RM409mil frozen, seized in ‘corporate mafia’ probe, says Saifuddin

In a parliamentary response, Malaysian Home Minister Saifuddin Nasution Ismail disclosed that over RM409 million worth of assets were seized as part of an investigation into alleged "corporate mafia" activities. This comprised 70 trading accounts valued at RM323.59 million and 404 bank accounts totaling RM85.62 million, believed to be linked to the ongoing inquiry.

The police also confiscated eight properties, 11 vehicles, and 417 central deposit system (CDS) accounts. Additionally, 70 individuals were charged, and several others were detained in connection with the investigation. Notably, no Malaysian Anti-Corruption Commission (MACC) officers were identified as involved or called to assist in the corporate crime investigation, Saifuddin stated.

When questioned by Ahmad Marzuk Shaary (PN-Pengkalan Chepa) about the scope and status of the police probe into the corporate mafia allegations, including the removal of MACC officials or other regulatory bodies and charges, Saifuddin responded. Earlier this year, a Bloomberg report alleged that some MACC officials were part of the "corporate mafia" providing services such as bribes and investigations to pressure company executives into selling shares.

However, the previous MACC deputy director, Azam Baki, refuted these claims. On October 20, Prime Minister Anwar Ibrahim announced the establishment of a special task force comprising officials from various agencies, including MACC, police, Bank Negara Malaysia, Malaysian Securities Commission, National Land Agency, and a unit combating illegal money laundering, to investigate the allegations. The task force's findings would be made public within three months.