Someone took RM9.5 million and did nothing
A playbook, a coerced term sheet and a PKR lawmaker.
🚨 Update: EPF and SP Setia yesterday denied the concerns surrounding Battersea Power Station after its fired CEO raised allegations of financial misreporting used to artificially inflate the balance sheet of BPS Holdings, the Jersey-registered vehicle that owns the estate.
Both are shareholders in the consortium that took over the power station.
SP Setia said it is not a party to the tribunal proceedings and that “the legal process must take its course.”
EPF said it is not a party either and remains committed to “governance standards and fiduciary responsibilities.”
The project has proved to be a rollercoaster since its inception and it’s bleeding red.
For background on O’Sullivan’s claims and the Battersea fiasco and some numbers, check out Monday’s newsletter 👇🏾
I’ll timeline this properly in the next edition, so keep an eye out for that.
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I’m going to keep today’s coverage on Victor Chin Boon Long snappy and only wade deeper if the occasion calls for it.
At this stage, Chin is acting childish with his weekly teasers and threats.
But even if things are annoying, some coverage is deserved, since we are still keep tabs over the “corporate mafia” investigations.
Yesterday, he released what his lawyers called a chronology of events: a detailed, dated account of how a so-called “corporate mafia gang”.
He also singled out an intermediary identified only as “Mr. R”, who allegedly used PDRM’s anti-money laundering unit (AMLA) unit to coerce the businessman and his associates into surrendering control of NexG Bhd between October 2025 and March 2026.
The document is the most operationally specific thing Chin has put into the public record.
It names SPVs, cites CDS account numbers, and describes a sequence of company secretary changes, share transfers, and enforcement actions with enough granularity to be verified or falsified.
That specificity is worth highlighting since Chin’s lawyers would know that releasing fabricated detail carries its own legal risk.
The core allegation (and a short analysis) runs as follows.