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A major investigation by Bloomberg News has made serious allegations about Malaysia’s anti-corruption watchdog.
The report alleges the Malaysian Anti-Corruption Commission (MACC) is being used by a group of businessmen to take over companies from their owners.
According to Bloomberg’s investigation, the alleged scheme works like this:
Businessmen, dubbed the “corporate mafia,” buy small stakes in target companies.
Then, MACC allegedly launches corruption investigations into the company’s founders.
The founders reportedly get arrested, their bank accounts frozen, and they’re pressured to sell their shares at low prices.
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Alleged Gun Threats and Pay-for-Service Scheme Exposed
Bloomberg claims this allegedly happened to at least six companies.
In one reported case, a businessman allegedly displayed a gun during a meeting, demanding board seats.
The investigation alleges that MACC officers were offering various services for money – raids, arrests, and criminal charges reportedly had different price tags.
The report also alleges that MACC chief Tan Sri Azam Baki owns shares worth more than what’s legally allowed for government officials.
Bloomberg claims he’s allegedly connected to some of these businessmen.
Political Figures Face Similar Tactics
Similar tactics are now allegedly being used against politicians.
This week, NGOs filed a corruption report against former Economy Minister Datuk Seri Rafizi Ramli over a RM1.1 billion investment deal.
Rafizi dismissed the allegations with sarcasm.
“Apparently ARM bribed me,” he posted on social media, referring to the UK tech company.
I didn’t even get lunch or souvenirs, let alone kickbacks. I’m still as broke as before.
His response suggests he views this as part of the same alleged pattern – using corruption complaints as weapons against targets.
PM Defends Corruption Chief
Despite Bloomberg’s allegations, Prime Minister Datuk Seri Anwar Ibrahim is defending Azam Baki.
He is doing his job. Why attack him?
Anwar wants people to hear Azam’s explanation first and says due process must be respected.
Azam has denied wrongdoing and claims the shares were held through nominee arrangements.
Critics argue that this reveals a structural problem: MACC reports to the Prime Minister rather than to Parliament.
When the PM protects the anti-corruption chief, there’s allegedly no independent oversight.
Read the full story: https://t.co/LfOtuS95Ls
— malaysiakini.com (@malaysiakini) February 12, 2026
Prime Minister Anwar Ibrahim's faith in MACC chief Azam Baki is unshaken by the recent shareholding scandal that has hit the top graft buster.
Quizzed about calls for Azam to be sacked, Anwar retorted with a spirited defence of the… pic.twitter.com/6YloTAm32f
Executives Claim System Breakdown
Bloomberg interviewed business owners who claim they were targeted by these alleged tactics.
Some reportedly hired bodyguards, others fell into depression after losing their companies.
“I’ve lost faith in the system,” one executive allegedly told Bloomberg.
If you have money, connections, and power, you can fix up anybody in this country.
The investigation raises questions about institutional accountability when the agency tasked with fighting corruption faces such serious allegations.
READ MORE: MACC Chief Defends RM800,000 Share Holdings, Says Sold Within Year
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[Watch] Bloomberg Report Alleges MACC Used In Corporate Takeover Scheme
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