Anwar says Malaysia inherited a opaque system that let corporate crimes slip
Prime Minister Anwar warned that the legacy enforcement framework allowed major corporate misconduct to go largely unchecked, citing several high-profile cases linked to a former finance minister.
During a parliamentary session, Prime Minister Anwar criticised the inherited enforcement system for its lack of transparency, which he said allowed major corporate crimes to escape punishment. He highlighted cases such as the alleged coercive sale of Multi-Purpose Holdings Bhd to a consortium headed by Akbar Khan, and the ousting of Rashid Hussain from RHB Bank, both purportedly linked to a powerful former finance minister.
Anwar also mentioned Phileo Allied Bank’s rapid growth and subsequent forced consolidation that benefited the same former minister’s interests through Langkah Bahagia Sdn Bhd. He urged agencies including Bank Negara Malaysia, the Securities Commission Malaysia, the Malaysian Anti-Corruption Commission and the police to act openly, noting the securities regulator has increased corporate crime enforcement two to threefold since 2023. The remarks came in response to a request for an update on alleged corporate mafia activities and enforcement actions.
Why it matters
It highlights systemic gaps that let powerful interests evade accountability, affecting Malaysia's economy and public trust.
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