Malaysian anti-graft agency opens money laundering probe involving IJM Corp

KUALA LUMPUR – Malaysia’s anti-graft body has confirmed it has questioned nine people as part of an investigation into an alleged 2.5 billion ringgit (S$791 million) money laundering scheme involving builder IJM Corp.

The confirmation of the probe comes just days after rival conglomerate

Sunway announced an RM2.71 billion takeover bid for IJM

, in a deal that could form one of the biggest construction groups in the country.

IJM in a statement said its chairman Krishnan Tan had met the Malaysian Anti-Corruption Commission (MACC) and was cooperating fully with the authorities, as were other company officials questioned.

State news agency Bernama on Jan 20 quoted MACC chief commissioner Azam Baki as saying statements had been taken from the nine people, including two people of interest, to assist in the probe.

Mr Azam, however, declined to provide details into the allegations.

“It is still too early for me to comment on our findings. If there is a case, we will proceed with investigations,” he was quoted as saying.

An MACC spokesperson confirmed the Bernama report when contacted by Reuters.

IJM said it refuted any allegations of money laundering as well as media reports that it was also being investigated by Britain’s Serious Fraud Office.

“We have not been approached and any reports suggesting otherwise are inaccurate,” IJM said in the statement.

IJM said that since 2012, its investments in Britain have been funded primarily through facilities raised from Malaysian financial institutions and remitted to the relevant project special purpose vehicles according to established governance processes.

The company remains committed to upholding strong standards of corporate governance, transparency and integrity, it said, adding that business operations continue as usual. REUTERS