Bloomberg in-cahoot with Victor Chin, Corporate Mafia

A fresh clash has erupted between Bloomberg and Azam Baki, head of the Malaysian Anti-Corruption Commission, following allegations over corporate shareholdings and influence. 

Azam has filed a RM100 million defamation suit, while Bloomberg stands by its reporting, citing filings from the Companies Commission of Malaysia despite claims the data were one-year lagged and not updated, deepening scrutiny over transparency and regulatory accountability.

The public and local media will likely swallow every morsel of words written from Bloomberg as the truth and investigative reporting by international news agency as fool proof. This is despite Bloomberg relied on information leads from the website Corporate Secret to as far back as 2023.

Its falling flat on their face because last night, the whistleblower site, updated to suspect Bloomberg is in cahoot and relied on tip-off from Victor Chin, the Corporate Mafia corporate and criminal syndicate kibgpin himself.

The Malay article is translated and edited below:

“Bloomberg Boldly Takes On Azam Baki — Victor Chin’s Corporate Mafia Behind It All?”

The latest Bloomberg disclosure that Malaysian Anti-Corruption Commission (MACC) chief Tan Sri Azam Baki once held 17.7 million shares in Velocity Capital Partner Bhd, worth nearly RM800,000 based on then market prices, has revived memories of past controversy over shareholdings that sparked public uproar years ago.

Is this an attack against Azam Baki, whose contract as MACC chief is widely expected to be extended again? Bloomberg’s article “Who’s Watching Malaysia’s Anti-Corruption Watchdog?” revealed further elements shaping public perception about the integrity of the anti-graft institution — against a backdrop of alleged “corporate mafia” networks repeatedly referenced in past media reports and legal actions.

“I already sold and declared the shares” — Azam Baki’s rebuttal

After the report went public, Azam defended himself in mainstream media and official statements, highlighting that the shares were bought and sold within the same year; that transactions were publicly declared according to procedure; and that any suggestion he failed to declare assets was inaccurate and misleading.

Azam issued a letter of demand (LOD) against Bloomberg, through his lawyers Zain Megat & Murad, demanding RM100 million in compensation for damage to his reputation and professional standing, and asserting that the article was “defamatory, irresponsible, and misleading.”

While Azam acknowledged he had previously held shares in Velocity Capital, he clarified these had been disposed of months later. Some reports noted he claimed to now hold “zero shares” since July of the previous year.

However, Bloomberg’s story was based on a corporate filing — an annual return lodged with the Companies Commission of Malaysia (SSM) showing Azam’s name as a shareholder at a certain date. The article framed this as a “return to the stock market,” prompting questions about why the corporate record still showed his name if the shares were already sold and declared.

Past controversy and broader political reactions

The article recalls that Azam’s shareholding issue was not new; past allegations about conflicting share ownership rules for civil servants once led to public demands for his resignation. Even now, despite his explanations, the fallout remains significant because of his role leading the principal anti-corruption agency.

Several public figures and anti-corruption advocates urged that Azam be suspended to allow an independent investigation, while the Malaysian Prime Minister rejected calls to remove him, saying there was no basis for dismissal given his ongoing anti-corruption work.

Allegations of corporate influence involving Victor Chin

The article links Velocity Capital Partner Bhd and MMAG Holdings Bhd to businessman Victor Chin Boon Long, alleging a network of corporate maneuvers — including past takeovers of listed companies — that some view as indicative of a “corporate mafia.” It argues these networks allegedly operate with immunity despite investigations by authorities such as the Inland Revenue Board and Securities Commission.

According to past Corporate Secret reporting, Victor Chin and his affiliates allegedly used listed entities to acquire control of other companies and were rarely held accountable by regulators.

The piece also references ongoing controversies — for example, the control of NexG Bhd and other firms, alleged misuse of corporate structures for insider benefits, and a wider pattern of influence — suggesting these issues intersect with current scrutiny of Azam’s past shareholding.

The article concludes by noting that the timing of these disclosures — and Azam’s legal challenge against Bloomberg — is likely to fuel further revelations and public debate.