Police freeze, seize RM409mil in assets in corporate mafia probe

KUALA LUMPUR: Malaysian police have frozen and confiscated assets amounting to approximately RM409 million as part of an ongoing probe into alleged corporate mafia activities. Home Minister Datuk Seri Saifuddin Nasution Ismail disclosed that the seized assets included eight properties, 11 vehicles, 417 central depository system accounts, 70 share-trading accounts valued at around RM323.59 million, and 404 bank accounts holding approximately RM85.62 million.

By September 25, police had recorded statements from 70 individuals connected to the case, according to Saifuddin, who provided this information in a written response to parliamentary inquiries.

The investigation, code-named Op Viking, is ongoing as police prepare to finalize the investigation documents. Prime Minister Anwar Ibrahim announced the formation of a special task force, led by the attorney-general, to coordinate investigations involving various enforcement agencies. The corporate mafia allegations surfaced in a February Bloomberg report, which accused the Malaysia Anti-Corruption Commission (MACC) of facilitating a group of businessmen in gaining control over public listed companies.

Former MACC chief commissioner Tan Sri Azam Baki and the commission have refuted these allegations. Bloomberg also reported that Azam owned 17.7 million shares in Velocity Capital, valued at approximately RM800,000 based on the company's share price and disclosed in the company's annual return. Azam maintained that his shareholding in Velocity Capital was transparent and in accordance with regulations.