian Police) must act based on these.”

Chin pointed to what appeared to be a “disconnect” between what was disclosed by NexG executive chairman Datuk Abu Hanifah Noordin on what happened from October 2025 to March 2026 and actions taken by the authorities.

Despite statements by Hanifah, who is also the pioneer and substantial shareholder of NexG, the police “still acted contrary to what was expected of it. He named names and detailed what happened from Day 1,” said Chin. “But the PDRM's next action was to raid my house?” he questioned.

“I do not suggest that the PDRM or any enforcement agency is complicit,” he stressed. “Rather, there are serious concerns that certain individuals may have leveraged their positions and influence to affect actions taken by enforcement and regulatory bodies.”

The press statement is the third issued by Chin, a former chief operating officer of NexG, in a week. In past statements, he revealed that he knew the existence of the ‘corporate mafia’. However, he has yet to name them in any statements.

It is also not known whether the businessman has lodged any police report regarding the matter.

The investigations and authorities’ actions came after international news agency Bloomberg published an article claiming that the Malaysian Anti-Corruption Commission (MACC) was being used by a group of businessmen dubbed ‘corporate mafia’ to seize control of listed companies.

The MACC denied allegations in the report and Chin has also denied being part of the scheme while describing himself as a victim, which he repeated in the latest statement as well.

Chin pointed out recent statement by Hanifah on the boardroom tussle the latter had against the previous board that wanted to undertake a review of NexG’s investments in quoted shares. 

“The chairman did not report to me,” he said. “He did not paint me negatively. We are in a team together. We worked well and it’s all work-in-progress, until the corporate mafia group raided NexG in October 2025.”

Shares of NexG as well as “those the company invested in for our growth plans”, according to Chin, subsequently fell.

“Then in early March, it became obvious that the corporate mafia gang had failed in their attempts to hijack NexG,” said Chin in the statement. “This happened because of the entrance of a new substantial shareholder. The chairman and the new shareholder have taken back control of NexG from Mr A and Mr X. Suddenly, the REAL corporate mafia group left with their nominee directors. All seven of them.”

Both Hanifah and Chin have kept mum about the identities of Mr A and Mr X in their statements respectively.

NexG, formerly known as Datasonic Group Bhd, spent RM88 million to buy 220 million shares or a 9.53% stake in MMAG Holdings Bhd (KL:MMAG) at 40 sen each in March 2025 from Chin’s wife Chan Swee Ying. MMAG’s share price has since slumped over 90% to three sen now. She also sold MMAG shares to Velocity Capital Partner Bhd (KL:VELOCITY).

NexG also bought a 32.61% stake in Classita Holdings Bhd, which is now known as NexG Bina Bhd (KL:NEXGBINA), in August 2025 at 15 sen apiece, together with 414.31 million warrants at between 3.5 sen and four sen apiece, for RM76.78 million. NexG acquired the shares and warrants from Hong Seng Consolidated Bhd (KL:HONGSENG), which bought the securities from Chan in July 2023.

NexG Bina's share price has dropped to 2.5 sen apiece, while its warrant price has skidded to one sen.

NexG sunk into a net loss of RM130.88 million for the third quarter ended Dec 31, 2025 as a result of a fair value loss of RM145.6 million on investments in quoted shares.

While Chin said NexG is back in good hands, Hanifah and two other executive directors in a special board meeting on March 11 concluded the review of NexG’s investment losses and “the matter was closed”.

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