MACC Sets Eyes On Alleged RM2.5 Billion Fraud At IJM

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The Malaysian Anti-Corruption Commission (MACC) has set IJM Corporation Bhd in its crosshairs after identifying a member of its top management who holds a Tan Sri title, along with a company advisor, as persons of interest in an alleged money laundering investigation involving RM2.5 billion.

According to a Bernama source, the anti-graft commission is still gathering more information related to the allegations against the conglomerate before opening an official investigation.

“The investigation team is in the process of collecting additional details to ascertain the veracity of the claims prior to commencing an official probe,” the source told Bernama.

Earlier, the United Kingdom’s Serious Fraud Office (SFO) was reported to have launched an investigation into alleged money laundering and corruption involving multi-billion ringgit investment transactions linked to the two individuals.

It is understood that both individuals are overseas, and MACC is also examining allegations of share price manipulation.

The alleged manipulation is believed to have taken place during an acquisition exercise

Bernama’s source said that the alleged manipulation of share prices may have taken place when Sunway Group was in the process of acquiring IJM through a transaction valued at RM11 billion.

Previously, it was reported that the proposed merger between the two companies was expected to reshape Malaysia’s property and construction sectors, potentially prompting developers and contractors to enhance their strategies and competitiveness.

Meanwhile, MACC Chief Commissioner Tan Sri Azam Baki confirmed that an investigation into IJM is in progress, and further details will be shared from time to time.

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