The Malaysian Anti-Corruption Commission (MACC) is working with the United Kingdom’s Serious Fraud Office (SFO) in an ongoing investigation involving IJM Corporation Bhd, focusing on financial transactions and overseas investments estimated at around RM2.5 billion.
MACC chief commissioner Tan Sri Azam Baki said both agencies are currently coordinating efforts, following established procedures for cross-border investigations. At this stage, the collaboration involves the exchange of information, while the process of gathering formal evidence is still underway.
He explained that such investigations can take time, particularly when multiple jurisdictions are involved. Authorities in Malaysia are also monitoring the progress of inquiries being carried out in the UK, as some of the transactions under review relate to investments located there and may fall under foreign regulatory frameworks, including anti-money laundering laws.
Scope of the Investigation
The MACC is examining various aspects of the case, including corporate governance practices, procurement processes, financial movements and the ownership of overseas assets. The commission has also indicated that it will assess whether any misuse of company funds or other offences may have occurred.
Media reports previously noted that IJM’s non-executive chairman, Tan Sri Krishnan Tan, was detained briefly to assist investigations before being released on the same day.
Broader Implications for the Property and Construction Sector
IJM Corporation is a major player in construction, infrastructure and property development, sectors where governance standards and financial transparency are closely monitored by investors, lenders and regulators.
For stakeholders in Malaysia’s real estate market—particularly those involved in commercial property in KL, large-scale mixed-use projects, and infrastructure-linked developments—corporate governance and financial accountability remain critical factors influencing investor confidence and project financing.
Similarly, businesses and investors evaluating office space in Bukit Jalil, logistics facilities or industrial property in the Subang area, and manufacturing premises such as a factory in Puchong, often consider the financial strength and governance track record of developers and contractors before committing to long-term leases or acquisitions. These considerations also apply to companies acquiring or developing industrial land in Selangor, where project scale and capital requirements are significant.
As the investigation continues, market observers will be watching closely, as the outcome could have implications for governance practices and risk management standards across Malaysia’s construction and property sectors.
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