This article first appeared in The Edge Malaysia Weekly on April 13, 2026 - April 19, 2026

DATUK Ishak Ismail, shareholder and executive chairman of NexG Bhd (KL:NEXG), says he had no knowledge of the shareholder tussles at the national security documents producer when he acquired his stake.

However, the boardroom battle — between rival camps comprising Datuk Hanifah Noordin and Victor Chin, former chief operating officer of NexG, on one side, and Bestinet Sdn Bhd founder Datuk Aminul Islam Abdul Nor on the other, allegedly backed by Datuk Seri Farhash Wafa Salvador — had been brewing for at least a year before his entry.

This raises the question of whether Ishak had been “asked” by the powers that be to step in and sort things out at NexG.

Ishak, a long-time associate of Prime Minister Datuk Seri Anwar Ibrahim, had previously been tasked with taking over entities of national importance — notably Indah Water Konsortium Sdn Bhd (IWK) (see “The many battles of Ishak Ismail” on Page 52) — in the 1990s, when Anwar was finance minister.

Now, as the largest shareholder in NexG with a 23.57% stake, and following the exit of Tan Sri Khairul Adib Abdul Rahman and Anwar Abdul Hamid, the group’s shareholding structure is becoming clearer. Aminul’s camp appears to be backing away from efforts to secure control, potentially allowing Ishak and Hanifah to steer NexG into calmer waters.

However, Aminul still holds a key card — a call option on Hanifah’s 9% stake in NexG. This was revealed by Ishak during the interview with The Edge. But will Aminul exercise it? Ishak addresses this and other questions on NexG.

The Edge: Datuk, now you’re back in Corporate Malaysia. How does it feel? How did it come about?

Datuk Ishak Ismail: Well, I was already looking at the opportunity to buy into Datasonic [now NexG Bhd] in 2023. Somebody introduced me because, at that time, it was controlled by Tan Sri Muhyiddin Yassin’s son-in-law via Datuk Safian Mohd Yunus. Somebody approached me; he said: ‘The blocks are for sale. If you want, I can organise [the sale].’ I consulted the authorities but was told not to go in, because the contract was going to a consortium.

Suddenly, in 2023, the government terminated [engagement] with this consortium.

So, I consulted my friend, who said, ‘I can do the passport for you, no issue.’ He’s been doing passports for some African countries. So, I wrote a letter to MoF [Ministry of Finance], saying, ‘I want to take over the project.’ Then, a week after that, my friend said, ‘Ishak, I can only produce the passport for you. But we need to buy the printers because the printers belong to Datasonic.’ In the Immigration Department, all the [passport] printers belong to Datasonic, 135 printers. So, I asked him, ‘How much is it going to cost to replace the printers?’

One week after that, I was told it would cost RM600 million to buy the printers. I told my friend, if I have to spend RM600 million just to buy the printers — not including the cost to buy the machines to produce the passports that might cost RM300 million to RM400 million — I might as well buy Datasonic; it’s cheaper.

One day, out of the blue, Tan Sri Khairul Adib [former NexG executive deputy chairman and shareholder] called me. He wanted to see me. He said, ‘Ishak, are you prepared to buy into NexG? If you want, you’d better do it quickly, because it [Adib’s stake] is for sale.’ That’s why I bought the shares from Adib. Then, of course, I have to buy the balance shares that belonged to Adib and also Anwar Abdul Hamid in the two blocks [from Skylimit Alliance Sdn Bhd and Trendtrove Tradin Sdn Bhd].

Now, at that time, before I signed the agreement, I discovered that Aminul Islam Abdul Nor wanted to control NexG. I didn’t know [earlier]. They were supposed to buy Adib’s block. They were supposed to sign the agreement [to acquire the block from Adib], but they didn’t. But Aminul had already signed an agreement for a call option with NexG founder, deputy executive chairman and CEO Datuk Hanifah Noordin. He can call the shares for Hanifah’s block, about 10%. And, of course, the board members in NexG were all his people. He put in Kunal Tayal, the Indian national, who is Bestinet’s CFO. The rest were also his people.

But I got the shares. To be fair to Adib, I said to him, ‘I don’t want to fight, because this is big; it’s going to be messy. Why don’t you give them a chance? Pay me back my money. I don’t want to get in.’ They offered [to sell] to Ruben (lawyer and former NexG corporate adviser Sandraruben Neelamagham) and Aminul, [and] to pay me back my money. They offered them in November 2025. Until February, they haven’t paid me back my money. Four months. So, what do we do? Adib terminated the offer, I think, in March.

But did you know at the time that Victor Chin was involved in NexG?

I didn’t know, but I was dealing only with Adib and Anwar [Abdul Hamid]. Victor Chin was not in the picture at all. That’s how it started. That’s how I signed the agreement and when I took over the shares, and we sent the notice [of an extraordinary general meeting (EGM) calling for the resignation of seven NexG directors], they [the seven directors] had to resign. We [his daughter Siti Nur Aishah Ishak, Velocity Capital Sdn Bhd and Hanifah] filed a notice for an EGM in court, because we got the shares. We gave them 28 days. Then I went to Mecca. 

But without going through the EGM, [the seven directors] resigned.

How did you feel when Human Resources Minister Datuk Ramanan Ramakrishnan showed a photograph of you and Victor Chin together at a press conference? What was that all about?

There was a picture. I met Victor Chin in Bangkok, with Adib. When we sealed the deal, Adib said, ‘Can you meet Victor Chin?’ I said, no problem. So, I went to Bangkok to see him there. So, there was a picture taken in Bangkok. So, I don’t know how the picture went viral; I really don’t know. But to be fair, I didn’t even read Victor’s press statement; he didn’t even consult me.

