“Corporate mafia” ties ignite
Of alleged subcontract scams, fiduciary breaches and wipeouts.
I was about to send something more business-ish, until certain events unfolded yesterday that are tied to perhaps one of the most radioactive corporate tussles this year.
What can I say, guys? We may be a small country relative to our neighbours, but it’s never a dull day.
Since this is a flash of a newsletter, I’ll spare the usual introductions and get right to it.
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When Securities Commission chairman Mohammad Faiz Azmi was asked on Monday whether his regulator would investigate alleged “corporate mafia” links involving companies listed on Bursa Malaysia, he sidestepped the question.
Instead, he invoked Section 148 of the Securities Commission Act 1993, the provision that prohibits officials from disclosing details of ongoing investigations.
“Are you aware of Section 148? Section 148 says you go to jail if you discuss any investigations that are still ongoing. So, do you really want me to go to jail?” he said on the sidelines of the 2026–2030 Capital Market Master Plan launch.
What he did not do, however, was deny that an investigation exists.