Govt inherited system that let corporate crimes go largely unchecked, says Anwar

KUALA LUMPUR, Oct 20 — Prime Minister Datuk Seri Anwar Ibrahim claimed the government inherited an opaque system that allowed corporate crime and market manipulation to persist unchecked for years. He highlighted a lack of enforcement in major cases involving billions of ringgit in losses, including corporate takeovers and bank transactions allegedly influenced by political interference.

Anwar alleged that numerous instances of corporate mafia activities were connected to a former finance minister who held considerable influence and financial resources. He referred to the forced sale of major companies like Multi-Purpose Holdings Bhd (MPHB) to a group led by Datuk Seri Akbar Khan, citing the involvement of the former minister.

The Prime Minister also pointed out other cases that demonstrated the necessity for transparent enforcement by agencies such as Bank Negara Malaysia, the Securities Commission (SC), Malaysian Anti-Corruption Commission (MACC), and the police. He mentioned how Tan Sri Rashid Hussain was compelled to relinquish his stake in RHB Bank, which later came under the control of individuals linked to the former finance minister.

Phileo Allied Bank, once a fast-growing institution, was also taken over due to the minister's interests in Langkah Bahagia Sdn Bhd, which acquired a stake in the bank.

Anwar reported that the SC had significantly increased enforcement actions in corporate crime cases since 2023, compared to earlier years.