IJM says MACC probe only involves individuals linked to firm

 The company says the anti-graft agency has sent a letter clarifying the scope of its investigation.

IJM came under scrutiny after a January raid on its offices and the freezing of bank accounts linked to an alleged RM2.5 billion money-laundering and overseas asset transactions.

PETALING JAYA:

 IJM Corporation Bhd has clarified that the Malaysian Anti-Corruption Commission’s ongoing investigation concerns people linked to the company and not IJM as a corporate entity.

In a filing with Bursa Malaysia, IJM said it received a letter from MACC clarifying that the probe is “confined to several individuals associated with IJM, and not the company itself”.

The clarification comes after months of scrutiny following a January raid on IJM’s offices and the freezing of several personal and company bank accounts.

The anti-graft agency has opened three investigation papers focussing on corporate governance, procurement processes, financial transactions and the ownership of overseas assets estimated at RM2.5 billion.

IJM has denied the money laundering allegations levelled against two individuals linked to it, including its chairman. It also said it was unaware of an investigation by UK authorities.

It was said the case could derail Sunway Bhd’s proposed acquisition of IJM, but the company later said it was going ahead with its offer.

Earlier this month, Permodalan Nasional Bhd (PNB), IJM’s second-largest shareholder, decided not to accept Sunway’s voluntary takeover offer for its 13.5% stake in the conglomerate.

Sunway needs to obtain 50% plus one share equity interest in IJM for its takeover offer to take effect.

However, Sunway requires 90% shareholder approval to compulsorily delist IJM and take it private — a threshold unattainable with PNB rejecting the deal.

IJM is essentially owned by various institutional funds, with its biggest shareholder being EPF with a 16.8% stake. - FMT