Wong Chen
Yesterday, I was at Malaysia Debt Ventures to chair what turned out to be my final board meeting at MDV.
Just before the meeting began at 10:00, the management informed me that they had received a letter from the Ministry of Finance (MoF) dated 25 May, instructing them to end my non-executive chairmanship with immediate effect from 31 May.
They didn’t even bother to address the letter to me. Not even a phone call or an explanation for ending my tenure.
This entire MDV experience will merit a big chapter in my future memoirs. Here is a summarised version.
An unwanted posting
I was very reluctant to accept the post in May 2023. I had taken a principled stand that an MP should not serve in a government-linked company. I had not asked for the role but was directed to report for duty by the prime Minister: go and clean up the mess.
What I found was a government financial institution in a troubled state. The institution had recorded RM18.6m in losses in 2022, and by the end of 2023 those losses had widened to RM56.6m. Staff attrition was not good and morale was low.
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My task as the new non-executive chairman was clear: provide governance leadership.
Cutting out the noise
The very first thing I did was to cut out the undue influence of politicians and people in power.
I did not return calls and WhatsApp messages from people of influence. Instead, I asked them to write me a formal letter if they had a request.
Nobody did – and after six months, nobody bothered me anymore.
After my first full year as chairman, MDV recorded a modest profit of RM3.4m in 2024. We had steered the institution back into profitability. We then built on that with stronger governance structures.
For the financial year 2025, we improved our profitability significantly, more than doubling our 2024 profits. I am not at liberty to disclose the actual 2025 figures until the official annual report is published.
Sensing we had found a formula that worked, we launched our Integrity Day on 11 March 2026 with concrete initiatives to reinforce a zero-tolerance policy against corruption and a commitment to stricter internal compliance and transparency.
No regrets
Yesterday’s abrupt end to my tenure will probably go down in corporate history as a curious anomaly. For helping turn around a government financial institution, I got the boot.
But I have absolutely no regrets. My three-year stint was a most wonderful experience. I was part of an MDV family that showed incredible bravery and resilience – and proved that with the right governance structures, an institution can bounce back. And bounce back we did.
The MDV recovery also shows that with the right governance structures, all government-linked firms and government-linked investment companies can do the same.
Thank you to my MDV family. It has been a deep honour to have served alongside you.
Wong Chen is the MP for Subang.
The views expressed in Aliran's media statements and the NGO statements we have endorsed reflect Aliran's official stand. Views and opinions expressed in other pieces published here do not necessarily reflect Aliran's official position.
- Tegakkan maruah serta kualiti kehidupan rakyat
- Galakkan pembangunan saksama, lestari serta tangani krisis alam sekitar
- Raikan kerencaman dan keterangkuman
- Selamatkan demokrasi dan angkatkan keluhuran undang-undang
- Lawan rasuah dan kronisme
Thank you Wong Chen. You have done your best . Each rakyat must do her/ his part to demand integrity. Hidup Rakyat.
Hebat INTERGRITI ..
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