Azam confirms UK authorities probing IJM

The MACC chief commissioner says the anti-graft agency will assist the UK's Serious Fraud Office in completing their investigation.

MACC chief commissioner Azam Baki said UK’s Serious Fraud Office had informed MACC about alleged issues in IJM involving corporate governance, procurement processes, financial transactions, and the ownership of assets overseas estimated at about RM2.5 billion.

PETALING JAYA:

 Malaysian Anti-Corruption Commission chief commissioner Azam Baki has confirmed that UK authorities are also investigating Malaysian conglomerate IJM Corp Bhd.

Azam said MACC was in fact informed by the UK’s Serious Fraud Office (SFO) about alleged issues in IJM involving corporate governance, procurement processes, financial transactions, and the ownership of assets overseas estimated at about RM2.5 billion.

“As the national agency tasked with investigating corruption, abuse of power and financial crimes, we will also assist (the SFO) in completing their (investigation) process,” he said, according to Sinar Harian.

MACC had summoned nine people, including two top IJM executives, to give their statements over allegations of a RM2.5 billion money laundering scheme. No arrests have been made so far.

The anti-graft agency is also said to be looking into the possibility of share price manipulation in connection with the money laundering case.

On Tuesday, IJM said it was not aware of any corruption or money laundering investigation launched by the SFO, adding that neither the company nor its associates in the UK were aware of this.

It also denied money laundering allegations levelled against two individuals linked to the company, including its chairman Krishnan Tan.

It pledged full cooperation with the authorities in their probe and maintained that its investments in the UK underwent the company’s established business evaluation and internal governance processes. - FMT