PETALING JAYA: Corporate figure Victor Chin denies allegations that he was involved in manoeuvres to force company takeovers purportedly linked to officials from the Malaysian Anti-Corruption Commission (MACC).
The current MMAG Holdings Bhd executive director acknowledged that so-called “mafia tactics” in corporate takeovers did exist, but insisted that he was a victim instead of being the orchestrator of such actions.
“If I am interested in investing in or acquiring a company, it is done through proper and legitimate corporate channels through transparent share acquisitions, lawful transactions and in compliance with regulatory requirements.
“I do not subscribe to or participate in any kind of 'corporate mafia' tactics that have been alleged to exist within certain parts of the corporate landscape in Malaysia,” Chin said in a statement Monday (March 16).
He also expressed support for calls to establish a royal commission of inquiry (RCI) to investigate the allegations, saying he is confident such a probe would clear his name.
Chin said the “corporate mafia” label had been linked to him only due to individuals or companies previously connected to him through shareholdings or business ties being later implicated in investigations by authorities, not due to his own personal actions.
“In several cases, those shareholdings had already been disposed of long before the alleged wrongdoing took place, or prior to my involvement in the particular company concerned,” he said.
Chin added that he would appoint solicitors to handle the allegations and provide them with necessary documentation that he is also prepared to submit to enforcement agencies to prove his innocence.
“I want to emphasise that I am not only facing accusations but am also a victim of the same corporate mafia tactics being alleged,” he said.
On March 11, the Cabinet directed the police, Securities Commission (SC), MACC, and Inland Revenue Board to investigate claims that certain MACC officers had been involved in manoeuvres to force corporate takeovers.
Previously on Feb 12, a Bloomberg report alleged the existence of a “corporate mafia” network involving MACC officers and businessmen targeting companies for takeover, with the officers providing intimidation “services”, including raids and investigations, to pressure executives of targeted companies into selling their shares.
Earlier on Monday, The Star reported that police and SC officers had raided premises linked to Chin and seized several items, including two vehicles, luxury watches, jewellery, local and foreign currencies, as well as documents into his corporate dealings.
