PRIME MINISTER Datuk Seri Anwar Ibrahim has challenged former economy minister Datuk Seri Rafizi Ramli to explain why he did not speak out against corporate crime while serving in government, saying wrongdoing should be addressed when a person has the power to act.
“Sometimes people never speak when they are ministers. That is why I always remind my colleagues in the Cabinet to use their power properly and make corrections while they still have the authority.
“Tomorrow, when they retire, leave the Cabinet or become opposition members, only then do they want to speak out, even though they were sitting here before,” he said in the Dewan Rakyat today.
Anwar was responding to a question from Datuk Seri Aminuddin Harun (PH-Port Dickson) on the latest developments involving alleged corporate mafia activities, including suspected legal violations and the enforcement action taken against them, during Minister’s Question Time.
He said the government had inherited an opaque system in which corporate crime and market manipulation had gone unaddressed for years, including major transactions involving companies and banking institutions that allegedly involved political interference.
Anwar cited the case of Multi-Purpose Holdings Bhd (MPHB), which he said had been forced to sell the company to a group led by Datuk Seri Akbar Khan, alleging that the transaction was linked to a former finance minister with considerable influence and financial resources.
He also referred to RHB Bank, saying it had been successfully managed by Tan Sri Rashid Hussain before being forced to relinquish his stake, which eventually passed to interests linked to the former finance minister.
Anwar further cited Phileo Allied Bank, which he said had been among the country’s fast-growing banks before a government-directed consolidation of the banking sector led to the disposal of its interests. He alleged that the transaction was linked to the former minister’s interests in Langkah Bahagia Sdn Bhd.
He said the cases illustrated the need for enforcement agencies, including Bank Negara Malaysia, the Securities Commission Malaysia (SC), the Malaysian Anti-Corruption Commission and the Royal Malaysia Police, to carry out their responsibilities transparently.
Anwar also told the Lower House that SC enforcement action in cases involving corporate crime had increased by two to three times since 2023 compared with previous years. - October 20, 2026