

After DAP flex, MCA chief wants thorough probe into 'corporate mafia' scheme
Published: Feb 24, 2026 1:11 PM
Updated: 6:13 PM
MCA president Wee Ka Siong has called for a full and transparent probe into claims that MACC officers were entangled in a “corporate mafia”, allegedly using raids and intimidation to coerce business leaders into selling their shares.
Wee’s demand came following Malaysiakini’s report quoting DAP secretary-general Anthony Loke as stating that party ministers will push for a royal commission of inquiry into the allegations at Friday’s cabinet meeting.
“The ‘corporate mafia’ is a serious issue that needs to be addressed… investigate thoroughly and transparently, bring any offenders to court, ensure investigations and punishments are conducted in a targeted and professional manner, and do not freeze the accounts of publicly listed companies arbitrarily,” Wee said.
In a video posted on Facebook, Wee also highlighted how companies suffer when the MACC freezes their accounts under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla).
The MCA president said that while corruption and money laundering must not be tolerated, “we must be cautious of one powerful tool under the legislation, which is freezing the accounts of public listed firms”.
Citing several examples, he argued that enforcement is often an “overdose” and therefore such powers must be accompanied by a proper and stringent oversight mechanism.
“We cannot ignore the negative effects on the firms’ operations and share prices, which ultimately impact the small investors,” he added.
Risk of devastating impact
Wee pointed to the 2022 case involving lingerie maker Caely Holdings Bhd, where the firm’s accounts and those of its subsidiaries had been frozen since April of that year.
“This impeded the firm from paying salaries and making payments to suppliers. The impact on shareholders was devastating. The shares plunged from 35 sen per share to 23.5 sen,” he said.
The company later announced that MACC had concluded its investigation without any charges being filed.

In another instance, Wee noted how MACC froze the accounts of utility infrastructure group Rohas Tecnic and its subsidiaries in October 2025.
The following month, the firm said it was no longer under investigation and that the freezing and seizure orders on its bank accounts had been lifted.
Many affected
Wee emphasised that such disruptions to businesses should not occur without concrete reasons.
“Remember, public listed companies do not belong solely to their directors - they belong to the public.
“When accounts are frozen in their entirety without proper checks and balances, the consequences are severe: operations are disrupted, investor confidence is shaken, share prices decline, and innocent small investors bear the brunt,” he said.
Reiterating his call for a thorough and comprehensive review, Wee said: “Jangan biarkan kerana nyamuk seekor dua, habis kelambu ekonomi rakyat dibakar. (Don’t let the economy burn because of one or two ‘mosquitoes’).”
“We need reforms in the application of Amla to safeguard the integrity of our capital market. This is crucial not only for the economy but, more importantly, for the welfare of the people,” he added.
Previously, MACC chief commissioner Azam Baki, who is under scrutiny over his shareholding, had dismissed a Bloomberg report on the alleged “corporate mafia”.


















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