IJM says MACC probe only involves individuals linked to firm

2026-03-24 - 10:20

IJM came under scrutiny after a January raid on its offices and the freezing of bank accounts linked to an alleged RM2.5 billion money-laundering and overseas asset transactions. PETALING JAYA: IJM Corporation Bhd has clarified that the Malaysian Anti-Corruption Commission’s ongoing investigation concerns people linked to the company and not IJM as a corporate entity. In a filing with Bursa Malaysia, IJM said it received a letter from MACC clarifying that the probe is “confined to several individuals associated with IJM, and not the company itself.” The clarification comes after months of scrutiny following a January raid on IJM’s offices and the freezing of several personal and company bank accounts. The anti-graft agency has opened three investigation papers focusing on corporate governance, procurement processes, financial transactions and the ownership of overseas assets estimated at RM2.5 billion. IJM has denied the money laundering allegations levelled against two individuals linked to it, including its chairman. It also said it was unaware of an investigation by UK authorities. The investigation also comes amid Sunway Bhd’s conditional voluntary takeover offer for all 3.51 billion IJM shares at RM3.15 per share, which, if fully accepted, would total around RM11 billion, to be satisfied with a combination of cash and new Sunway shares. The proposed acquisition is expected to be completed by the third quarter of 2026 if it proceeds.