Sunway Maintains IJM Takeover Plan During MACC Probe; Matter Later Closed

Sunway maintained its proposed takeover of IJM Corporation while Malaysian authorities investigated allegations involving possible money laundering and corporate misconduct.

In January, the Malaysian Anti-Corruption Commission searched IJM premises and froze 55 bank accounts holding about RM15.8 million as part of an inquiry reportedly linked to an alleged RM2.5 billion scheme. Sunway said its acquisition plan remained unchanged.

Update: On 15 May, IJM said MACC had concluded the matter involving its non-executive chairman and classified it as requiring no further action. No prosecution followed from that part of the investigation.

Sources: MIDF Research; IJM Corporation.