What Victor Chin’s suit doesn’t say
Glaring omissions in the stock market operator’s court papers.
Before I get to today’s follow-up, a quick one: the former chief of a government-linked investment company (GLIC) and the ex-director of a holding company — the latter linked to a family member of a former minister — were arrested by the MACC yesterday.
This was over an alleged conspiracy to sell shares at inflated prices to GLIC-linked companies, involving a downstream oil and gas firm.
The deal is estimated to have caused losses of more than RM300 million in public funds, with preliminary investigations pointing to disproportionate overvaluation occurring between 2022 and 2023.
Both men were remanded for four days and 62 bank accounts totalling approximately RM450 million have been frozen.
The MACC’s special operations division — which raided 13 locations across the Klang Valley — is investigating the duo under Section 16 of the MACC Act 2009, alongside potential criminal breach of trust and money laundering charges.
This is a case to watch — since it’s a GLIC (and there are only a handful of them) — that is if we move from remand to charge, which then means the media can finally publish their names.
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Yesterday, I ran Victor Chin Boon Long’s 56-page statement of claim that reads like a corporate thriller.
Filed alongside two special purpose vehicles (SPVs) — Skyelimit Alliance and Trendtrove Tradin — the suit targets Bestinet founder Aminul Islam Abdul Nor and lawyer Sandraruben Neelamagham.
It alleges the defendants weaponised the police to execute a hostile takeover of NexG Bhd, a company holding RM2.46 billion in sensitive government contracts ie passports and IDs.
But while the writ paints Chin as the victim of a state-backed “corporate mafia”, a sharper analysis of the court documents and the broader corporate paper trail reveals a much murkier reality.
We are not simply talking about an innocent businessman extorted by a new syndicate — that is his angle — but rather a player outmanoeuvred at his own game.
While the matter is now in court, here are some glaring omissions and underlying realities in Chin’s latest legal offensive which hopefully are clarified as proceedings go.