KUALA LUMPUR, Oct 20 — The government inherited a system lacking transparency, allowing corporate crimes and market manipulation to go largely unchecked for decades, Prime Minister Datuk Seri Anwar Ibrahim said.
He said weaknesses in the previous system meant enforcement action was rarely taken in major cases involving billions of ringgit in losses, including corporate takeovers and banking transactions allegedly influenced by political interference.
Anwar alleged that several cases involving so-called corporate mafia activities were linked to a former finance minister who wielded considerable influence and controlled substantial financial resources.
“We inherited a system that lacked transparency. Members of Parliament who have followed developments since the 1980s and 1990s would know how major companies, such as Multi-Purpose Holdings Bhd (MPHB), were allegedly forced to be sold to a group led by Datuk Seri Akbar Khan.
