KUALA LUMPUR: Existing laws are sufficient to combat corporate crime, but enforcement agencies need clear direction and the political will to act, says Prime Minister Datuk Seri Anwar Ibrahim.
He said laws administered by Bank Negara Malaysia, the Securities Commission Malaysia (SC), the Royal Malaysia Police, the Inland Revenue Board and the Malaysian Anti-Corruption Commission (MACC) were adequate to address current challenges.
“There just needs to be a clear direction and political will,” Anwar told the Dewan Rakyat during Prime Minister’s Question Time on Tuesday (Oct 20).
Anwar said Malaysia had inherited a system that lacked transparency, citing several major corporate transactions from the 1980s and 1990s which, he said, raised questions about the influence of politically connected interests.
Among the cases he highlighted was Multi-Purpose Holdings Bhd (MPHB), which he said its then owner, Lim Thian Kiat, had been forced to sell to a group led by Singaporean businessman Akbar Khan and Chan Chin Cheung, who was then a director of Renong Bhd.
He said the transaction was linked to the former finance minister at the time, whom he did not name.
Anwar also cited RHB Bank, saying its founder Tan Sri Abdul Rashid Hussain had been compelled to relinquish his shareholding in the bank.
He said the eventual owner was connected to the former finance minister.
Anwar further referred to Phileo Allied Bank, describing it as one of the country’s fastest-growing banks at the time.
He said the bank was affected by a banking consolidation exercise directed by the then finance minister, adding that it was subsequently acquired through Langkah Bahagia Sdn Bhd, which he said was linked to the former minister’s interests.
“I do not wish to provide detailed explanations, but this experience should teach us that the bodies entrusted with these responsibilities must act transparently and accountably,” he said.
Anwar said corporate crime included the acquisition and control of companies listed on Bursa Malaysia, stock market manipulation, breaches of corporate disclosure requirements, and illegal moneylending activities involving intimidation.
He said Malaysian agencies, including the SC, Bank Negara and the MACC, worked with international bodies in cases involving cross-border financial crimes.
He added that Malaysia had received strong recognition in the Financial Action Task Force’s 2025 mutual evaluation, particularly for Bank Negara and measures taken by the country to recover funds.
Anwar said information obtained by authorities should be disclosed and investigated where necessary, distinguishing it from unsubstantiated allegations.
“Whatever information is obtained, without exception, must be disclosed and investigated as required. This is different from ordinary allegations without clear evidence,” he said.
