KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) is probing IJM Corporation over an alleged money laundering scheme involving RM2.5 billion.
IJM chairman Tan Sri Krishnan Tan Boon Seng and and company advisor Seow Wah Chong have been identified as persons of interest.
However, it understood that both executives are not in the country at the moment.
The probe follows an investigation by the United Kingdom’s Serious Fraud Office (SFO) into suspected money laundering and corruption linked to multi-billion-ringgit investment transactions involving the two executives.
A source within MACC revealed to Scoop that there in the midst of info gathering and have not officially began an investigation.
It is also believed that MACC is also examining possible share price manipulation in connection with the case.
The investigation could potentially derail Sunway Group’s proposed RM11.5 billion takeover of IJM.
The source also told Scoop that Sunway has been approached to assist with the ongoing investigations.
The two construction firms recently announced a merger, with Sunway set to acquire IJM in a deal valued at RM11.5 billion.
However, the proposed takeover has raised concerns within corporate Malaysia over the creation of a mega construction entity.
Key issues include the potential dilution of Bumiputera shareholding, whether IJM is receiving fair value, and whether there were any instances of share price manipulation.
Additionally, 47.1% of IJM shares are held by institutional investors, including the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), Retirement Fund Inc (KWAP), Tabung Haji, and the Lembaga Tabung Angkatan Tentera (LTAT). – January 19, 2026