Malaysian and UK authorities are exchanging information on IJM Corporation’s RM2.5 billion overseas investments, with MACC awaiting the outcome of the British probe.
PUTRAJAYA: The Malaysian Anti-Corruption Commission is working with the United Kingdom’s Serious Fraud Office on an investigation into IJM Corporation Bhd’s overseas investments worth approximately RM2.5 billion.
MACC Chief Commissioner Tan Sri Azam Baki confirmed the collaboration in a special media interview.
He stated that both agencies are following specific procedures to gather information and evidence. “I don’t think it should be a problem because both agencies have their own mandates in investigating the case,” Azam said.
His officers are currently communicating with the SFO to exchange information. The investigation may take considerable time as MACC is also awaiting the outcome of the UK probe.
Azam noted that the substantial investment in the UK could involve potential breaches of local anti-money laundering laws. “So (over) here, we are not only investigating, but we are also facilitating the UK authorities,” he added.
When asked about the role of IJM’s non-executive chairman Tan Sri Krishnan Tan, Azam said the commission would determine if any offences occurred. “We will investigate whether there was any wrongdoing, including the possible abuse of company funds,” he stated.
Media reports indicated that Tan was detained last Thursday to assist in the MACC investigation. He was released on the same day.
The probe encompasses corporate governance, procurement processes, financial transactions, and overseas asset ownership.