MACC probing duo in connection with IJM takeover bid

 MACC chief Abd Halim Aman says the proposed share acquisition itself was carried out in accordance with legal and regulatory frameworks.

MACC confirmed that its probe into IJM chairman Krishnan Tan had been closed, but said it had found elements involving two people that could be investigated under the MACC Act and Amla.

SHAH ALAM:

Two investigation papers involving the voluntary acquisition of IJM Corporation Bhd by Sunway Bhd remain active following the discovery of elements related to alleged irregularities in the matter.

Malaysian Anti-Corruption Commission chief Abd Halim Aman said an investigation found elements involving two people that could be investigated under the MACC Act and Amla, the law against money laundering, terrorism financing and proceeds of unlawful activities.

So far, MACC has recorded statements from 13 people to assist in the investigation.

Halim confirmed that MACC’s investigation into IJM chairman Krishnan Tan had been closed after finding no element of criminal conduct, misconduct or breaches of corporate governance.

He said the investigation found that the proposed acquisition itself was carried out in accordance with the legal and regulatory frameworks set by the Securities Commission, although the proposal was later cancelled by Sunway.

He also said allegations of a RM2.5 billion money-laundering scheme involving top IJM executives were found to be baseless following joint investigations with Bank Negara Malaysia, the Inland Revenue Board, and the UK’s Serious Fraud Office.

“The investigation found that it involved minor assets in the form of legitimate financial investments through international banking institutions and managed professionally through lawful channels,” he said.

Halim said the Serious Fraud Office also confirmed that it had never conducted any investigation related to the alleged flow of funds. - FMT