Statement by businessman Victor Chin Boon Long on corporate mafia
 |
| Victor Chin Boon Long in 2013 The Edge File Picture by Mohd Izwan Mohd Nazam |
I, Victor Chin Boon Long, wish to state clearly and unequivocally that I am not a “corporate mafia” that has been portrayed in media reports, blogs, and various online narratives over the past few years.
Let me be clear: there exists a corporate mafia in Malaysia, but I AM NOT a corporate mafia. I AM NOT involved in any corporate mafia group attempting to take control of companies in Malaysia, nor have I orchestrated any corporate wrongdoing.
If I am interested in investing in or acquiring a company, it is done through proper and legitimate corporate channels through transparent share acquisitions, lawful transactions and in compliance with regulatory requirements.
I do not subscribe to or participate in any kind of corporate mafia tactics that have been alleged to exist within certain parts of the corporate landscape in Malaysia.
Because of this, I welcome the establishment of a royal commission of inquiry (RCI) to investigate the allegations surrounding the so-called corporate mafia.
Such an inquiry should examine the matter openly, independently and impartially so that the truth can finally be established.
I am confident that such a process will demonstrate conclusively that the allegations circulating against me are entirely unfounded, and that I will be able to clear my name once and for all.
The ‘corporate mafia’ label has been attached to me largely because individuals or companies who were once associated with me through past shareholdings or business relationships later became involved in matters investigated by the authorities.
In several cases, those shareholdings had already been disposed of long before the alleged wrongdoing took place, or prior to my involvement in the particular company concerned.
For the avoidance of doubt and in the spirit of transparency, I will be appointing a legal counsel in Kuala Lumpur. The contact details of my legal counsel will be announced and made available in the very near future.
All evidence and supporting documents demonstrating that I am not involved in any of the alleged corporate mafia activities will be lodged with this legal counsel. These documents will then be available to any enforcement agency, and any party who wishes to understand the facts upon registering with that legal counsel’s office.
While I welcome the RCI as the most efficient and transparent way to uncover the truth and identify the real perpetrators behind the alleged corporate mafia, the current situation has unfortunately resulted in continuous investigations and enforcement actions being directed primarily at me.
At present, bank accounts belonging to companies that are not even owned by me have been frozen for more than 90 days, and the impact has extended far beyond me to businesses, investors, employees and the wider economy.
In some cases, accounts have also been frozen simply because they are suspected to be linked or connected, or believed to hold shares in the companies involved, even where such connections are indirect or based solely on perceived associations.
In connection with these actions, more than 500 stockbroking and bank accounts have reportedly been frozen, causing significant disruption to legitimate businesses and investment activities.
When listed companies and investment funds are affected by prolonged freezes or investigations based merely on perceived associations or hearsay, the economic consequences can be severe and far-reaching.
Such actions risk creating prolonged uncertainty and undermining confidence in the country’s business and investment environment.
At the same time, I must state clearly that I am not only being accused but I AM ALSO A VICTIM of the very corporate mafia tactics that are being alleged.
Many of the investigations and enforcement actions directed at me stem from developments surrounding NexG Bhd.
NexG Bhd
I was initially approached by NexG’s executive chairman Datuk Abu Hanifah Noordin to assist the company at a time when it was facing significant challenges in securing long-term government contracts.
At that time, the company was only receiving short-term contract renewals of approximately six to 12 months, which created considerable uncertainty and placed the company in a vulnerable position.
NexG is a Malaysian company with an established track record and proven capabilities in delivering secure identity document solutions, including critical national identity infrastructure.
The company has long been involved in providing secure ID document solutions such as passports and MyKad, and possesses the technical expertise, operational capacity and experience required to deliver these solutions to the highest security standards.
I was asked to assist in strengthening the company’s strategic direction and helping position it for long-term growth.
This included transforming the company from a traditional physical identity document solutions provider into a broader digital identity solutions company, while also exploring opportunities to expand the business into international markets. Working together with the management and stakeholders, we were able to make significant progress.
The company successfully secured long-term government contracts for critical national identity documents, including passports and MyKad, with a six-year contract tenure.
The contract, valued at more than RM2.4 billion, was awarded based on NexG’s proven capabilities, established track record, and the quality and security standards of its identity document solutions, among other evaluation factors.
Importantly, NexG secured this contract without requiring any government soft loan, unlike a previous contender which submitted a letter of intent that reportedly required a RM600 million soft loan from the government, and an 18-month period to print the documents overseas, to support its proposal.