So, you were not actually involved in the fight between Victor Chin and Aminul [over control of NexG]?

No, I was not involved and I don’t want to get involved.

Do you know what the fight was about?

I don’t know. I think it’s all about money. But I really don’t know. You look at Victor’s statement against Aminul. That’s the history of the involvement of Aminul and Victor Chin in NexG. That’s the history. I read through the statement. Can you imagine? Because NexG is a public company, any Tom, Dick and Harry can buy the shares and control the company. And this is a very crucial company, I mean, hey, you’re producing passports and ICs. You cannot allow foreigners to control the company. How can you put in Kunal, an Indian national, to run the company?

You bought the shares in March this year. The shareholder fight, the tussle, had been ongoing by that time. But you said you didn’t know about it and you didn’t want to know, but the timeline seems to suggest that you did know about the tussle. Did you buy into the company knowing that there was a fight?

No, the fight is outside of the company. Nothing to do with the company. The fight is outside. That doesn’t involve the company. They removed Hanifah; so, he fought back and then we reinstated him. He’s the founder of the company; how can you remove him? That’s how it started. He is a substantial shareholder; of course, Amin has the call option.

This call option will hang over the company, right?

No, because it is only 10%. We have about 28%. It is not likely that Amin will call it — what for? He doesn’t run the company at 10%; that will cost him about RM200 million.

The situation is that because of all that has happened, there is a rumour that the government might terminate NexG’s contracts.

No. This is the contract awarded by the government. This is binding; the government cannot simply terminate it.

That’s one issue. No 2, the government has to issue new passports and new ICs from June 1. Now, we’re in April. They have two months. Okay? Your ICs, all the things will be changed. And a new passport, everything has to change because there are new security features, everything. And the company, when they get the contract, they’re prepared for it. They invested about RM400 million to buy the machinery to do it. You cannot simply produce. This is a very sophisticated company and the other company that produces passports in the world is called Thales. They are world leaders in passports, and NexG is comparable to Thales, in terms of technology, everything. Your passport is one of the best in the world, comparable with those produced by Thales in France.

That means even with all these fights, they can still fulfil the obligation?

No problem. The fight was at the shareholders’ level. But there’s no fight anymore, the shareholders are not fighting anymore.

Now, people are saying, ‘Ishak is coming in, and he had issues with the Securities Commission Malaysia [in the past].’

My case, you see, is over. It has been settled. Otherwise, I cannot become a director.

You said Aminul will not call on his options but, as far as we know, Hanifah wants to sell.

No, no … He loves the company. He’s the founder and he developed it to this level.

Will you acquire Hanifah’s shares?

I cannot, because if I acquire his shares, I’ll breach the 33% [threshold]. I have 28%. If I acquire his shares, I will have to make a general offer. Not possible.

Were you asked to come into NexG?

No, it was on my own initiative because I saw the opportunity, but I didn’t know about this problem until I came in.

For security reasons, should the government have more control in NexG?

Now, you see, the government is actively in discussions. Maybe they want to get some GLIC [government-linked investment company] to come in, so that the government has some control. I have no issue with that. You see, the problem is because the company is involved in printing passports and ICs. They are scared that some unauthorised people might control the company. So, I think it’s a good idea. I know what the government is thinking of. They’re thinking of having a golden share in NexG, but that is not possible because it’s not a government-owned company, like MAS. But this is a public company.

But what would be the way forward for NexG, with NexG Bina Bhd (KL:NEXGBINA), MMAG Holdings Bhd (KL:MMAG)?

I just came into the company. So, I’m looking into that. Hanifah and I just had our first board meeting two days ago.

But all this [the tussle and certain past acquisitions] has tarnished NexG…

No, it has nothing to do with NexG. Victor Chin is no longer in NexG. He’s not linked to NexG anymore; he was in NexG, and then he left.

He profited a lot from it as well? The sale of Classita [now NexG Bina], Innov8tif [to NexG]?

Yeah, that is history. I don’t want to dig in there because I want to just start afresh now. Give me a bit more time because I just moved in. The first board meeting was two days ago. I am digesting, seeing what we can do to make [things right].

Will there be a review of all these acquisitions that were made?

MMAG is involved in aviation. But it also has a company called Line Clear, a major player in the courier business. I think that’s why they want to link up with NexG — they could use it to deliver passports and other documents.

NexG Bina is another one. NexG owns 32% and is the single-largest shareholder. The company is solid. They have about RM70 million in cash. They have a big land bank. So, there’s nothing wrong with the company.

The other company is Innov8tive, which is quite an interesting business because its technology could be applied to NexG’s future operations, especially as QR code usage becomes more prevalent.

How do you see the future of NexG?

Nobody else can set up another operation to compete with NexG because, first, you have to invest in the printers — that’s RM600 million. Second, you have to buy the machines. The machines cannot be used immediately to produce passports — they must first obtain international accreditation. It’s not easy to secure, which is why the equipment was so tightly guarded.

This means that when people say there’s fear of a breach because of the shareholder tussle …

We only produce the physical passports and ICs. Okay? The data is controlled by the Immigration Department — we only supply blank passports. Adding any individual’s details is done by the Immigration Department. I only produce the physical passports — they are blank. The data is then filled in and printed by the authorities.

People say now you’re in NexG, the share price will be pushed up to prepare for election funds.

No. I can guarantee you, I have nothing to do with that. I can guarantee you 100% , it’s not [to be used for election funds for PKR]. Anwar is very strict about money. I’m telling you, when I worked with him [for elections in Permatang Pauh], people gave donations for elections. He would say, ‘Ishak, get the cash. You count the money, send the receipts.’ Because I was the one who would receive the money. So, I always followed him everywhere. He’s very strict. 
 

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