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"In current times, it is very important to control the MACC because it provides an avenue for those who are in power to go after those who are in opposition to them. That's the allegation, and this allegation has been repeated over and over."
Professor Emeritus Edmund Terence Gomez, Professor of Political Economy at Universiti Malaya, joins us In The Studio to discuss:
• ?MACC's alleged role in enabling corporate takeovers of small, single-shareholder companies or family-based enterprises
• ?Corruption within GLCs and MARA's investment scandal
• 3 changes the government must make to restore its credibility
• MACC ramping up investigations under Madani
Finance Twitter continues attacking PMX’s alleged Corporate Mafia in PKR
KUALA LUMPUR, March 19, 2026: International socio-political website Finance Twitter continues to attack Malaysia’s 10th Prime Minister (PMX) Anwar Ibrahin alleged Corporate Mafia in PKR and the Malaysian Anti-Corruption Commission (MACC).
However, Anwar and his Madani Unity Government have remained mum on the allegations published by Finance Twitter.
This is the report as re-posted by The Coverage:
Anwar’s UMNO Roots: From Crony Capitalism to Corporate Mafia in PKR Era
19 March, 2026
According to Finance Twitter , Anwar Ibrahim never abandoned his UMNO DNA – he just changed his uniform from red to blue. Given a choice, he would choose to return to the United Malays National Organization (UMNO) or merge his current Parti Keadilan Rakyat (PKR) with UMNO. His unfinished business was to become the UMNO president, his ultimate ambition when he first joined the Malay nationalist party in 1982.
When he was sacked by former Prime Minister Mahathir Mohamad in 1998 for corruption and sodomy, it was like the world was crashing down on him. All his 16 years of hard work waere gone. His ambition to become the 5th Prime Minister was so near, yet so far. As then-Deputy Prime Minister, Anwar was already Malaysia’s second most powerful man. But he was too impatient, greedy, power-hungry, and arrogant.
In May 1997, Mahathir appointed Anwar as “Acting Prime Minister” while he embarked on a so-called two-month working holiday. It was a trap, but Anwar was disillusioned that his “son-father” relationship with Mahathir was the golden ticket as Mahathir’s successor. Anwar foolishly swallowed the hook, line and sinker – unilaterally taking radical steps, which directly conflicted with Mahathir’s policies.
Mahathir pretended to be weak, which emboldened his deputy to finally make the move to overthrow the Premier by attacking Mahathir’s leadership. Naturally, Mahathir had to remove a protégé who had become a threat. PM Mahathir regarded Anwar’s actions as disloyalty and a betrayal, particularly after Anwar questioned the bailout of certain business interests.
It was already bad when Anwar (as Finance Minister) favoured IMF-style economic policies, while Mahathir opposed them, preferring currency controls and accusing foreign interference as the Asian Financial Crisis hit in 1997-98. It became worse when Anwar plotted with UMNO Youth Chief Ahmad Zahid Hamidi, who began attacking Mahathir’s “cronyism and nepotism” at the UMNO general assembly.
Until Anwar spoke in the United States prior to 1998’s UMNO general assembly, the entire nation had never heard terms like crony capitalism or nepotism. But everyone knew Anwar was conspiring to bring down Mahathir when a junior UMNO leader like Zahid raised the issue of nepotism and cronyism. Zahid would not have been brave enough to raise the issue at the UMNO general assembly without someone like Anwar.
But master strategist Mahathir turned the tables on his protégé. Not only did the old fox flipped the narrative by accusing Anwar of being a “puppet” of foreign powers (such as the IMF and the U.S.) trying to recolonize Malaysia, and blaming Anwar for mishandling the economy, but also releasing a list detailing recipients of government privatization contracts, special shares, and business licences.
That explosive list – Anwar’s “cronies” – included his own father (Ibrahim Abdul Rahman), who was listed as receiving 3.8 million shares in Nissan-Industrial Oxygen, as well as a member of the board of more than 50 companies and shareholder of nearly 20 companies (including public-listed companies like Pengkalen Holdings Bhd, Pengkalen Capital Bhd, IOI Corporation Bhd, Pan Malaysia Industries Bhd, and Zaitun Bhd).
