KUALA LUMPUR – Several corporate and individual accounts tied to IJM Corporation Bhd and its executives have been frozen, as part of the Malaysian Anti-Corruption Commission’s (MACC) investigation into an alleged RM2.5 billion money laundering scheme.
A source close to the matter confirmed the action, stating that the freezing of the accounts was a significant step in the ongoing investigation.
The accounts of multiple executives within the company, including senior management, have also been targeted. However, the exact number and identities of those affected have not been disclosed.
“Several corporate accounts and individual accounts of several executives have been frozen,” the source told Scoop.
Scoop has reached out to MACC for official confirmation regarding the account freezes, but no statement has been received as of press time.
MACC Chief Commissioner Tan Sri Azam Baki had previously confirmed that nine individuals, including two top IJM executives, were being questioned as part of the probe.
The investigation, which started just yesterday, has seen a significant development, with the freezing of key accounts, which is believed to be a measure to prevent the movement of potentially illicit funds.
“We are indeed conducting investigations into several allegations involving this sector; however, we only commenced the probe yesterday. It is still too early for me to comment on our findings. If there is a case, we will proceed with investigations,” Azam said earlier.
Despite the escalating probe, Azam reassured the public that no arrests would be made for the time being. He urged against speculation that could hinder the investigation, warning that too much inaccurate information had already circulated on various blogs.
“Give us time to investigate. This case involves corporate issues, so we need time to study the documents and such. Do not speculate; too much has been published on various blogs, with some making inaccurate claims,” he added.
In a Bursa Malaysia filing, IJM confirmed that officers from MACC and the Inland Revenue Board (LHDN) had visited its offices to gather information. The company assured investors that its operations were unaffected and that it was fully cooperating with the authorities.
“IJM is committed to upholding strong standards of corporate governance, transparency, and integrity,” the company stated. “We will continue to monitor the development of this matter and will make timely disclosures should there be any material updates.”
The investigation has already taken a toll on IJM’s stock market performance, with shares plummeting by as much as 16.4% on January 19, hitting a three-month low. The stock later pared losses, closing at RM2.65, down 5.36% from the previous day.
The money laundering probe follows an ongoing investigation by the UK’s Serious Fraud Office (SFO) into suspected financial misconduct linked to IJM’s top executives, Tan Sri Krishnan Tan Boon Seng and company adviser Seow Wah Chong. Both have been identified as persons of interest, but it is understood that they are currently outside the country.
The investigation also casts a shadow over Sunway Group’s proposed RM11.5 billion takeover of IJM, with concerns over potential share price manipulation now at the forefront. MACC is reportedly working closely with Sunway on the case. – January 20, 2026