This article first appeared in Forum, The Edge Malaysia Weekly on July 6, 2026 - July 12, 2026

A probe into Malaysian Anti-Corruption Commission (MACC) officers forms the core of an investigation into allegations that they were linked to a so-called “corporate mafia” syndicate involved in hostile corporate takeovers.

On the face of it, the latest disclosure by Home Minister Datuk Seri Saifuddin Nasution that no MACC officers have been implicated in police investigations into a “corporate mafia” group should effectively clear the anti-graft agency.

Saifuddin’s answer in reply to a question in Parliament last week was based on police investigations that focused on claims of money laundering, criminal intimidation and extortion, with statements recorded from 58 witnesses.

The investigations began eight months ago last October and the update was as at May 11 this year.

While Saifuddin’s answer suggests that, after eight months of investigations, there is not an iota of evidence that MACC officers were being used to take over listed companies, the prevailing sentiment on the ground appears to suggest otherwise.

This perception is supported by at least two ongoing cases in which the owners of listed companies have testified in court that MACC was used to intimidate them during a boardroom tussle.

Moreover, in a statement in January this year, Victor Chin Boon Loong, owner of several listed companies, alleged that he was a victim of a “corporate mafia” after being forced to dispose of his stake in NexG Bhd (KL:NEXG), also known as Datasonic.

In several official media statements distributed by his legal counsel, Chin alleged that well-connected persons forced him out of NexG, a company that was awarded contracts worth close to RM2.5 billion to supply the government with new passports and identity cards.

Prior to his disclosure, Chin himself was seen as the chief perpetrator using MACC to take over several companies through his nominees. He has denied the allegations.

Allegations of a “corporate mafia” first emerged in the case of GIIB Holdings Bhd (KL:GIIB), which is involved in a shareholding dispute. The company’s founder, Tai Boon Wee, testified in an ongoing defamation suit before the High Court that he was coerced by an MACC officer to meet two individuals who were seeking to take over his company.

According to Tai, MACC detained him in relation to graft allegations involving GIIB in 2023. Tai stated that, during questioning, he was instructed by an MACC officer to meet with two individuals, including one Datuk Seri Andy Lim, with the view of handing over control of his company.

Lim has been reported to be one of the persons related to the “corporate mafia” scandal and said to be a person linked to Chin.

Several other cases in which MACC had stepped in to investigate alleged corruption amid boardroom disputes included those of NexG Bina Bhd (KL:NEXGBINA) and Revenue Group Bhd (KL:REVENUE). In both companies, some of the same individuals linked to Chin surfaced, and MACC had also stepped in at the height of a dispute between their major shareholders.

In the case of NexGBina, MACC froze its accounts in April 2022 during a shareholder dispute, when the company was still known as Caely Holdings Bhd.

In December that year, Caely’s accounts were unfrozen without any charges being filed by MACC. By then, Chin had already taken control of the company through nominees.

In the case of Revenue, former director Brian Ng testified in court in April this year that two individuals claimed MACC’s investigations into him and his brother Dino would be stopped if they agreed to the terms for settling a corporate dispute in the company. The meeting took place in April 2023.

The brothers eventually disposed of their stake in Revenue, after which individuals linked to Chin emerged in the company.

What is perplexing is that Revenue had already discontinued a civil suit against the Ng brothers, but the criminal case remains ongoing.

There have been several other instances in which MACC’s investigations led to cases being dropped or nobody being charged in court. The latest involves Rohas Technic Bhd (KL:ROHAS), which stated that all its accounts had been unfrozen by MACC last week.

While police investigations have yet to yield results on the alleged existence of a “corporate mafia” within MACC, testimony from witnesses in two ongoing suits suggests otherwise. This discrepancy continues to raise questions about MACC’s independence.

Apart from the police, there has been another investigation involving MACC. It concerns former MACC chief Tan Sri Azam Baki, who was accused of owning shares in a listed company above the permissible limit for civil servants. Azam has denied any wrongdoing in relation to the purchase and sale of the shares.

After much public scrutiny, an inquiry was conducted and headed by the Attorney General, Tan Sri Mohd Dusuki Mokhtar. The report has not been made public. So far, the two investigations involving MACC have remained opaque and not been disclosed. Some have called for a Royal Commission of Inquiry, but the government has not agreed to it thus far.

Until there is greater transparency on the matter, MACC’s credibility as an independent anti-graft agency will remain under a cloud. This places its new chief commissioner Datuk Seri Abdul Halim Aman, a former High Court judge, in an unenviable position. It would be difficult for him to improve MACC’s public image if the “corporate mafia” allegations continue to linger.

M Shanmugam ([email protected]) is a contributing editor at The Edge

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