KUALA LUMPUR — Towards the end of 2022, following the conclusion of a Malaysian Anti-Corruption Commission (MACC) investigation into lingerie firm Classita Holdings Bhd, which resulted in no prosecution - the wife of Victor Chin Boon Long, Chan Swee Ying, emerged as a substantial shareholder in the company.
Chin has since come under public scrutiny after a Bloomberg report alleged the existence of a so-called “corporate mafia” in Malaysia, purportedly leveraging MACC investigations to pressure corporate takeovers.
He has denied any involvement in wrongdoing or misappropriation of funds linked to Classita.
Despite his denials, earlier reports on the movement of his spouse’s shares in Classita suggest possible links between Chin and her eventual financial gains through questionable transactions.
Chin, who is believed to be in the UK, has been urged to return to help in investigations into his claims.
However, the self-styled "whistleblower" has instead been making claims targeting politicians and senior civil servants.
According to reports, Chan held 303.9 million shares (a 24.59% stake) in Classita before selling them to Hong Seng Consolidated Bhd in 2023 for RM182.07 million, a company allegedly linked to her husband.
The movement of Classita shares did not end there. In August 2025, NexG Bhd, where Chin served as Chief Operating Officer (COO) acquired a 32.61% equity stake and 414.31 million warrants in the lingerie company for RM 76.78 million.
Chin’s Role at NexG and Questionable Acquisitions
Reports remain unclear on when Chin formally assumed his role at NexG, a company holding RM2.46 billion in contracts to produce MyKad and biometric passport booklets. However, Chin stated that he joined at the invitation of NexG’s executive chairman, Datuk Abu Hanifah Nordin.
According to Chin, he was brought in to strengthen NexG’s strategic direction and position the company for long-term growth.
However, in November 2024, NexG spent RM40 million to acquire a 51% stake in tech firm Innov8tif Sdn Bhd from Revenue Group, which was another company allegedly linked to Chin’s associates.
The acquisition raised eyebrows, as Innov8tif was only two years old at the time and reported a profit after tax of less than RM2 million.
In March 2025, NexG spent RM88 million, which was more than double the Innov8tif acquisition for a 9.53% stake in MMAG Holdings Bhd.
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According to The Edge, MMAG, an integrated supply chain management firm, was previously under Chin’s control.
More notably, the stake was purchased from Chan Swee Ying, Chin’s wife.
Despite the RM88 million investment, the stake’s value has since plunged dramatically. Within a year, it is estimated to be worth only RM7 million to RM8 million.
Questionable Corporate Loans
Beyond equity acquisitions, capital also flowed out of NexG through money lending activities via its subsidiary, MMR Capital Sdn Bhd, which was incorporated in 2023 and licensed under the Moneylenders Act 1951.
Between July and September 2025, MMR Capital received approximately RM98 million from NexG.
According to a Bursa filing, the funds were disbursed as secured term loans to various borrowers described only as “non-related parties.”
Concerns arose over the adequacy of collateral, particularly for the largest loan of RM50 million, which was backed by collateral valued at just RM45.5 million.
Chin’s Exit and NexG’s Mounting Losses
In September 2025, Chin stepped down as COO of NexG. The following month saw four board members resign within a single week.
For the third quarter ended December 31, 2025, NexG reported a net loss of RM130.88 million.
The losses were largely attributed to a RM145.6 million fair value decline in investments in Classita, MMAG, and Innov8tif.
NexG’s share price has also suffered significantly, falling from above 50 sen to around 26 sen as of March 2026.
Ongoing Controversy
Since his departure, Chin has remained in the spotlight. In a series of statements and interviews, he has alleged that elements of a “corporate mafia” extend beyond business circles into senior levels of government and enforcement.
He claimed that individuals holding or formerly holding high-ranking public offices, including a former Inspector-General of Police and other senior civil servants were connected to or aware of corporate manoeuvres involving listed companies.
Nevertheless, Chin has denied being part of any such network, instead portraying himself as a victim. He has called on authorities to investigate what he describes as abuses of power and interference by influential figures.
More recently, Chin, currently overseas, alleged that he paid RM9.5 million to a PKR lawmaker who had promised to resolve issues related to investigations against him. - March 29, 2026
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