PETALING JAYA: The Royal Malaysia Police (PDRM) and Securities Commission (SC) have raided the premises of corporate figure Victor Chin.
Among the items seized were two cars, luxury watches, jewellery, cash in ringgit and other foreign currencies, as well as some relevant documents.
This was part of PDRM and SC’s investigation into Chin’s corporate dealings.
Sources told the StarBiz that the raid was conducted last Friday at his premises in Sungai Long and Kemensah near Kuala Lumpur.
“Chin and his wife were not at home at the time but three of his aides were around.”
When contacted, a spokesman for SC declined comment.
Last Wednesday, Communications Minister Datuk Fahmi Fadzil said the Cabinet has ordered enforcement agencies such as the police, SC, Malaysia Anti-Corruption Commission (MACC) and the Inland Revenue Board to continue detailed probes on the corporate manipulation issue.
“Appropriate legal action will be taken, including confiscating proceeds that are believed to have criminal elements.
“They will also look into whether there are existing loopholes in the law that will allow corporate manipulation to take place.”
According to Fahmi, the issue of corporate manipulation was discussed at the Cabinet meeting last Wednesday.
“The meeting was informed that investigations against several individuals actually started years ago,” he added.
On Feb 11, Bloomberg published an article titled “Who’s Watching Malaysia’s Anti-Corruption Watchdog?” which detailed allegations that a group of businessmen, allegedly working with certain MACC officers, had pressured corporate figures in takeover cases, which was later described as a “corporate mafia” network.
MACC chief commissioner Tan Sri Azam Baki has strongly denied the allegations and has filed a lawsuit against Bloomberg, seeking RM100mil in damages.
The Bloomberg article also mentioned a 2021 Malaysian tax agency letter that linked Chin to money laundering.
Chin told Bloomberg: “I am not the leader of any group, nor do I control or coordinate the individuals referred to, all of whom are independent businessmen and corporate leaders in their own right.
“They do not work for me, and I do not direct their actions.”
Chin also denied any connection to MACC, other than making complaints through formal channels, which any person can do.
