https://www.scoop.my/news/279984/ijm-shares-slide-as-macc-lhdn-visit-offices-amid-rm2-5b-money-laundering-probe/
IJM Corp Berhad confirmed that officers from the Malaysian Anti-Corruption Commission (MACC) and the Inland Revenue Board (LHDN) were present at the company’s office earlier today to gather information.
In a filing with Bursa Malaysia, IJM said it is cooperating fully with the authorities and assured that its business operations “are continuing as usual”.
“The company is committed to upholding strong standards of corporate governance, transparency and integrity.
“The company will continue to monitor the development of this matter and will make timely disclosures should there be any material updates,” it said.
IJM shares fell as much as 16.4% on Monday following reports that the company had come under MACC scrutiny.
The counter slid to a three-month low of RM2.34 before paring losses to close at RM2.65 at 5pm, still down 15 sen or 5.36% from Friday’s close. Year to date, the stock remains up 16.74%.
Trading in the counter was temporarily suspended after the share price dropped more than 15% or 15 sen from its reference price. Intra-day short selling in IJM will resume on Tuesday (Jan 20) at 8.30am, according to a special announcement by Bursa Malaysia.
Earlier, MACC confirmed that it was probing IJM Corporation over an alleged RM2.5 billion money laundering scheme.
IJM chairman Tan Sri Krishnan Tan Boon Seng and company adviser Seow Wah Chong have been identified as persons of interest, although it is understood that both executives are currently not in the country.
The probe follows an investigation by the United Kingdom’s Serious Fraud Office (SFO) into suspected money laundering and corruption linked to multi-billion-ringgit investment transactions involving the two executives.
MACC is still in the information-gathering stage and has yet to formally open an investigation. Authorities are also believed to be examining possible share price manipulation linked to the case.
The unfolding probe could potentially derail Sunway Group’s proposed RM11.5 billion takeover of IJM.
A source within MACC told Scoop that Sunway has been approached to assist with ongoing investigations.
Sunway and IJM recently announced a merger proposal under which Sunway would acquire IJM in a deal valued at RM11.5 billion. However, the proposed takeover has raised concerns within corporate Malaysia, particularly over the creation of a mega construction entity.
Key issues include potential dilution of Bumiputera equity, whether IJM shareholders are receiving fair value, and whether there were any instances of share price manipulation.
Institutional investors currently hold 47.1% of IJM shares, including the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), Retirement Fund Inc (KWAP), Tabung Haji and Lembaga Tabung Angkatan Tentera (LTAT). — January 19, 2026
