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Wong Chen, the member of parliament for Subang, was removed as chairman of Malaysia Debt Ventures (MDV) effective 31 May — five days after the Ministry of Finance (MoF) issued a termination letter to the state-owned lender’s management.
No letter was addressed to Wong Chen directly.
No phone call was made.
MDV is a government-owned development financial institution under the Ministry of Finance that provides financing to technology and innovation companies.
Appointing ruling coalition MPs to chair or sit on boards of such institutions is a common practice in Malaysia, serving both as a reward for political loyalty and as a channel for government oversight of state-linked entities.
A Turnaround, Then a Termination
The removal came days after his office lost access to MyKhas, a government portal used to process community fund applications for schools and residents in his constituency.
When his staff contacted the Implementation Coordination Unit (ICU) under the Prime Minister’s Department, they were verbally told that access had been blocked on orders from Putrajaya, and no written explanation was provided.
Wong Chen said he checked with other PKR MPs in Selangor — all of them retained full access to the same portal.
His office was allegedly the only one blocked.
Experience Put to Work
Wong Chen was appointed as the new chairman of MDV because he brings over 22 years of experience as a corporate lawyer specialising in Information Technology law and mergers & acquisitions
MDV had recorded losses of RM56.6 million in 2023, the year he took over as non-executive chairman.
By 2024, the institution returned to profit, and profits grew further in 2025.
In March, MDV launched an Integrity Day centred on anti-corruption and compliance commitments.
READ MORE: Subang MP Cut Off From Government Funding Portal, Alleges He Is Being Singled Out
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