IT is a complicated topic, even more complicated than the life story of Michael Jackson, the King of Pop. It is over-dramatic to conjure a child-betrays-father scenario when it comes to Nurul Izzah and the PMX.
At the very least, the former MP of Pantai Dalam should hire a better copywriter for her media statements. Or is she really confused and lost?
Why is she trying to protect Rafizi Ramli, the “legend in his own mind”? Is it because he is an old friend, or out of pity for the man who lost the vice-president position (and maybe his sanity) because of her and her father, Anwar Ibrahim? Is it guilt?
Whatever her reason, Nurul Izzah needs to stop the “Opposition mentality.” If she finds something wrong with the MACC, she should find answers from within because she is part of the government. There is no need to try to win points with the Bangsar crowd, most of whom are opposed to her and her father anyway.
The MACC is an institution that reports to the King, so please do not be seen to suggest that it is so easy to abuse and misuse the institution when we have a King who says he is completely against corruption. Leave such behavior to the likes of Bloomberg, Malaysiakini, Rafizi, Albert Tei, and Victor Chin.
Victor Chin Boon Long and Kenneth Vun Yun Liun have been linked to companies in an attempt to illegally expand capital through share consolidation measures for the past 40 months.
According to those in the know, including the blogger Another Brick In The Wall, we should be looking at the Securities Commission (SC) instead of the MACC where the “Corporate Mafia” organization is concerned. What is the point of the SC if it cannot touch those wealthy thugs in the corporate mafia?
That is the biggest question now besetting the Madani government.
For months, politicians have been talking about the “corporate mafia,” hidden networks, hostile takeovers, abuse of enforcement agencies, and businessmen accused of manipulating listed companies. Yet, ordinary Malaysians still ask one simple question: if these allegations are so serious, where is the action?
Gobind Singh Deo, a Cabinet minister, has repeatedly demanded answers. He has called for investigations, questioned the role of enforcement agencies, and even pressed for the establishment of a Royal Commission of Inquiry.
But criticism alone is not enough. Coming from a Cabinet minister, it sounds really odd and rather ill-advised—can you not talk to the PMX or your Cabinet colleagues in charge?
If the government truly believes that a “corporate mafia” exists, then the Securities Commission Malaysia must be at the forefront. Otherwise, people will start asking whether the SC is only effective against small retail investors while powerful corporate players remain untouchable.
The concern is bigger than politics. Allegations of a corporate mafia strike at the core of investor confidence. Foreign investors will not care about speeches or hashtags; they will ask:
- Can listed companies be manipulated?
- Can enforcement agencies be influenced?
- Are minority shareholders protected?
- Can regulators act independently?
Without solid answers, confidence in Bursa Malaysia itself will be undermined.
Gobind has talked a lot about transparency and investigations, but many Malaysians are still waiting for practical proposals from the Madani government.
The government could:
Give the Securities Commission stronger independent investigative powers.
Create a special parliamentary oversight committee on corporate crime.
Require full disclosure of beneficial ownership structures.
Protect whistleblowers who expose market manipulation.
Create fast-track commercial courts for major financial crimes.
Publish transparent updates on investigations involving listed companies of public interest.
Without structural reforms, the “corporate mafia” risks becoming just another political slogan. Even Gobind himself argued that agencies cannot clean themselves up when public trust is at stake. If that principle is true, then the government must move beyond statements and demonstrate concrete institutional reforms.
In the past, the SC was considered one of the most stringent corporate enforcement agencies in Southeast Asia, especially in the late 1990s and 2000s. Among the major cases it handled or resolved:
- The Repco Share Manipulation Case (1997): One of Malaysia’s biggest stock scandals where the share price of Repco Holdings Berhad was manipulated on a large scale.
- Megan Media & Transmile Case: Transmile Group Berhad was once one of the largest accounting fraud cases on Bursa Malaysia. The SC prosecuted the company’s officers and auditors.
- Raids on Penny Stock Manipulation: In recent years, the SC and Bursa Malaysia have conducted many raids against “stock flipping” and penny stock manipulation syndicates.
At the end of the day, the issue is not whether the “corporate mafia” exists. The real issue is whether Malaysian institutions are strong enough to stop it.
By the way, Michael Jackson betrayed his father because of the cruelty he suffered as a child. It doesn’t make sense to equate him with Nurul Izzah. In fact, in her case, I think it is the father who is suffering. – May 9, 2026
***Jepry is a nickname for Haziq Hamid, former Malaysian crime journalist (999) 2019-2021 and content producer (Astro Radio) 2023