Home Ministry: Putrajaya open to RCI on ‘corporate mafia’ claims if solid grounds established

KUALA LUMPUR, Nov 3 — The Malaysian Home Ministry has not ruled out the formation of a Royal Commission of Inquiry (RCI) into allegations of a "corporate mafia," but insists it must be based on substantial grounds and clearly defined scope, the ministry informed the Dewan Rakyat. This response came in answer to Kota Melaka MP Khoo Poay Tiong's inquiry about the status of police investigations, potential prosecutions of syndicate masterminds, and Putrajaya's willingness to establish an RCI to probe regulatory abuse.

The ministry's statement comes as the government mulls the establishment of an RCI if compelling evidence and a defined focus for the inquiry emerge. The controversy revolves around claims that certain enforcement officials exploited their powers to coerce corporate leaders into selling shares at undervalued prices, facilitating hostile takeovers by third parties.

The Malaysian Anti-Money Laundering and Counter-Terrorism Financing Act was invoked to launch Operation Viking by the Royal Malaysian Police on October 14, 2025. As of September 25, investigators had recorded testimonies from 70 individuals, seized assets totaling RM409 million and frozen 417 Central Depository System accounts and 70 share portfolios valued at approximately RM323.59 million.

The investigation also targeted 404 bank accounts with RM85.62 million, 8 real estate properties, and 11 vehicles. However, the ministry did not disclose whether any of the suspects would face charges or provide a definite timeline for the completion of the probe.