KUALA LUMPUR (Jan 21) — IJM Corp Bhd has firmly denied allegations linking the group to money laundering activities, following reports that the Malaysian Anti-Corruption Commission (MACC) is investigating claims involving transactions valued at approximately RM2.5 billion.
In an official statement, the construction and infrastructure conglomerate clarified that it is not under investigation by the United Kingdom’s Serious Fraud Office (SFO), countering media reports that suggested otherwise. IJM stressed that neither the company nor any of its UK-related entities has been contacted by British authorities, describing such claims as inaccurate and misleading.
The group also rejected suggestions that it was involved in illicit financial activities, stating that its overseas investments — particularly in the UK — have been financed through facilities obtained from Malaysian financial institutions since 2012. These funds were subsequently channelled into project-specific vehicles overseas, in line with established internal approval and governance frameworks.
According to reports earlier this week, the MACC had identified a senior executive holding a Tan Sri title, along with an individual described as a “company adviser,” as persons of interest. Other reports had further alleged that UK authorities were examining potential corruption and money laundering linked to large cross-border transactions.
IJM clarified that the individual referred to as a “company adviser” was only engaged on a professional basis for a limited scope of corporate advisory assignments and does not hold an ongoing management role within the group.
The company confirmed that its chairman, Tan Sri Krishnan Tan, has met with MACC officials and that IJM is fully cooperating with the authorities. Other employees who have been asked to provide information are also assisting as required. Despite the ongoing inquiries, IJM emphasised that its day-to-day business activities continue without disruption.
“Operations across our construction, infrastructure, and property segments remain normal,” the group said, reiterating its commitment to transparency, strong corporate governance, and ethical business practices — values that are particularly important in large-scale developments involving commercial property in KL, infrastructure assets, and urban regeneration projects.
From a market perspective, IJM’s share price remained under pressure following the news. After a sharp decline a day earlier, the stock touched an intraday low before recovering slightly to close lower on the day. Trading activity was heavy, placing IJM among the most actively traded counters on Bursa Malaysia, with the group’s market capitalisation standing at approximately RM9.37 billion.
As one of Malaysia’s key players in infrastructure and property development, IJM’s performance and governance standards continue to be closely watched by investors involved in industrial land in Selangor, industrial property in the Subang area, and major commercial and office developments across the Klang Valley, including office space in Bukit Jalil and logistics-linked factory zones in Puchong.
Yao Mu Realty, based in Kuala Lumpur, Malaysia, specializes in industrial real estate for factories and land, delivering professional and efficient solutions.
Posted by Yao Mu Realty Sdn Bhd on 21 Jan 26
Malaysia