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MCW Urges Investigation into NexG Bhd Over Alleged RM303.7 Million Fund Misuse
🇲🇾 Malaysia /Economy & Trade

MCW Urges Investigation into NexG Bhd Over Alleged RM303.7 Million Fund Misuse

From Utusan Malaysia · (1d ago) Malay Critical tone

Translated from Malay, summarized and contextualized by DistantNews.

TLDR

  • Malaysia Corruption Watch (MCW) has filed a police report alleging serious misuse of company funds totaling RM303.7 million at NexG Bhd.
  • The allegations involve financial irregularities during Victor Chin's tenure as COO, including suspicious transactions with MMR Capital, Classita, and MMAG shares.
  • MCW urges the CEO of NexG to explain the situation and calls for a thorough investigation into potential corporate governance issues and conflicts of interest.

Utusan Malaysia highlights the serious allegations brought forth by Malaysia Corruption Watch (MCW) concerning NexG Bhd. MCW has lodged a police report detailing accusations of significant fund misappropriation, amounting to RM303.7 million, during the period when Victor Chin served as the Chief Operating Officer (COO) of NexG Bhd, approximately from November 2024 to September 2025. The report specifically points to a series of 'suspicious' transactions, including loans via MMR Capital, investments in Classita, and the purchase of MMAG shares from related parties.

I request that the authorities conduct a thorough investigation into this matter because there have been many 'suspicious' transactions, including loans through MMR Capital, investments in Classita, and the purchase of MMAG shares from related parties.

— Jais Abdul KarimPresident of MCW, explaining the basis for the police report.

MCW President Jais Abdul Karim emphasized that these transactions raise serious questions about corporate governance and potential conflicts of interest, particularly as they occurred during a period when the company registered substantial fair value losses and net losses. The situation is further complicated by recent statements from the Minister of Human Resources, Datuk Seri R. Ramanan, who labeled Victor Chin as a 'corporate devil' and an attempt to divert attention from official investigations. Adding to the controversy, Victor Chin's wife, Chan Swee Ying, reportedly disposed of a significant stake in MMAG Holdings Bhd, which was then acquired by NexG Bhd.

It raises questions of governance and potential conflicts of interest, in addition to occurring during a period when the company recorded significant fair value losses and net losses.

— Jais Abdul KarimPresident of MCW, detailing the concerns surrounding the transactions.

This case extends beyond corporate malfeasance, as Jais Abdul Karim noted its direct impact on the nation's image, investor confidence, and public trust in law enforcement. The involvement of high-profile figures and the sheer scale of the alleged misappropriation underscore the gravity of the situation. The article implicitly frames this as a critical issue for Malaysia's economic integrity and its standing on the international stage, suggesting that such alleged 'mafia korporat' activities, if proven, could deter foreign investment and damage the country's reputation for fair business practices.

corporate devil

— Datuk Seri R. RamananMinister of Human Resources, describing Victor Chin.
DistantNews Editorial

Originally published by Utusan Malaysia in Malay. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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