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IN FOCUS: Malaysia corruption dragnet widens.

PM Anwar's 'political payback' threatens to hurt business sentiment. Malaysia’s anti-corruption crackdown is turning into a high-wire political act for Prime Minister Anwar Ibrahim, amid mounting criticism that the campaign smacks more of a witch hunt of former and current political foes

.Anti-graft busters most extensive crackdown on corporate corruption, one has flown under the radar stirred disquiet within country’s clubby corporate banking circles. Late March, Anti-Corruption Commission (MACC) investigators made surprising simultaneous swoops on offices of former finance minister Daim Zainuddin at the prestigious 60-storey Menara Ilham and publicly listed Protasco Bhd, an investment holding company with extensive interests in road maintenance operations throughout Malaysia.
where business & politics have long intertwined & where tycoons from companies listed on M'sian stock exch have News of raid on Protasco, has not surfaced in public until now, quietly spread wildfire in corporate banking sector as it marked first time a listed entity been caught in crosshairs of probe against Daim and his previous political boss, former premier Dr M Mohamad, govt largesse, widening crackdown is stirring unease b'cos of potential pitfalls facing businesses stuck on the wrong side of political divide.

“People are using the word ‘vendetta’ pattern emerging is those close former senior politicians are becoming targeted by new govt, it does not matter how far it goes back,” said chief executive of state-controlled local commercial bank, who declined to be named. He palpable nervousness among many of his corporate clients over the ongoing crackdown.

News of raid on Protasco, has been wildfire in the market, it marked first time listed entity had been caught probe against Daim & his previous political boss, former premier Dr Mahathir Mohamad who is 98 of ages. 

KUALA LUMPUR: Former finance minister Tun Daim Zainuddin and his family has filed a judicial review to challenge Malaysian Anti-Corruption Commission's (MACC) probe into their financial dealings. Applicants claimed anti-graft body has no reasonable cause to investigate them under MACC Act or the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

Court of Appeal denies Daim, family’s judicial review bid to challenge MACC financial probe.
Former finance minister Tun Daim Zainuddin and his family’s appeal was rejected by the Court of Appeal in May 2024.