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

The federal government in Malaysia has not ruled out the possibility of establishing a Royal Commission of Inquiry (RCI) into allegations of a "corporate mafia," according to the Home Ministry's response to a question posed by Kota Melaka MP Khoo Poay Tiong. The ministry clarified that the decision to convene an RCI would depend on a demonstrated need and clearly defined terms of reference for the investigation.

The proposal for an RCI emerged from claims that rogue elements within enforcement bodies had abused their authority to pressure corporate executives into selling company equity at artificially low prices, thus facilitating hostile corporate takeovers by third-party syndicates.

The Home Ministry noted that while the government is open to the idea of an RCI if there is a solid basis and necessity for a more comprehensive inquiry, they have not yet provided a definitive answer regarding the prosecution of identified syndicate masterminds. As of September 25, 2025, the Royal Malaysia Police (PDRM) had initiated Operation Viking, under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, and had conducted formal investigations into 70 individuals.

The operation involved the execution of asset freezes worth over RM409 million, targeting 417 Central Depository System accounts, 70 share-trading portfolios, 404 bank accounts, eight real estate properties, and 11 vehicles.

However, the ministry did not confirm whether any of the individuals under investigation would face formal charges, nor did they provide a timeline for the conclusion of the probe.