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WITHOUT doubt, the Malaysian Anti-Corruption Commission (MACC) and the police have stamped their mark on the fight against corruption, going after many people who have reaped millions from illicit activities.

The fact that MACC has seized assets worth RM34.1 billion over the last five years and forfeited another RM28 billion over the same period shows the extent of corruption in the country.

Almost weekly, there has been news of people being picked up for alleged corruption. 

Corporate figures and even scrap metal dealers have been questioned for allegedly giving bribes and evading taxes.

There is no let up by the police force either. An example is the high-profile investigation into the MBI scam, where thousands of investors were cheated of several hundred million ringgit.

Seven years after the collapse of the MBI pyramid scheme, the Anti-Money Laundering (AMLA) unit of the police has picked up several suspects and appears to have taken control of some assets.

News of raids and investigations often draws significant attention and affects stock prices. 

The fear among corporate figures of MACC’s clout and the police’s AMLA unit is real.

While it is good that there is now greater awareness that corrupt practices are under close scrutiny, this oversight should not disrupt the business environment.

More importantly, the investigations must be seen as justified and yield results. There should be no doubt that the law will take its course.

A few years ago, there were expectations that we would witness a grand sweep against corruption and other illicit activities that cause leakages amounting to millions of ringgit. It was viewed as the dawn of a new Malaysia.

Yet, over the years, as more and more cases emerge, the optimism appears to be fading. 

There are several reasons for this change of perception.

First, there is the lengthy process of translating high-profile cases into prosecution in the courts.

One that comes to mind is MACC’s showcasing of about RM180 million in cash and valuables seized from four officials associated with former prime minister Datuk Seri Ismail Sabri Yaakob. No one has been charged so far.

A far bigger case that continues to confound Malaysians is the mystery of Low Taek Jho @ Jho Low’s whereabouts. Jho Low, the mastermind of the colossal losses at 1Malaysia Development Bhd (1MDB), was last reported to be in Shanghai, purportedly sheltering behind a fake Australian passport.

The Malaysian police are still unable to apprehend Jho Low or four of his associates, however, and the mystery has remained unsolved for seven years now.

Then, there is the case of Datin Seri Pamela Ling, who went missing on April 9 last year. 

The police have questioned 48 individuals, including four MACC officers, and still have no clue about where she is. 

Ling, who was going through a divorce from her businessman husband, was abducted outside the MACC headquarters in Putrajaya.

She was on her way there to answer questions about the business affairs of her husband that purportedly ran afoul of Malaysian laws.

Second, even when cases are brought to the courts, they do not get to the hearing stage. In many instances, the prosecution drops the case for reasons known only to them.

The most damaging case to the Malaysian capital markets was the criminal suit against five executives of Serba Dinamik Bhd in December 2021. 

They were slapped with criminal charges for furnishing false information in relation to the revenues of the company.

Following Serba Dinamik’s representation to the Attorney General’s Chambers (AGC), the attorney general on April 7, 2022, agreed for all the charges to be compounded for a total of RM16 million.

Several top officials from the Securities Commission Malaysia resigned after the episode, which caused banks and investors huge losses. Until today, the episode remains a black mark on the oil and gas industry.

Several other high-profile cases, particularly involving politicians, have ended without convictions. 

Notably, Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi was discharged of charges related to corruption and money laundering.

Bersatu’s Segambut deputy division chief, Adam Radlan Adam Muhammad, was also discharged of all 12 charges of corruption and money laundering, following his representation to the AGC and the payment of a compound of RM4.1 million.

He faced criminal charges but managed to walk free after paying a compound.

Adam Radlan was among several people charged in relation to the Jana Wibawa programme that was undertaken during the tenure of Tan Sri Muhyiddin Yassin as prime minister.

Going by the outcome of Adam Radlan’s case, would others facing criminal charges related to the Jana Wibawa programme also be allowed to pay a compound and walk free?   

Last February, the executive chairman of Able Global Group Bhd, Ng Keng Hoe, was charged with dishonest misappropriation of property of a private company. It caused a jolt to the share price of the food and beverage company.

He was discharged and acquitted. Again, the reasons are not known.

Finally, hardly any big names have been charged in court in the last two years apart from the late Tun Daim Zainuddin.

Tan Sri Robert Tan Hua Choon, a close associate of Daim’s, was charged earlier  with allegedly furnishing false information in relation to a contract to maintain government vehicles.

MACC started investigations into Maju Holdings Sdn Bhd’s owner, Tan Sri Abu Sahid Mohamed.

The raid on his house was attention-grabbing. Malaysia ranked 57th among 180 countries in the Corruption Perceptions Index (CPI) in 2024. The ranking was unchanged from 2023. Our objective is to break into the top 25 by 2033. 

For that to happen, Transparency International Malaysia proposes that the country undertake institutional reforms.

But are institutional reforms alone enough?  Surely not. What matters are fair and just investigations into corruption and illicit activities that ultimately lead to convictions.

M Shanmugam is a contributing editor at The Edge. (m.shanmugam@bizedge.com) 

The views expressed here are the views of the writer and do not necessarily reflect those of the Daily Express. If you have something to share, write to us at: Forum@dailyexpress.com.my