Victor Chin: RM9.5 million not to 'kaw tim' but to appease 'corporate mafia'

The RM9.5 million paid by me has been widely described as a "bribe". This is incorrect and misleading.

The payment was not made to “kaw tim” any enforcement agencies, nor was it to close any investigation or settle allegations of wrongdoing against me.

It was a "service fee" made in an extreme situation, in order to stop the hostilities against the people believed to be associated with me.

I was told that the payment of RM9.5 million would be passed to the "corporate mafia" gang in order to make them happy, stop the hostilities against my people, and also give me a second chance at life.

Put yourself in my shoes. I was under significant duress from the corporate mafia gang. They were pressuring and forcing me into surrendering my shares for free to them.

To achieve this, they were targeting my loved ones, business associates, companies, friends and even people simply assumed to be associated with me.

They froze more than 500 accounts of people believed to be associated with me. Overnight, salaries could not be paid. Housing and car loans could not be serviced.

All the affected individuals and companies were concurrently panicking and in significant financial and mental distress.

I did not have a choice. I was feeling extremely guilty because these people were suffering simply because they knew me or knew of me.

I made the payment to protect my people and friends, and in the hope of ending their financial misery immediately.

The payment of RM9.5 million was simply a reaction to get the corporate mafia gang to stop their extreme measures.

The greatest wealth in life is not money, but peace of mind. I would have done anything for the peace of mind of my people.

I once again strongly welcome the establishment of a royal commission of inquiry, or any fair and independent investigation, to uncover the full truth.

I hope it will be carried out thoroughly and impartially, covering all parties involved or connected to these events, and not limited to me alone as an individual.

This statement is issued on behalf of Victor Chin by Krish Maniam & Co. Advocates & Solicitors.