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Construction Giant Faces Massive RM2.5 Billion Money Laundering Investigation Amid Market Turmoil.
Malaysia's anti-corruption agency has begun a large-scale investigation into IJM Corporation, which has sent shockwaves throughout both the construction industry and stock markets. Like many of today's other top-grossing businesses, IJM is being investigated by the Malaysian Anti-Corruption Commission (MACC) for an alleged US$617 million (2.5 billion) money laundering case, which has affected the company's stock price significantly. This investigation is based on information that has led to several high profile members associated with IJM facing inquiries, including at least one member from the top management team who holds a prestigious Tan Sri title, along with at least one company advisor; both are currently believed to be located outside of Malaysia.
MACC Chief Commissioner Azam Baki indicated that further information would be made available regarding these ongoing investigations as they continue to be conducted. The MACC is currently collecting data on IJM's operations at its Malaysian based headquarters. Because of this situation, there were immediate adverse repercussions on IJM's stock price. Compounding these problems is news that the UK's Serious Fraud Office (SFO) has now opened an investigation into the activities of IJM relating to alleged money laundering and corruption in connection to multi-billion ringgit investment deals.
There are reports that the MACC has further launched an investigation into possible manipulation of IJM's share prices during the planned acquisition of Sunway. The current situation reflects a watershed moment for corporate accountability in Malaysia and demonstrates the heightened awareness of and scrutiny on high profile corporate transactions, as well as potential financial misconducts.
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