RM409mil frozen, seized in ‘corporate mafia’ probe, says Saifuddin

Police have frozen or seized assets worth more than RM409 million in an ongoing investigation into allegations of a “corporate mafia” involving the abuse of enforcement powers to pressure businessmen into selling company shares at below-market prices.

In a written parliamentary reply, home minister Saifuddin Nasution Ismail said 70 share-trading accounts containing about RM323.59 million, and 404 bank accounts holding approximately RM85.62 million, were frozen or seized as part of the probe.

Saifuddin said police also froze or seized eight properties, 11 vehicles and 417 central depository system accounts.

They also recorded statements from 70 people and arrested several individuals in connection with the investigation.

“No Malaysian Anti-Corruption Commission (MACC) officers were involved or identified as individuals required to assist with the investigation,” he said.

“The investigation remains ongoing, and the police are committed to conducting the probe in accordance with the law.”

He was responding to a question from Ahmad Marzuk Shaary (PN-Pengkalan Chepa), who sought an update on the investigation, including the number of enforcement officers questioned and findings on alleged abuse of power or influence.

A Bloomberg report earlier this year alleged that MACC officers were part of a “corporate mafia” that provided intimidation “services” such as raids and investigations to pressure executives into selling shares in targeted companies.

Then MACC chief commissioner Azam Baki rubbished the report.

On Oct 20, Prime Minister Anwar Ibrahim said a multi-agency task force led by Attorney-General Dusuki Mokhtar had been set up to probe the allegations.

Anwar said the task force involved MACC, the police, Bank Negara Malaysia, the Securities Commission Malaysia, the Inland Revenue Board and anti-money laundering enforcement units, with its findings to be made public within three months.