The Malaysian Anti-Corruption Commission (MACC) has raided the offices of IJM Corp Bhd and frozen 55 bank accounts involving approximately RM15.8 million as part of an investigation into alleged money laundering amounting to RM2.5 billion.
According to Berita Harian, a source said MACC conducted searches at four locations yesterday, including private residences and offices linked to the construction, property development, infrastructure and industrial conglomerate.
The source said the raids followed investigations by MACC’s special operations division into two members of IJM’s top management.
“MACC is investigating the conglomerate over matters involving corporate governance, procurement procedures, financial transactions and the ownership of overseas assets estimated at around RM2.5 billion,” the source said.
MACC chief commissioner Azam Baki confirmed that the investigation is being carried out under Section 16 of the MACC Act 2009 and Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
IJM confirmed last week that officers from MACC and the Inland Revenue Board had visited its office to obtain information as part of their investigations.
Yesterday, MACC said nine individuals, including two senior IJM executives, had been called in to record their statements at the commission’s headquarters in Putrajaya.
The anti-graft agency is also reportedly examining the possibility of share price manipulation linked to the alleged money-laundering case.
The investigation could potentially affect Sunway Bhd’s proposed acquisition of IJM through a cash-and-shares deal valued at more than RM11 billion.
In a filing with Bursa Malaysia last week, Sunway said it had issued a notice of its conditional voluntary takeover offer to the IJM board, proposing to acquire all 3.5 billion IJM shares at RM3.15 per share.
