Businessperson Victor Chin questioned why investigations are focused on him instead of those who deserve the scrutiny.
The investor, who was accused of involvement in a “corporate mafia” network, warned that he will not “remain silent” should pressure continue to escalate against him and his family.
“In order to protect myself and those around me, I will have no choice but to disclose all information and facts within my knowledge so that the full truth can finally be revealed,” he said in a statement today.
Last Friday, the police raided Chin’s properties at Sungai Long and Kemensah in Kuala Lumpur.
According to StarBiz, items seized include two cars, luxury watches, jewellery, cash in ringgit and foreign currencies, as well as documents.
Last month, Bloomberg named Chin as part of a network of businesspeople who allegedly colluded with the MACC to stage corporate takeovers of rivals.
The report detailed a tactic in which a group of businesspersons would target a company, then file MACC complaints against it.
MACC would then investigate the company’s founders, exerting pressure that enabled the complainants to gain control of the firm.
Scapegoat?
Commenting further, Chin said that he had been turned into a “convenient scapegoat” when it comes to NexG Berhad, which was awarded a government contract to supply MyKad and passports.
Chin said he was initially tasked with strategising the company’s direction and positioning it for long-term growth.
“In my view, there were attempts to hijack the company and its strategic direction, which created significant corporate tensions and manoeuvring around the company.
“It was after these developments that a series of allegations, investigations, and enforcement actions began to emerge, placing immense pressure not only on my family and me, but also on other shareholders and parties connected to the company.
“Instead of recognising the work done to stabilise and transform the company, I found myself subjected to relentless pressure and scrutiny, effectively being tortured by the continuous accusations and actions directed at me,” he said.
Unfortunately, he said, the public narrative surrounding the company centred on Chin’s involvement with the “corporate mafia” instead of NexG’s general issues.
In the matter of MMAG Holdings Berhad, Chin stressed that the MACC had charged the company’s former directors.
“This clearly demonstrates that the authorities have already identified and taken action against the individuals responsible for the wrongdoing, and I was not involved in those activities,” he said.
As for NexG Bina Bhd, Chin said he has never been called for an interview by the authorities, nor has he faced action in the case.
He added that the alleged misappropriation of funds occurred between 2013 and 2021, when he had zero involvement in the company.
Corporate intrigue
Two weeks ago, NexG temporarily suspended the powers of its executive chairperson and CEO, Abu Hanifah Noordin, ostensibly to facilitate a probe into the appropriateness of certain investments in publicly listed companies.
This was believed to include NexG’s loss-making investments in MMAG and NexG Bina.
The Edge reported that Hanifah wanted businessperson Ishak Ismail to become a board member of NexG, along with one of Ishak’s sons. Ishak’s daughter, Siti Nur Aisyah, is also a NexG shareholder allied to Hanifah.
Also reportedly allied with Hanifah was Velocity Capital Berhad - the financing arm of Velocity Capital Partners Berhad, which was the company in which MACC chief commissioner Azam Baki once held shares.
Hanifah’s plan to appoint Ishak and several others to the NexG board allegedly necessitated the removal of seven directors, including lawyer Chong Loong Men, who was implicated alongside Chin in Bloomberg’s report on a “corporate mafia”.
Hanifah was later reinstated after the previous board - said to be aligned with businessperson and former aide to Prime Minister Anwar Ibrahim, Farhash Wafa Salvador Rizal Mubarak - resigned en masse.
This came amid claims that Anwar had intervened in Farhash’s purported attempt to “take control” of NexG.
On March 12, Channel News Asia reported that the supposed “order” came from Anwar to his former political secretary, with the alleged directive said to clear the way for Ishak to lead instead.
The report added that while Farhash holds no direct equity in NexG, he has a 20 percent interest in MMAG, a logistics firm in which NexG owns a 10 percent stake. - Mkini
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