Anwar: Govt to set up special committee to investigate corporate crime, chaired by attorney general

KUALA LUMPUR: The government will establish a special committee chaired by the Attorney-General to investigate allegations of corporate crime.

Prime Minister Datuk Seri Anwar Ibrahim said the committee would comprise representatives from the Royal Malaysia Police, Securities Commission (SC), Bank Negara Malaysia and other relevant agencies. It would be formed soon.

In a written parliamentary reply to Datuk Seri Aminuddin Harun (Port Dickson) on developments concerning alleged “corporate mafia” activities, Anwar said the government would not allow anyone to evade legal action because of their wealth, position or influence.

“Given the complexity of corporate crime, which spans the jurisdictions of various enforcement agencies, the government will establish a special committee, chaired by the Attorney-General, in the near future,” he said.

“The committee will be given three months to conduct investigations and prepare a comprehensive report.”

He said there would be no compromise on corporate crime, stressing that the capital market must operate in an orderly manner and investors must be protected.

Anwar said the SC had stepped up enforcement under the Madani administration, with investigations covering securities fraud, false statements and corporate misconduct.

The number of civil enforcement actions rose from 23 between 2017 and 2021 to 37 between 2022 and September 2026.

“To suggest that enforcement was not being carried out is unfounded,” he said.

Anwar said corporate crime encompassed offences under several laws, including the Anti-Money Laundering Act 2001, the Moneylenders Act 1951 and the Capital Markets and Services Act 2007.

They included abuses involving the acquisition and takeover of listed and privately owned companies, stock market manipulation, breaches of corporate disclosure and regulatory requirements, illegal moneylending and the intimidation of borrowers.

He cited the Serba Dinamik Berhad scandal as an example of corporate wrongdoing that had caused substantial losses to shareholders.

The company’s market capitalisation reached RM6 billion in early 2020 before plunging by more than 99 per cent to about RM50 million by the end of December 2022.

In December 2021, the SC charged Datuk Mohd Abdul Karim Abdullah and Serba Dinamik over false statements submitted to Bursa Malaysia.

“However, the previous administration instructed the SC to drop all charges in May 2022, after a total of RM16 million in compounds was paid,” Anwar said.

“The court subsequently discharged and acquitted all the accused.”

Under the Madani administration, the SC continued investigating other transactions involving Karim. Charges were brought against him and another individual in early 2026 over transactions and false statements involving Sarawak Consolidated Industries Berhad.

Anwar said the SC had most recently obtained an arrest warrant against Karim, while Interpol had issued a Red Notice to help locate and apprehend him.

He said the record of criminal and civil enforcement actions demonstrated that the authorities were taking action against corporate crime.

Separately, Anwar outlined enforcement measures undertaken by the Royal Malaysia Police in investigations into alleged abuses of power by enforcement officers suspected of pressuring businesspeople to sell company shares at low prices to facilitate corporate takeovers.

The police’s Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla) Criminal Investigation Team launched Op Viking following information and intelligence gathered since 2018 on suspected money laundering activities.

Anwar said police had arrested several individuals and frozen and seized assets believed to be linked to the activities under investigation.

As at Sept 25, 2026, police had recorded statements from 70 individuals.

The operation also involved the freezing and seizure of eight properties, 11 vehicles, 417 Central Depository System accounts, 70 share trading accounts involving about RM323.59 million, and 404 bank accounts containing about RM85.62 million.

Anwar said police enforcement under Amla in 2026 had resulted in the freezing of RM4.3 billion and 2.1 million shares, as well as the seizure of RM1 billion and a further 2.1 million shares.

The figures also included RM48 million in forfeitures and RM1.1 billion in compounds.

These totals excluded more than RM3 billion still subject to court proceedings for forfeiture to the government.

Anwar said funds recovered by enforcement agencies from illegal activities, corruption and misappropriation would be returned to the people following court rulings, particularly to strengthen public education and healthcare.