Corporate mafia exists but it's not me, says Victor Chin

TheEdge Mon, Mar 16, 2026 07:12pm - 2 days View Original

KUALA LUMPUR (March 16): Market player Victor Chin Boon Long, who is linked to various public listed companies, has denied being part of the “corporate mafia” that has been portrayed in media reports, blogs and various online narratives over the past few years, but instead called himself a victim of it.

“Let me be clear: there exists a corporate mafia in Malaysia, but I am not a corporate mafia. I am not involved in any corporate mafia group attempting to take control of companies in Malaysia, nor have I orchestrated any corporate wrongdoing,” he said in a seven-page statement on Monday.

While supporting the set up of a royal commission of inquiry (RCI) to uncover the truth, which Chin said will prove the allegations against him are unfounded and clear his name, he questioned why the accusations and suspicions are mainly directed at him when others should also be investigated.

Chin urged authorities to stop enforcement actions at his Sungai Long home, where his elderly parents live, as his mother is recovering from a stroke and could be seriously affected by the distress.

"I trust the authorities will exercise compassion and due consideration for her wellbeing. I remain fully prepared to cooperate with any investigation and to present all facts necessary to clear my name.

"However, if the pressure placed upon me, my family and those close to me continues to escalate without transparency or resolution, there may come a point where I can no longer remain silent. In order to protect myself and those around me, I will have no choice but to disclose all information and facts within my knowledge so that the full truth can finally be revealed," he said in the statement.

Chin said bank accounts of companies that are not even owned by him have been frozen for over 90 days, affecting businesses, investors, employees and the wider economy. Some accounts were frozen due to suspected indirect links, with more than 500 stockbroking and bank accounts reportedly affected with many investigations related to developments surrounding NexG Bhd (KL:NEXG).

He claimed that the ‘corporate mafia’ label has been attached to him largely because individuals or companies who were once associated with him through past shareholdings or business relationships later became involved in matters investigated by the authorities.

According to him, in several cases, those shareholdings had already been disposed of long before the alleged wrongdoing took place, or prior to his involvement in the company concerned.

Chin said he will appoint a legal counsel in Kuala Lumpur and submit all evidence showing he is not involved in the alleged activities. The documents will be available to enforcement agencies and interested parties.

Inspector General of Police Datuk Seri Mohd Khalid Ismail on Monday confirmed that raids were conducted in a joint operation with the Securities Commission Malaysia on claims of corporate misconduct and money laundering activities.

The Royal Malaysian Police said it had inspected several premises belonging to a businessman following allegations of corporate manipulation linked to the Malaysian-Anti Corruption Commission (MACC).

Mohd Khalid said the investigation is being handled by Bukit Aman’s Anti-Money Laundering (AMLA) Special Task Force.

In February, Bloomberg published two exposé articles on the MACC and its chief commissioner Tan Sri Azam Baki.

The first highlighted Azam’s shareholding in Main Market-listed Velocity Capital Partner Bhd (KL:VELOCITY), which the news wire noted was above the permitted limit for a civil servant. The other report claimed the MACC was being used by a group of businessmen, including Chin, dubbed the “corporate mafia”, in seizing control of public listed companies. Both Azam and the MACC have denied allegations in the reports.

DAP, the largest party in the unity government, as well as civil society groups such as G25 and Bersih, has called for a full investigation into the allegations through an RCI, but the government has said that it is premature to do so.