I’m a victim, not the perpetrator, says corporate figure Victor Chin

2026-03-16 - 08:14

MMAG Holdings Bhd executive director Victor Chin said he only takes part in investments or acquisitions through legitimate channels. (MMAG pic) PETALING JAYA: Corporate figure Victor Chin has denied being involved in manoeuvres to force company takeovers allegedly involving Malaysian Anti-Corruption Commission officials. In a statement, the MMAG Holdings Bhd executive director said the use of “mafia tactics” to force takeovers does exist, but he insisted that he was a victim and not the perpetrator of such manoeuvres. Chin said he only takes part in investments or acquisitions through legitimate channels, namely transparent share acquisitions and lawful transactions that meet regulatory requirements. He also welcomed calls for a royal commission of inquiry to be formed to investigate the allegations, expressing confidence it would clear him of any wrongdoing. “The ‘corporate mafia’ label has been attached to me largely because people or companies once associated with me through past shareholdings or business relationships later became involved in matters investigated by the authorities. “In several cases, those shareholdings had already been disposed of long before the alleged wrongdoing took place, or prior to my involvement in the particular company concerned,” he said. Chin said he will be appointing solicitors in light of these allegations, and giving the firm relevant documents that he was prepared to make available to enforcement agencies. He also lamented that the authorities had frozen more than 500 stockbroking and bank accounts of his for more than 90 days now, significantly disrupting his business and investment activities. “I must state clearly that I am not only being accused but I am also a victim of the very corporate mafia tactics being alleged,” he said. Last week, the Cabinet ordered the police, the Securities Commission, MACC, and the Inland Revenue Board to investigate claims that certain MACC officials were involved in manoeuvres to force company takeovers. A Bloomberg report alleged that these officers provided intimidation “services” such as raids and investigations to pressure executives in targeted companies into selling shares, thus forcing company takeovers. DAP had called for an RCI to probe the allegations. Earlier today, The Star reported that the police and SC raided premises belonging to Chin and seized several items, including two cars, luxury watches, various jewellery, local and foreign currencies, and documents. The premises were located in Sungai Long and Kemensah. Today, Chin urged the authorities to “cease further disturbances” at his premises in Sungai Long, saying this was where his elderly parents resided. He said his mother was recovering from a stroke and that sudden enforcement actions could cause distress, thereby affecting her condition. “I trust the authorities will exercise compassion and due consideration for her wellbeing. I remain fully prepared to cooperate with any investigation and to present all facts necessary to clear my name,” he said.