KUALA LUMPUR (Oct 13): The Malaysian Anti-Corruption Commission (MACC) has established an internal committee to review and approve applications for asset-freezing orders to strengthen oversight and accountability.

Deputy Minister in the Prime Minister’s Department (Law and Institutional Reform) M Kulasegaran told Parliament during a special chamber session that the committee would ensure each application undergoes proper scrutiny under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

His remarks came in response to Ayer Hitam MP Datuk Seri Wee Ka Siong, who raised concerns over the MACC’s enforcement powers following cases in which asset-freezing orders were lifted without charges being brought.

Under Section 44 of AMLA, enforcement agencies can freeze assets without first obtaining a court order. However, the order ceases to have effect after 90 days if the person concerned has not been charged with an offence under the act or a terrorism-financing offence.

Wee cited Padini Holdings Bhd (KL:PADINI), whose 21 bank accounts were frozen by the MACC in April 2026, but unfrozen nearly three months later without any arrests or charges. He also cited similar cases involving NexG Bina Bhd (KL:NEXGBINA) and Rohas Tecnic Bhd (KL:ROHAS) in 2025, which also ended without charges.

He warned that freezing the assets of a Bursa Malaysia-listed company could cause its share price to fall, leaving minority shareholders to bear the losses. He also questioned why the authorities could not obtain a court order before freezing their assets.

Kulasegaran said the MACC issued 1,006 asset-freezing orders between January and September 2026, of which 781 were revoked without charges being brought. In 2025, the commission issued 1,336 orders, with 481 revoked without charges.

However, he stressed that revoking a freezing order did not necessarily mean no offence had occurred or that the investigation lacked grounds. He said such powers were necessary to prevent assets suspected of being linked to unlawful activities from being transferred, disposed of or otherwise dealt with while investigations were ongoing.

On the proposal to amend AMLA, Kulasegaran said the matter fell under the Ministry of Finance, which would consider feedback from relevant stakeholders before any changes were made.

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