Wong Chen's role as non-executive chairman of Malaysia Debt Ventures (MDV) ended abruptly on May 31, 2026, following a directive from Malaysia's Ministry of Finance. He was informed of the termination just days earlier, on May 25, prior to a board meeting, with the ministry providing only five days' notice and not addressing the termination letter directly to him [1, 2, 3, 4].

Wong Chen had been appointed MDV chairman in May 2023. Initially reluctant due to his view that MPs should not serve in government-linked companies, he accepted the role on instruction from the prime minister. "I had not asked for the role but was directed to report for duty by the prime minister to go and clean up the mess," he said [1, 2, 4].

Before Wong Chen's chairmanship, MDV faced steep losses of RM18.6 million in 2022 and RM56.6 million in 2023. Wong Chen implemented stricter governance measures, cutting undue political influence within the company. He recalled not returning calls or WhatsApp messages from influential figures, demanding formal written requests instead. "After six months, nobody bothered me anymore," he said [1, 2, 3, 4].

Under his leadership, MDV returned to profitability in 2024 with a reported profit of about RM3.4 to 3.5 million. This improvement accelerated in 2025, with profits more than doubling year-on-year, though exact numbers remain undisclosed. Wong Chen said, "A bank must make money. That is the point of a bank and we have recovered" [1, 2, 3, 4].

In March 2026, MDV launched an Integrity Day to reinforce zero tolerance of corruption and internal compliance, further reflecting governance reforms under Wong Chen [1, 2].

Wong Chen described the termination process as "uncourteous" and a "curious anomaly," adding, "They did not even bother to address the letter to me. Not even a phone call or an explanation for ending my tenure." Despite the sudden removal, he expressed no regrets, calling his experience "an honour" and praising MDV staff's bravery and resilience [1, 3, 4].

Looking ahead, Wong Chen indicated MDV is expected to achieve profits close to RM11 million to RM12 million in 2026 [3].