Gun flashing and blackmail: Explosive investigation by Bloomberg links MACC boss Azam to 'corporate mafia'

A new explosive investigation by Bloomberg details how the Malaysian Anti-Corruption Commission (MACC), led by chief commissioner Azam Baki, is linked to individuals known as the "corporate mafia", assisting rogue businessmen in forcefully taking over public listed companies by using the anti-graft agency's extensive powers to arrest, intimidate and threaten charges against company founders and executives.

The lengthy report outlines a shocking modus operandi used by a division within MACC known as "Section D", employing methods ranging from intimidation, such as office raids, to blackmail and threats to life.

The unit, which handles complaints and arrests related to corruption in listed companies, was led by Wong Yun Fui, currently MACC's deputy director of investigations, who sources told Bloomberg is "valued by Azam".

The process is straightforward and chilling: it begins with an MACC investigation into a company whose executives face charges of financial offences or ongoing lawsuits.

A "corruption" investigation by MACC would coincide with efforts by the "corporate mafia" to alter control of these companies.

A 24-minute special documentary (Click here to watch) accompanying the report interviewed witnesses and executives who have been harassed by MACC, one of whom described how the modus operandi was executed.

"One day, the MACC came to the office on the basis that a complaint was filed and they wanted to investigate some transactions related to the company. They were whispering and sending messages to someone else. They were very suspicious in their behaviour," said the senior company executive, identified only as Adam.

He said he was later told to go to the MACC headquarters, where he was put in a room before officers took turns to question him "on and on".

"There was no clear direction about what they were asking me. I was stressed."

Adam was convinced that MACC was intimidating him to pressure him to surrender his stake in the company.

Gun-flashing by 'Azam's close friend'

But what Adam experienced was mild compared to the ordeal of Tai Boon Wee.

In 2023, Tai, who founded rubber products company GIIB Holdings, was facing an MACC investigation over an accounting issue when he was contacted by a new shareholder, Andy Lim, who requested a meeting at an upscale restaurant in Kuala Lumpur. Lim demanded that Tai give him two seats on his company's board.

Bloomberg, which viewed CCTV footage of the meeting which was subject of a police report, said Lim raised his arms to reveal a pistol, in an attempt to threaten Tai into fulfilling his demand.

Police later arrested Lim, and his pistol was confiscated.

Sources told Bloomberg that following this, Azam called the police to request the return of Lim's gun.

Conversations with people within MACC revealed that Lim was "very close with Azam Baki", said Bloomberg, which also cited an internal memo circulated within the agency.

That friendship ties Azam directly to a key figure known as part of the "corporate mafia".

"Senior officials, including the most senior official of the lot, chief commissioner Azam Baki, is aware of its activities," said Bloomberg journalist Tom Redmond, who conducted the investigation alongside Niki Koswanage.

The same memo stated that Lim has had ties with the commission for more than a decade, dating back to when it was known as the Anti-Corruption Agency and Lim was running a driving school.

These ties came to light following the revelation that Azam owned shares in 2015 worth more than RM700,000 in a listed company where Lim also had a stake.

The discovery was at the centre of a share scandal involving the MACC chief in 2022, sparking calls from then opposition leader Anwar Ibrahim for his resignation.

Azam was subsequently absolved of wrongdoing after the Securities Commission said it was his brother who used his trading account.

Victor Chin

The existence of a corporate mafia and its ties with MACC were reminiscent of what was written in a blog called The Corporate Secret in 2023.

It named Victor Chin as someone who manipulates enforcement officers in a bid to take over companies.

Chin had been accused by the Inland Revenue Board (LHDN) of money laundering, based on the tax agency's audit of him and MMAG Holdings.

It found that more than RM500 million linked to organised crime was laundered, with the objective of investing the money in Malaysian shares.

Bloomberg said Chin then reached out to one Chong Loong Men, a former Securities Commission officer who claims his current job is providing legal advice in commercial disputes, to negotiate a settlement with MACC, which was eventually reached.

It was the same Chong who was present during Tai's "gun-flashing" meeting with Andy Lim, according to a police report lodged by Tai.

According to Bloomberg, Lim assisted Chin in brokering a deal with MACC, which at that time was investigating the same money laundering offences cited by LHDN.

'MACC under their control'

Another businessman, Brian Ng, also recounted a similar experience to that of Tai.

Like Tai, he was facing an MACC investigation when he was summoned to a meeting at a restaurant with one Francis Leong, allegedly a member of the same "corporate mafia" linked to Chin.

Ng said he was given an ultimatum to resign from all positions in his company in exchange for MACC dropping a probe into fabrication of invoices.

“I am scared and worried because Chong and Francis, in no uncertain terms were implying the MACC was under their control and will follow their orders,” Bloomberg cited Ng as saying in a police report.

According to Bloomberg, all parties implicated in its report, including MACC, have either denied the allegations or refused to comment.

The Prime Minister's Office also did not respond to a request for comment.

Bloomberg's report today comes just days after  the disclosure of Azam's ownership of millions of shares in a listed company, in violation of a government circular for public servants.

Azam has not denied that he held 17.7 million shares in Velocity Capital Partner Bhd, currently worth around RM800,000, which he purchased last year while still leading the anti-graft body. He has also claimed that the shares had been sold the same year.

A 2024 government circular prohibits public servants from purchasing shares exceeding RM100,000 in value and requires them to declare such purchases.

In response to a claim that Azam failed to publicly declare the assets, MACC said he had done so internally through the "official channels" of the Public Service Department.