By INS Contributors

KUALA LUMPUR, Malaysia: NexG Bhd Chief Executive Officer (CEO), Datuk Abu Hanifah Noordin must take responsibility to come forward to provide an explanation regarding the RM303.7 million expenditure between November 2024 and September 2025, which is when Victor Chin Boon Long became the company's Chief Operating Officer (COO).

Malaysian Corruption Watch (MCW) President, Jais Abdul Karim said that, as the company's top leader, he is obliged to come forward to provide a transparent, comprehensive and factual explanation.

He said that Victor Chin's absence cannot and should not be used as an excuse to delay the explanation to the public, especially to shareholders and investors.

“The principle of corporate accountability is clear, responsibility does not stop with the individual under investigation, but encompasses the entire leadership structure of the company.

“Any large-scale expenditure that raises public questions must be explained professionally, including details of the use of funds, approval processes, internal controls and parties involved in decision-making,” he said in a statement today.

Jais said that his party views seriously the latest development that saw Victor Chin allegedly leave the country while the investigation was ongoing.

If this is true, he said, it raises serious questions about the level of legal compliance, the company’s internal controls and the effectiveness of the authorities’ monitoring mechanisms.

“The NexG issue is no longer an internal company issue or a normal corporate dispute. It has developed into a national issue that affects investor confidence, the reputation of the Malaysian capital market, and the perception of the integrity of the country’s corporate governance.

“The absence of certain individuals cannot deny shareholders the right to know the truth. Failure to provide an explanation will only increase speculation and undermine market confidence,” he said.

At the same time, he said, all major financial decisions in listed companies involve multiple layers of approval, hence, responsibility cannot be concentrated on one individual.

He explained that fairness to investors, including retail and institutional investors, is the foundation of capital market stability and they deserve clear and transparent explanations.

“MCW urges that the Royal Malaysian Police (PDRM), Securities Commission Malaysia (SC), Bank Negara Malaysia (BNM) and the Malaysian Anti-Corruption Commission (MACC) strengthen cooperation in investigating the entire chain of transactions and corporate governance.

“If there is any attempt to protect any party through corporate structure or governance weaknesses, firm action must be taken,” he said.