Openly supporting Rafizi, PKR MP removed from chairmanship by Finance Ministry

Former Malaysia Debt Ventures Bhd (MDV) non-executive chairman Wong Chen (third from right) has revealed that his tenure was abruptly cut short by the Finance Ministry.
WONG CHEN’S FACEBOOK PICTURE

Malaysian English daily New Straits Times reported today that former Malaysia Debt Ventures Bhd (MDV) non-executive chairman Encik Wong Chen has revealed that his tenure was abruptly cut short by the Finance Ministry.

Wong Chen, who is also the Subang member of parliament, said he was informed by MDV management just before chairing a board meeting at 10am yesterday that they had received a letter from the ministry.

The letter instructed the management to terminate his non-executive chairmanship immediately, effective May 31.

He described the sudden end of his tenure as a "curious anomaly".

"They did not even bother to address the letter to me. Not even a phone call or an explanation for ending my tenure," he said in a Facebook post.

Wong said he was initially very reluctant to accept the position when appointed in May 2023, as he held a political stance that MPs should not serve in government-linked companies (GLCs).

"I had not asked for the role but was directed to report for duty by the prime minister to go and clean up the mess," he said.

Upon taking over, he discovered that the financial institution was troubled, recording RM18.6 million in losses in 2022, which widened to RM56.6 million for the financial year ended 2023, alongside low staff morale and high attrition rates.

Wong said his immediate focus as the new non-executive chairman was to provide governance leadership, which included cutting out the undue influence of politicians and influential individuals.

"I did not return calls and WhatsApp messages from people of influence. Instead, I asked them to write me a formal letter if they had a request. Nobody did, and after six months, nobody bothered me anymore," he said.

Following the implementation of strict governance structures, MDV managed to return to profitability in 2024, recording a modest profit of RM3.4 million.

Wong said the institution improved its profitability significantly for the financial year 2025, more than doubling its 2024 profits, though he noted he was not at liberty to disclose the exact figures until the official annual report is released.

He added that, building on this positive momentum, MDV launched its Integrity Day on March 11, with concrete initiatives to reinforce a zero-tolerance policy against corruption and commit to stricter internal compliance and transparency.

Despite the abrupt termination, he said he had no regrets about his short stint.

"I was part of the MDV family that showed incredible bravery and resilience and proved that with the right governance structures, we can bounce back. And we did.

"The MDV recovery also proves that with the right governance structures, all GLCs and Government-Linked Investment Companies (GLICs) can do the same," he said, while thanking the MDV team for the opportunity to serve alongside them.


End©Permadu

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