What’s happening with Malaysia’s ‘corporate mafia’ probe? Minister wants updates

A Malaysian minister urged the country’s police chief to clarify the status of investigations into allegations that a network of businessmen was colluding with anti-corruption agency officials to oust executives.

The government has ordered law enforcement agencies, including the Malaysian Anti‑Corruption Commission (MACC), to look into the allegations involving the businessmen, nicknamed the “corporate mafia”. So far, the police say they have found no evidence of the MACC’s involvement.

“It is going to be about two months since the cabinet expressed concern and called for a full investigation,” Gobind Singh Deo, digital minister and national chairman of the Democratic Action Party, the largest party in Malaysia’s ruling coalition, said in a social media post. “Transparency is paramount.”

The Securities Commission Malaysia should also state what steps it had taken to address this, Gobind said. The regulator would have jurisdiction over the matter if there was any market manipulation involved – by use of force or any other measures to transfer shares in any company, he added.

The police headquarters, the Securities Commission, MACC and Prime Minister Anwar Ibrahim’s office did not respond to requests for comment.