Deputy Prime Minister Fadillah Yusof clarifies PNB’s minority stake in IJM and states the government will not interfere in MACC’s corruption probe.
KUALA LUMPUR: Permodalan Nasional Berhad (PNB) has no influence over corporate decisions at IJM Corporation Bhd as it is only a minority shareholder.
Deputy Prime Minister Datuk Seri Fadillah Yusof said PNB holds a stake of less than 13.5% in IJM and therefore lacks the capacity to determine its strategic direction.
“This approach is in line with normal capital market practices, where an open offer is assessed individually by each shareholder,” he said in Parliament today.
Fadillah, also the Energy Transition and Water Transformation Minister, was winding up the debate on the motion of thanks for the royal address for his ministry.
He explained that Sunway Bhd’s offer is a voluntary general offer made equally to all IJM shareholders.
This voluntary offer is not a transaction negotiated with any particular shareholder and is not targeted at PNB.
“Any other interested party may submit a competitive alternative offer,” he added.
Fadillah said PNB, as one of IJM’s shareholders, is merely a recipient of the offer in the same position as all other shareholders.
Separately, he said the government will not interfere in any investigations into allegations of money laundering and corruption.
He said the matter will be fully left to the Malaysian Anti-Corruption Commission (MACC) for further action.
Previously, it was reported that the MACC is focusing on allegations involving IJM in connection with a purported RM2.5 billion money laundering scheme.
The commission has identified a top management member bearing the title “Tan Sri” and a company adviser as persons of interest.
The MACC is also examining allegations of share price manipulation believed to have occurred during Sunway Group’s attempted takeover of IJM.
That deal was valued at RM11 billion.
