Anwar Ibrahim addresses inherited corporate crime and lack of transparency

Prime Minister Anwar Ibrahim stated in Parliament that his administration inherited a non-transparent system that failed to effectively address long-standing corporate crimes and market manipulation. He noted that previous enforcement actions were rarely taken against major cases involving billions of ringgit in losses, often due to past political interference.

Anwar highlighted specific instances where large companies and banking institutions were allegedly forced into acquisitions or sales due to the influence of former finance ministers. He cited cases involving Multi-Purpose Holdings Berhad (MPHB) and RHB Bank as examples of how political connections previously dictated corporate ownership.

To combat these issues, the Prime Minister emphasized that all information regarding corporate crimes must be disclosed and investigated without exception. He asserted that the government will not protect any parties involved, ensuring enforcement remains free from political meddling. While existing laws for agencies like Bank Negara Malaysia, the Securities Commission, and the Malaysian Anti-Corruption Commission are deemed sufficient, new legislation regarding State-Owned Enterprises (SOE) is expected to be tabled by late this year or early next year.