KUALA LUMPUR – UK authorities have launched an investigation into IJM Corporation, focusing on corporate governance issues, procurement processes, financial transactions, and foreign asset ownership worth an estimated RM2.5 billion.
This was confirmed by Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki in Kota Bharu, Kelantan, on Thursday, as reported by Sinar Harian.
“We received information from the authorities, specifically the UK’s Serious Fraud Office (SFO),” he said.
“As an agency responsible for investigating corruption, abuse of power, and financial crimes in the country, we are assisting the authorities in completing this process,” he added during a press conference.
Earlier, Baki officiated the Cakna Rasuah: SPRM Bersama Media Zon Timur programme at the Grand Riverview Hotel.
He also confirmed that MACC had received a request from UK authorities to support the investigation.
Previously, it was reported that MACC had initiated an investigation into IJM Corporation concerning alleged corporate governance breaches, procurement irregularities, financial transactions, and foreign asset ownership valued at approximately RM2.5 billion.
Sources revealed that the investigation team, under Operation Heart, had conducted searches at four separate locations, including the residence and office of a senior IJM executive.
“Meanwhile, MACC has frozen 55 personal and company-related bank accounts, with an estimated total of RM15.8 million,” Baki said.
“In addition, efforts are underway to trace and seize other assets suspected to have been acquired through money laundering activities,” he continued.
IJM Corporation issued a statement confirming that the freezing of several of its bank accounts by MACC had no impact on its day-to-day business operations.
The company stated that fewer than 10 of its accounts were restricted “to facilitate the process” of the ongoing investigations.
“IJM is cooperating fully with the authorities in accordance with applicable laws and procedures. We remain committed to upholding strong standards of corporate governance, transparency, and integrity,” it said.
IJM had previously denied allegations of money laundering and rejected reports claiming an investigation by UK authorities, particularly regarding an alleged RM2.5 billion money-laundering scheme.
The company clarified that neither it nor its UK affiliates had been contacted by the SFO and reiterated that the allegations were baseless.
The investigation surfaced just days after IJM became a takeover target for Sunway Bhd (KL:SUNWAY), which proposed to acquire the company in a share-and-cash deal valuing it at slightly over RM11 billion.
Sunway Bhd confirmed that its conditional voluntary takeover offer to acquire all 3.51 billion ordinary shares in IJM Corporation Bhd at RM3.15 per share is proceeding, subject to the approval of Sunway’s shareholders at an extraordinary general meeting.
On January 12, Sunway announced a conditional voluntary takeover offer to acquire IJM, with the deal potentially worth RM11 billion, financed through a mix of cash and new Sunway shares. – January 22, 2026