Besides his father, Anwar’s younger brothers – Marzuki and Rani – were also involved in business. The list of cronies identified Rani as a director of Azam Intensif Sdn Bhd while Marzuki was a director of eight companies (Teraju Dinamik Sdn Bhd, Knight H & D Sdn Bhd, Ganjaran Jaya (M) Sdn Bhd, Rodatra Sdn Bhd, Sanjungan Niaga Sdn Bhd, CSPM Resources Sdn Bhd, Wrand Tank Industries (M) Sdn Bhd, Lityan Holdings Bhd and Bumijet Industries Sdn Bhd.)
Essentially, the lists suggested that people close to Anwar, rather than those close to Mahathir, were receiving preferential treatment in the allocation of projects, a tactical move designed to deflect claims of “nepotism, cronyism and collusion” being directed at Mahathir’s own family at the time. The genius counter-attack proved that it was Anwar who allowed cronies and supporters to benefit from government contracts.
But Mahathir’s retaliation was just the beginning. On September 2, 1998, he sacked Anwar from his positions as Deputy Prime Minister and Finance Minister. Hilariously, when cronyism and nepotism were first raised, many thought that it would lead to the resignation of Mahathir as party president. But when Mahathir made public the list of those given government contracts at the UMNO assembly, the issues of nepotism and cronyism were no longer raised.
Instead of conspiring to weaken Mahathir’s control over the party by raising these issues, Anwar’s holier-than-thou left him naked. Anwar’s long list of cronies paid the price for betting the wrong horse. About a year after Anwar was sacked from his government posts and jailed on allegations of sexual impropriety, many of his allies have been ousted from their businesses. And this is the real reason why Anwar is now actively and relentlessly targeting Mahathir and Daim Zainuddin.
From Malaysia’s oldest gambling firm Magnum Corp. to property developer Kejora Harta Bhd, control of some of the country’s largest companies had gone to confidantes of Daim Zainuddin, former finance minister and a loyal associate of Mahathir. A controlling stake in Magnum, which had about 45% of Malaysia’s RM7 billion a year gambling market, was sold to Daim golf partner Lim Yan Hai for merely RM1.37 billion in stock.
Magnum was part of Multi-Purpose Holdings, a sprawling business empire cobbled together by Lim Thian Kiat, an associate of Anwar Ibrahim. Likewise, Malaysian Plantations, another company under Multi-Purpose Holdings, saw boardroom coups when Lim was removed and replaced with Chan Chin Cheung, a friend of Daim Zainuddin, who was appointed Finance Minister for his second term from 1999 to 2001 following Anwar’s imprisonment.
A large chunk Multi-Purpose was sold in May 1998 to Chan Chin Cheung, making him a director of Malaysian Plantations. Daim’s crony, Chan, was also a director of Renong Bhd, a company in which all businesses owned by UMNO, the country’s dominant political party, were folded. Asked why Chan was given the green light to buy Multi-Purpose, Daim said – “We think he’s qualified.”
Another Daim’s crony who was his former employee, Samsudin Abu Hassan, bought control of real estate developer Kejora Harta and Cosway Corp., the country’s largest consumer products company. Samsudin was also appointed deputy chairman of Bolton Bhd, a real estate developer. Stocks linked to Daim’s closest friends – such as Samsudin, Lim Yan Hai, Chan Chin Cheung and Halim Saad – were among the top performers in 1998.
For example, Malaysian Plantation stock price was the top gainer, having advanced more than 300%. Kejora and Bolton, owned by Samsudin and Lim, were the third and fourth-largest gainers, advancing more than 200%. It was so easy to make money in the stock market – just chased stocks “touched” by Daim and his friends such as Bolton, Kejora and MRCB.
