After govt funds portal ban, Subang MP now removed as Malaysia Debt Ventures chair

Subang MP Wong Chen has been removed as the non-executive chairperson of Malaysia Debt Ventures (MDV).

In a Facebook post today, the PKR lawmaker said he was only informed about the end of his stint when he was about to chair MDV's board meeting at 10am yesterday.

He said the matter was conveyed to him by MDV's management after receiving a letter from the Finance Ministry dated May 25, 2026, with instructions to end his role effective May 31, 2026.

Wong (above) claimed that the ministry did not address the letter to him, contact him by phone, or provide any explanation for the termination of his tenure.

"Yesterday's abrupt end of 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 from the ministry with just five days’ notice.

“But I absolutely have no regrets. My short three-year stint was a most wonderful experience.

"I was part of the MDV family that showed incredible bravery and resilience and proved that with the right governance structures, we can bounce back. And we did. The MDV recovery also proves that with the right governance structures, all GLCs and GLICs can do the same.

"Thank you to my MDV family, it has been a deep honour to have served alongside you," Wong posted.

He added that he was initially "very reluctant" to accept the post in May 2023, following his stand that an MP should not serve in a GLC.

‘Clean up the mess’

Wong said that although he did not ask for the role, he was directed by Prime Minister Anwar Ibrahim to "go and clean up the mess".

"Then I found out that I had inherited a government financial institution in a troubled state. The bank had recorded RM18.6 million in losses in 2022, and for the year ended 2023, the losses widened to RM56.6 million.

“Our attrition rate was not good, with morale at a low. My task as the new non-executive chairperson was clear: to provide governance leadership," he said, recalling his initial days at MDV.

Wong said that the very first thing he did was cut out the undue influence of politicians and people in power, and that he also did not return calls and WhatsApp messages from influential individuals.

Instead, he said he asked them to submit formal letters for any requests.

"Nobody did, and after six months, nobody bothered me anymore.

"After my first full year as chairperson, in 2024, we recorded a modest profit of RM3.4 million. We had managed to steer the bank back into profitability. We then piled on even more and better 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 profits until the official annual report is out)," he added.

Wong said that after noticing MDV was improving through certain reforms, the “Integrity Day” was rolled out on March 11, 2026, with a strict zero-tolerance stance on corruption and a stronger focus on internal compliance rules and transparency.

Malaysiakini has contacted the press officers of Anwar, who is also finance minister, and Second Finance Minister Amir Hamzah Azizan, to seek the ministry’s response to Wong’s post, and is awaiting replies.

Banned from accessing MyKhas

The latest development concerning Wong comes after he lost access to the MyKhas online portal, a system under the Prime Minister’s Department (PMD) used to manage constituency development allocations, among other functions.

As of yesterday, Wong told Malaysiakini that the situation remained unchanged.

This is despite raising the issue with PMD’s Implementation Coordination Unit (ICU) shortly after the issue was detected on May 20.

Wong added that he has not received any response from the ICU and will hold a press conference on Friday to discuss the issue further.

He said that a check with other government backbenchers in Selangor, including the PKR MPs who also attended Rafizi Ramli and Nik Nazmi Nik Ahmad’s Bersama party launch with him on May 17, revealed that they still could access the MyKhas portal.

When contacted for a follow-up, the ICU told Malaysiakini that it would not issue any statement on Wong's case.

Malaysiakini also contacted Dewan Rakyat speaker Johari Abdul for comment and clarification on how Wong may pursue his case in Parliament.

Johari said the matter would be best handled between Wong, the executive and the government agency involved.

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