Cabinet instructs thorough probe into MACC corporate manoeuvres claim

2026-03-11 - 10:14

Government spokesman Fahmi Fadzil said the authorities must take appropriate legal action where necessary, including reviewing laws for loopholes that could allow corporate manipulation to take place. PUTRAJAYA: The Cabinet has instructed enforcement agencies to thoroughly investigate claims that certain Malaysian Anti-Corruption Commission officials were involved in manoeuvres to force company takeovers, government spokesman Fahmi Fadzil said today. Fahmi said the decision was made after ministers were briefed on media reports on the matter. “The meeting was informed that investigations into several people (regarding corporate takeover manipulation) began several years ago,” he told reporters after the Cabinet meeting here today. Fahmi said the Cabinet’s directive applied to the police, the Securities Commission, MACC, and the Inland Revenue Board, ordering them to continue investigations thoroughly without limiting the scope to people currently under scrutiny. He said the authorities must take appropriate legal action where necessary, including seizing proceeds believed to have criminal elements and reviewing laws for loopholes that might allow corporate manipulation to take place. A Bloomberg report had alleged that MACC officers were part of a “corporate mafia” which provided intimidation “services” such as raids, to pressure business executives to sell their shares. MACC chief commissioner Azam Baki had, however, rubbished the report. Fahmi also confirmed that the Cabinet had received and discussed the report of a special committee investigating shareholding allegations involving Azam. “Further action will be taken by the chief secretary to the government. I will not disclose the report’s contents. We will wait for a statement from the chief secretary,” he said. Asked whether the Cabinet discussed the extension of Azam’s contract, he said: “It was not discussed.” Tough action on 3R issues Fahmi, who is also the communications minister, said the Cabinet also discussed recently reported issues related to race, religion and royalty (3Rs) that had been widely debated on social media. He said the Cabinet instructed government agencies, including the Attorney-General’s Chambers, to act decisively against offenders. “If there are gaps in existing laws that allow certain parties to ignore enforcement actions, including remand orders, it would be appropriate to review and amend the laws or introduce new legislation,” he said. He said further details on action to be taken would be announced soon by the attorney-general.