Casualties also included Anwar’s closest political allies in UMNO. Leading the list of losers was none other than Zahid Hamidi, a former Umno Youth leader and an Anwar loyalist. Zahid stepped down as chairman of state-run BSN Commercial Bank Bhd, and quit from the boards of Kretam Holdings Bhd, Tekala Holdings Bhd, and Ramatex Bhd.
Abdul Rahim Ghouse, Anwar’s ally from his home state of Penang, quit from the board of the cash-strapped department stores chain Abrar Corp. Kamarudin Jaffar – who wrote some of Anwar’s speeches – quit as a director of Westmont Land Asia Bhd, which owned a bank and a steel mill in the Philippines. More companies such as MRCB, PhileoAllied and Hong Leong Bank were in trouble due to their links to Anwar’s friends.
Malaysian Resources Corp. Bhd. (MRCB), the country’s fourth-largest group, changed owners when three Anwar supporters Khalid Ahmad, Ahmad Nazri Abdullah and Mohd. Noor Mutalib – who topped a list of “Anwar’s Cronies” published on June 19 that year by UMNO under Mahathir’s instruction – were forced to sell their shares in the company.
To be fair, crony capitalism was not the sole reason why forced selling occurred. Some of them plunged into financial trouble due to mismanagement, over-exposure, over-borrowing, and whatnot. The Multi-Purpose group, for instance, held about 15 large units with complicated cross-holdings and businesses spanning gambling, property, construction and banking. The group lost RM585 million in 1998.
Even banks, thanks to over-lending, were forced to merge – from 58 financial institution banks into six groups – after the Asian Financial Crisis. Rashid Hussein, a prominent player in the securities industry before forming RHB (Rashid Hussein Berhad), was one of Anwar’s cronies before losing control of RHB Bank following a fallout with political elites as well as the impact of 1997 currency crisis.
Some of Anwar’s cronies and friends had turned against him to save their own skin. For example, Nallakaruppan, the former Public Relations Executive Director of Magnum Corporation andformerly a close friend and tennis partner of Anwar Ibrahim, became a vocal critic after falling out with him. Nallakaruppan accused Anwar a “bisexual”, hence unfit to lead the country.
Others like Quek Leng Chan and his Hong Leong group survived and continued to thrive even after Anwar lost power as the pragmatic businessman maintained connections with elite leaders, including those in UMNO and the administration under Mahathir. Hong Leong Group acquired MUI Bank (renamed Hong Leong Bank) in January 1994, and subsequently merged with EON Bank in 2011.
But it was not so lucky for Tong Koi Ong of PhileoAllied Bank. A forced merger after the 1997-98 Asian financial crisis – the brainchild of then finance minister Daim Zainuddin – brought an end to Tong’s ownership of PhileoAllied. First, Phileo was instructed to be sold to a weaker Multi-Purpose Bank (now Alliance Bank). After protests, PhileoAllied Bank and PhileoAllied Securities were sold to Maybank instead in January 2001.
Rashid Hussein, who married Sue Kuok Suon Kwong, a daughter of Malaysian billionaire tycoon Robert Kuok Hock Nian, was sent into wilderness after lost control of the company he founded – till Anwar Ibrahim became the 10th Prime Minister in November 2022. The Anwar government appointed Abdul Rashid Hussain as chairman and board member of Lembaga Tabung Haji effective December 20, 2023.
Of course, Rashid Hussein was not the only Anwar’s former cronies who is now back in business. Anwar’s former political secretary – Ishak Ismail – who was once synonymous with Idris Hydraulic (M) Bhd, a darling of retail investors in the early 1990s Super Bull Run, is now in the political spotlight for the wrong reason – clashing with Anwar’s younger crony called Farhash Wafa Salvador for control of NexG.
Yes, Anwar’s crony capitalism did not die with his imprisonment. Instead, it morphs into something worse – corporate mafia.
Anwar’s return to power after 24 years in the opposition camp has only intensified his cronies’ – both young and old – jostling for more projects and contracts as the prime minister rushes to make up for lost time.
Source : Finance Twitter
