PKR MP Wong Chen Removed as MDV Chairman Effective May 31

KUALA LUMPUR, May 2026 — PKR lawmaker Wong Chen has confirmed that his tenure as non-executive chairman of Malaysia Debt Ventures Berhad, or MDV, will be terminated effective May 31.

The Subang MP said he was informed by MDV management shortly before chairing a board meeting on Tuesday that the company had received a letter from the Finance Ministry regarding the termination of his chairmanship. According to reports, the letter was dated May 25 and instructed management to end his role effective May 31.

Wong described the move as sudden and expressed disappointment over the way the matter was handled. He said the ministry did not address the letter directly to him and claimed that he did not receive a phone call or explanation before the decision was made.

The PKR MP said the decision came as a surprise because he believed MDV had shown signs of recovery under his leadership. He said he had chaired what would become his final board meeting shortly after being informed of the ministry’s instruction.

Wong was appointed as MDV’s non-executive chairman in May 2023. MDV’s own announcement at the time said his appointment took effect on May 23, 2023, succeeding Khairul Azwan Harun, whose term had ended in December 2022.

Malaysia Debt Ventures is a government-linked financial institution under the Minister of Finance and an agency under the purview of the Ministry of Science, Technology and Innovation. It plays a role in supporting financing for technology, innovation and growth-stage companies in Malaysia.

Wong said he was initially reluctant to accept the chairmanship because of his political position that members of parliament should not serve in government-linked companies. However, he said he eventually accepted the appointment after being directed to report for duty and help improve the institution.

According to Wong, MDV was in a troubled financial condition when he took over. He said the institution recorded losses of RM18.6 million in 2022, which widened to RM56.6 million for the financial year ended 2023. He also cited low staff morale and high attrition as among the issues faced at the time.

Wong said his main focus as chairman was to strengthen governance and protect the institution from political interference. He claimed that he implemented a strict approach in dealing with requests from influential individuals, asking them to submit formal letters instead of making informal calls or messages.

He said the governance approach helped MDV return to profitability in 2024, recording a modest profit of RM3.4 million. He also claimed that the institution’s performance improved further in the 2025 financial year, although the exact figure has not been released because the official annual report is still pending.

The removal has drawn attention because Wong is not only a government backbench MP but also a senior PKR figure who has often spoken on governance, finance and institutional reform.

His sudden exit from MDV also comes amid wider public debate over political appointments in government-linked companies. In Malaysia, appointments to GLCs have often attracted scrutiny because they involve questions of governance, political influence and public accountability.

For Wong, the issue appears to be framed around governance and institutional independence. He said MDV’s recovery showed that government-linked companies and government-linked investment companies could improve when proper governance structures were put in place.

Despite the abrupt end to his chairmanship, Wong said he had no regrets over his time at MDV and described the opportunity to serve with the institution as meaningful. He also thanked the MDV team for their work during his tenure.

The Finance Ministry has not been reported as giving a detailed public explanation for the termination in the same reports. As of the latest available information, the decision remains based on the ministry’s letter to MDV management and Wong’s public statement on the matter.

The development is likely to remain politically sensitive because it involves a sitting PKR MP, a government-linked financial institution and the Finance Ministry, which is central to Malaysia’s economic administration.

Wong’s removal may also raise further discussion about whether MPs should hold positions in GLCs, and whether such appointments should be based on political trust, professional capability, governance outcomes or a combination of all three.

For now, Wong Chen’s tenure as MDV chairman is set to end on May 31, marking the close of a three-year period that he says was focused on governance reform and financial recovery.