NexG’s ability to deliver the project independently, together with the more competitive pricing offered, further strengthened its position in securing the award.
However, shortly after the contract was successfully secured, what should have been a major milestone for the company instead became the beginning of a series of nightmares, difficulties and pressures.
Following the award of the contract, certain parties began positioning themselves to gain control of NexG and its shares.
In my view, there were attempts to hijack the company and its strategic direction, which created significant corporate tensions and manoeuvring around the company.
It was after these developments that a series of allegations, investigations and enforcement actions began to emerge, placing immense pressure not only on me and my family but also on other shareholders and parties connected to the company.
Instead of recognising the work done to stabilise and transform the company, I found myself subjected to relentless pressure and scrutiny, effectively being tortured by the continuous accusations and actions directed at me.
The narrative being circulated publicly focused almost entirely on portraying me as a ‘corporate mafia’.
This selective narrative conveniently diverts attention away from other individuals whose roles and motives deserve the scrutiny. In effect, I have been turned into a convenient scapegoat, while the broader circumstances surrounding NexG and the interests involved have yet to be fully examined.
Caely Holdings Bhd (formerly known as Classita Holdings Bhd and now known as NexG Bina Bhd
In this matter, the company, under its founder Datin Fong Nyok Yoon, lodged an official report regarding alleged suspicious wrongdoing by the former board of directors.
Subsequently, Datin Fong herself was charged for the alleged misappropriation of RM30.5 million.
This alleged misappropriation of funds in Caely amounting to RM30.5 million occurred between 2013 and 2021, a period during which I had no involvement, shareholding or any form of participation whatsoever.
My name appeared in public discussion largely due to a sensational blog article that mentioned my name in its headline.
That same headline was later referenced in a police statement indicating that an investigation had been launched.
However, I wish to emphasise that I have never been called for any interview, nor has any action ever been taken against me in relation to this case.
MMAG Holdings Bhd /MJets International Sdn Bhd
In the MMAG matter, the company itself lodged an official report with the Malaysian Anti-Corruption Commission (MACC) regarding suspicious transactions.
Following investigations, former directors Gunasekar Mariappan and Philip Phang Kin Ming were charged by MACC under the Penal Code and other relevant laws.
This clearly demonstrates that the authorities have already identified and taken action against the individuals responsible for the wrongdoing, and I was not involved in those activities.
Revenue Group Bhd
My involvement in Revenue Group has been even more limited.
The facts surrounding this case are reflected in the police report that was lodged, and those who wish to understand the matter should refer to the official police report to determine who the real individuals responsible are.
I have voluntarily come forward and remained ready to fully cooperate with any investigation to demonstrate that I am not a corporate mafia.
Let me ask a fundamental question.
Why are the accusations and suspicions being directed primarily at me alone when there are clearly others who should be investigated instead?
I would also respectfully urge the relevant authorities to cease further disturbances at my premises in Sungai Long, which is the residence of my elderly parents.
My mother is currently recovering from a stroke, and any unexpected enforcement actions may cause severe distress and panic that could seriously affect her fragile health.
I trust the authorities will exercise compassion and due consideration for her well-being. I remain fully prepared to cooperate with any investigation and to present all facts necessary to clear my name.
However, if the pressure placed upon me, my family and those close to me continues to escalate without transparency or resolution, there may come a point where I can no longer remain silent.
In order to protect myself and those around me, I will have no choice but to disclose all information and facts within my knowledge so that the full truth can finally be revealed.
I welcome the opportunity to clear my name once and for all.
The truth must prevail.
Uploaded from The Edge, dated Tuesday, 17 March 2026.
End©Permadu
| Uploaded/Adapted by Fauzi Kadir Chief Editor
|
Final editing and brought to you by Fauzi Kadir CHIEF EDITOR |
(Semua Hak Cipta Terpelihara)
PUBLISHED UPON APPROVAL BY THE EDITORIAL BOARD
PVisiting Permadu Malaysia is absolutely free and we operate with non-profit making objective. We hope you enjoy and feel happy visiting and reading every presentation from us.
If you have the generosity to support our operations and continuous activities of charity to those who are less fortunate, we would be grateful to accept sincere contributions from any individuals or organisations.
Contact us at permadu@gmail.com for further details and information. No obligation and no commitment.
Comments
Post a Comment