Malaysia police raid premises in MACC collusion probe

KUALA LUMPUR – Malaysian police raided the premises of a businessman suspected of colluding with anti-graft agency officials in an alleged scheme to intimidate executives and oust them from companies, the Star newspaper reported on March 16.

Officials from the police and the Securities Commission searched two premises of Mr Victor Chin near Kuala Lumpur on March 13 and seized two cars, luxury watches, jewellery, cash and documents, the media outlet said, citing unidentified people familiar with the matter.

Mr Chin and his wife were not present at the time but three of his aides were, the paper said.

The raids are part of an investigation into Mr Chin’s corporate dealings, the Star reported.

Bloomberg News reported in February that he was allegedly part of a group of businessmen, nicknamed the “corporate mafia”, who worked with Malaysian Anti-Corruption Commission (MACC) officials to intimidate corporate founders, oust them and sometimes take over the companies.

The MACC strongly denied the allegations, as did Mr Chin when asked by Bloomberg at the time.

Representatives for the police and the Securities Commission didn’t immediately respond to requests for comment on the report in the Star, which said a Securities Commission spokesman declined to comment.

The MACC hasn’t responded to a request for comment on this raid on Mr Chin’s premises.

Mr Chin confirmed the March 13 raids in an e-mail to Bloomberg on March 16, adding that he supports the calls for a Royal Commission of Inquiry to investigate the matter, and that he intends to clear his name.

“For years, I have been perceived as the so-called ‘corporate mafia’ simply because my professional work involves providing corporate services and advisory services to businessmen and companies, some of whom later became subjects of allegations or investigations,” Mr Chin wrote.

“My role has always been that of a professional adviser assisting in corporate structuring, corporate services, and legitimate business advisory within the bounds of the law.”

The raid comes after Communications Minister Fahmi Fadzil said last week that the Cabinet had ordered the police and other agencies to look into the allegations in the Bloomberg report.

The biggest party in Prime Minister Anwar Ibrahim’s ruling coalition had earlier called for the establishment of a royal commission to investigate the alleged collusion. BLOOMBERG