Malaysian Anti-Corruption Commission arrests IJM Corp chairman over corporate governance and asset probe, freezing RM30.6 million in accounts.
PUTRAJAYA: The chairman of IJM Corporation Bhd has been arrested by the Malaysian Anti-Corruption Commission (MACC) to assist in a wide-ranging investigation.
The probe covers corporate governance issues, procurement processes, financial transactions, and the ownership of overseas assets estimated to be worth about RM2.5 billion.
The man, in his 70s, was arrested at the MACC headquarters here after inspections and searches were conducted at his residence.
MACC stated that inspections and searches were also conducted at a fund management and investment institution and an investment bank.
“Preliminary investigations found that the investment bank had been appointed to manage the takeover bid process involving IJM Corporation Bhd,” the commission said.
This includes managing regulatory matters with a self-funded statutory body.
Investigations were initiated by the MACC Special Operations Division (BOK) on Jan 19.
The case involves allegations that may constitute offences under relevant laws.
Following the start of the probe, MACC froze 70 personal and company bank accounts linked to the suspect.
The frozen accounts involve a total of about RM30.6 million.
The investigation is now focusing on tracing and seizing other assets suspected to be derived from money laundering.
Fifteen witnesses, including the suspect’s wife, have had their statements recorded so far.
BOK senior director Datuk Mohamad Zamri Zainul Abidin confirmed the case is being investigated under the MACC Act 2009 and the Anti-Money Laundering Act.
He said the suspect was released within 24 hours after his statement was recorded due to health issues.
