KUALA LUMPUR: An Opposition MP has urged the Malaysian Competition Commission (MyCC) to investigate alleged "corporate mafia" activities once amendments to beef up the commission are passed.
Wan Ahmad Fayhsal Wan Ahmad Kamal (PN-Machang) called for an investigation into what he dubbed a corporate cartel.
“What happened is no longer a free market but a fear market. I want to suggest to the minister that when MyCC is given more bite, they should begin investigations into this corporate cartel and show that they are capable,” he said when debating amendments to the Competition Commission (Amendment) Bill 2026 on Monday (July 6).
The “corporate mafia” refers to allegations that senior MACC officers orchestrate intimidation schemes, supposedly to pressure executives and shareholders of public-listed firms to resign or sell their shares at steep discounts to a network of connected businessmen.
MACC has denied the claims, labelling them as an attempt to tarnish the credibility of its investigations and enforcement actions.
In debates, Wan Ahmad Fayhsal also cautioned against the rise of “modern cartels,” noting they do not just involve eggs and cement.
“Modern cartels do not just sit in dark rooms and set prices. They can operate through corporate networks such as lawyers, consultants, bankers, regulators, enforcement officers or even political proxies.
“These institutional cartels can see the concentration of powers revolving around investigations, licensing, issuing permits and even regulatory powers are alleged to be used to benefit certain corporate groups,” he said.
