KUALA LUMPUR — Subang MP Wong Chen will end his tenure as non-executive chairman of Malaysia Debt Ventures (MDV) on May 31, a move he described as a “curious anomaly” considering he had helped to turn it around.
Wong said he was only told of the decision by the Finance Ministry (MoF) yesterday, just before chairing what turned out to be his final board meeting at MDV.
He said a letter dated May 25 stated that his appointment would end on May 31, ending his three-year tenure during which the agency returned to profitability.
He criticised the manner in which the decision was communicated, saying there was no direct engagement from the ministry.
“MoF did not even bother to address the letter to me. There was not even a phone call or explanation for ending my tenure,” he said on Facebook.
“Yesterday’s abrupt end of my tenure, will probably go down in corporate history as a curious anomaly. For helping turn around a government financial institution, I got the boot from MoF with just five days notice.”
Wong was appointed in May 2023 and said he had initially been reluctant to take up the role as he believed MPs should not serve in government-linked companies.
However, he said he agreed after being directed by the Prime Minister to help “clean up the mess”.
He said MDV was in a difficult financial position with losses widening from RM18.6 million in 2022 to RM56.6 million in 2023. Staff morale and retention levels were also low at the time.
Wong said he focused on strengthening governance and reducing political interference in the institution.
He said under his leadership, MDV returned to profitability in 2024, posting a RM3.4 million profit, with further improvements reported in the 2025 financial year, though the annual report has yet to be released.
Last week, Wong alleged that his parliamentary office had been denied access to the MyKhas Portal, a government system used for constituency allocations and Projek Mesra Rakyat applications.
These developments occurred after the PKR lawmaker hinted at contesting in the 16th general election with Parti Bersama Malaysia instead, the new political vehicle of former PKR leaders Datuk Seri Rafizi Ramli and Nik Nazmi Nik Ahmad.
Despite his removal from MDC, Wong said he had “no regrets” about his tenure.
“The MDV turnaround shows that with proper governance, government-linked companies can be successfully reformed,” he said. – May 27, 2026