PETALING JAYA: The government inherited a system that lacks transparency, allowing corporate crimes and market manipulation to go largely unchecked for decades, Prime Minister Anwar Ibrahim said today.
He said weaknesses in the previous system meant enforcement action was rarely taken in major cases involving billions of ringgit in losses, including corporate takeovers and banking transactions allegedly influenced by political interference.
Anwar alleged that several cases involving so-called corporate mafia activities were linked to an influential former finance minister who controlled substantial financial resources.
"We inherited a system that lacked transparency. MPs who have followed developments since the 1980s and 1990s would know how major companies, such as Multi-Purpose Holdings Bhd, were allegedly forced to be sold to a group led by Akbar Khan.
"All this was linked to the former finance minister at the time, who had considerable influence and financial resources," he was quoted as saying by Bernama in response to Aminuddin Harun (PH-Port Dickson) in the Dewan Rakyat.
Aminuddin had sought an update on alleged corporate mafia activities and the enforcement actions taken so far.
Anwar cited several other cases which he said underscored the need for enforcement agencies, including Bank Negara Malaysia, the Securities Commission Malaysia (SC), the Malaysian Anti-Corruption Commission and the police, to carry out their duties in a transparent manner.
"RHB Bank was successfully managed by Rashid Hussain, but he was forced to relinquish his stake and eventually lost control. Those who subsequently held ownership were also linked to the former finance minister.
"Phileo Allied Bank was among the fastest growing banks at the time, but the former finance minister directed banks to consolidate.
"It was subsequently relinquished because of the former finance minister's interests in Langkah Bahagia Sdn Bhd, which later acquired a stake in the company," he said.
Anwar also said the SC had increased enforcement action in corporate crime cases by two to three times since 2023 compared with previous years.