Friday, March 31, 2023

Several top executives of public listed firms the target for Malaysia’s “corporate Mafia”

Friday 31 March: A reliable source told me the other day that the Malaysian Anti-Corruption Commission was aware of activities where outside elements, with the help of unscrupulous enforcement officers in our enforcement agencies, had been working hand in hand  to “fix” certain targets in the corporate sector. 

The rise of the Malaysian Corporate Mafia, as some blogs call it. 

The modus operandi is simple enough: 

- a whistle blower (sometimes an officer of the enforcement agency himself) would lodge a complaint against these targets, who are typically major shareholders in public listed companies

- these targets would then be hauled in for interrogation, they may be detained for a day or ten by the enforcement agency if necessary,

- they would be pressured to such an extent that they would be so happy to surrender their shares in the company (the value of which would have dropped exponentially because of the bad publicity arising from the scandal) to this Mafia, or else …

- they would be charged in court. 

Or something to that effect. 

I’m sure the MO is more complicated than how I’ve made it sound to be, or how I was made to understand. But, bottomline, this unholy alliance existed!

MACC chief commissioner Azam Baki, who made reference to this alliance a week ago, is said to be aware that officers from the anti-graft commission may be involved. 

“The boss knows, We could see some fireworks in the days to come,” the source said. 

And like Prime Minister Anwar Ibrahim, who said leaders in his own government are being investigated for corruption, the source believed Azam would have no qualms about investigating his own officers for wrongdoing.

Many suspect this unholy partnership is not confined to the ongoing scandal that has consumed Revenue Berhad, the gateway payment provider for none other than the Bank Negara. The money trail and “dead” bodies lead to several public listed companies and corporate people linked to some of our young politicians. Read the blogs.

For context, another reliable source in an enforcement agency sent me this article by the FMT for my Readers’ pleasure:

PETALING JAYA: The belief that they will escape punishment is a major reason law enforcement officers engage in corrupt practices, according to former Suhakam commissioner Jerald Joseph.

He was commenting on Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Ahmad Khusairi Yahaya’s statement that unscrupulous enforcement officers were using their position to secure bribes from foreigners and that the situation had become “increasingly chronic and worrying .. 

Read more, What Keeps Corrupt Officers Going

No comments:

Post a Comment