MACC continues probe into IJM-Sunway takeover as possible graft, money laundering elements emerge

MALAYSIAN Anti-Corruption Commission (MACC) chief commissioner Datuk Seri Abdul Halim Aman said two investigation papers connected to the proposed acquisition were still open following findings indicating possible offences under the Malaysian Anti-Corruption Commission Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

He said the investigations currently involved two individuals and that statements had been recorded from 13 people to assist the inquiry.

“The investigation papers for this case are still active because through investigations conducted by the MACC, we found elements that can be investigated under the relevant laws,” he told Bernama after a recent working visit to the Selangor MACC office.

Abdul Halim, however, confirmed that the MACC had classified its investigation involving IJM Corporation chairman Tan Sri Krishnan Tan as “No Further Action” after finding no evidence of criminal conduct, misconduct or breaches of corporate governance.

He said investigations concluded that the proposed takeover had been carried out in accordance with the legal and regulatory framework established by the Securities Commission Malaysia, although the acquisition proposal was later withdrawn by Sunway Bhd.

The MACC chief also dismissed allegations involving RM2.5 billion in purported money laundering activities after joint investigations were conducted with Bank Negara Malaysia, the Inland Revenue Board and the United Kingdom’s Serious Fraud Office.

“Investigations found that it involved minor assets in the form of legitimate financial investments through international banking institutions and were professionally managed according to lawful channels,” he said.

He added that the United Kingdom’s Serious Fraud Office had also confirmed that it had never conducted any investigation relating to the alleged movement of funds.

In March, the MACC announced that it had opened investigation papers concerning several matters linked to the company, including overseas financial transactions and investments estimated at approximately RM2.5 billion. - May 21, 2026