IJM also added that its investments in the UK have been primarily financed through facilities raised from Malaysian financial institutions, with the funds remitted to the relevant special-purpose vehicles in the UK.
“These investments have undergone the company’s established business evaluation and internal governance processes,” it said on Tuesday, as quoted by local media.
“IJM remains committed to upholding strong standards of corporate governance, transparency and integrity.”
The construction group also said that operations remain unaffected by the ongoing inquiries.
On Tuesday, MACC said that it had conducted an investigation involving IJM over issues related to corporate governance, procurement processes, financial transactions and ownership of overseas assets.
On Jan 19, the graft busters’ Special Operations Division conducted investigations involving two individuals from IJM Corp’s top management, according to local media platform, the New Straits Times.
A total of 55 personal and company bank accounts with a total amount of RM15.8 million were frozen as part of the investigation.
The anti-graft agency said that inspections and searches, acting under “Ops Heart”, were carried out at four separate locations, including the residence and office of one of IJM’s top management personnel.
The investigation is also focusing on efforts to trace and seize other assets suspected to have been acquired through money-laundering activities, the New Straits Times reported.
Nine statements have been recorded, including from two of the company’s top management personnel. No arrests were made.
MACC chief commissioner Azam Baki said that the investigation is being carried out under Section 16 of the MACC Act 2009 and Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
The investigation comes just days after IJM emerged as a takeover target for conglomerate Sunway Bhd in a deal valued at about RM11 billion.
Sources cited by Bernama also said that MACC is looking into allegations of share price manipulation, which allegedly occurred when Sunway was in the process of acquiring IJM.
An MACC source said that the anti-graft agency has approached Sunway to assist in its investigation.
Founded in 1983, IJM Corporation Bhd is one of Malaysia’s leading conglomerates with core businesses in construction, property development, industry and infrastructure concessions, according to Malay Mail.
https://www.channelnewsasia.com/asia/malaysia-ijm-money-laundering-corruption-uk-serious-fraud-office-5873146
