Anwar cites cases of corporate owners forced to sell firms over political interference

Prime Minister Datuk Seri Anwar Ibrahim Anwar alleged that several cases involving so-called corporate mafia activities were linked to a former finance minister who wielded considerable influence and controlled substantial financial resources. — Bernama pic

First Published: Tuesday, 20 Oct 2026 4:03 PM MYT

KUALA LUMPUR, Oct 20 — The government inherited a system lacking transparency, allowing corporate crimes and market manipulation to go largely unchecked for decades, Prime Minister Datuk Seri Anwar Ibrahim said.

He said weaknesses in the previous system meant enforcement action was rarely taken in major cases involving billions of ringgit in losses, including corporate takeovers and banking transactions allegedly influenced by political interference.

Anwar alleged that several cases involving so-called corporate mafia activities were linked to a former finance minister who wielded considerable influence and controlled substantial financial resources.

“We inherited a system that lacked transparency. Members of Parliament who have followed developments since the 1980s and 1990s would know how major companies, such as Multi-Purpose Holdings Bhd (MPHB), were allegedly forced to be sold to a group led by Datuk Seri Akbar Khan.

“All this was linked to the former finance minister at the time, who had considerable influence and financial resources,” he said in reply to Datuk Seri Aminuddin Harun (PH-Port Dickson) during Ministers’ Question Time in the Dewan Rakyat today.

Aminuddin had sought an update on alleged corporate mafia activities involving legal violations and the enforcement action taken.

Anwar also cited several other cases which, he said, underscored the need for enforcement agencies, including Bank Negara Malaysia, the Securities Commission (SC), Malaysian Anti-Corruption Commission (MACC) and the police, to carry out their duties transparently.

“RHB Bank was successfully managed by Tan Sri Rashid Hussain, but he was forced to relinquish his stake and eventually lost control. Those who subsequently held ownership were also linked to the former finance minister.

“Phileo Allied Bank was among the fastest-growing banks at the time, but the former finance minister directed banks to consolidate. It was subsequently relinquished because of the former minister’s interests in Langkah Bahagia Sdn Bhd, which later acquired a stake in the company,” he alleged.

Anwar also said the SC had increased enforcement action in corporate crime cases by two to three times since 2023 compared with previous years. — Bernama