IJM refutes money laundering allegations, chairman meets MACC officers

IJM refutes money laundering allegations, chairman meets MACC officers

KUALA LUMPUR: IJM Corp Bhd has refuted money laundering allegations, clarifying that neither the company nor its UK associates are aware of any investigation by the United Kingdom’s Serious Fraud Office (SFO).

IJM, in a statement today, said its chairman Tan Sri Krishnan Tan had met officers from the Malaysian Anti-Corruption Commission (MACC) and is cooperating fully with the authorities.

Other IJM personnel who had been requested to provide information are also cooperating as part of the process.

IJM clarified that an individual referred to in the reports as a “company advisor” was previously engaged on a professional basis to provide advisory services for a limited number of corporate transactions, and is not currently an advisor to the company.

The company stressed that it has not been approached by the UK SFO, adding that reports suggesting otherwise are inaccurate.

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IJM also rejected allegations of money laundering, stating that since 2012, its investments in the UK have been funded primarily through facilities raised from Malaysian financial institutions

These funds were subsequently remitted to project special-purpose vehicles in the UK and subjected to IJM’s established business evaluation and internal governance processes.

“IJM refutes any allegations of money laundering,” the company said, reiterating that its investments have complied with internal controls and governance standards.

IJM said it remains committed to strong corporate governance, transparency and integrity, and confirmed that business operations are continuing as usual.

Earlier today, the MACC reportedly recorded statements from nine individuals, including two persons of interest, to assist in investigations into allegations of a RM2.5 billion money laundering scheme involving IJM.

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MACC chief commissioner Tan Sri Azam Baki said all the individuals arrived at the commission’s office at 10am, and the statement-recording process was expected to continue throughout the day.

“We are indeed conducting investigations into several allegations involving this sector; however, we only commenced the probe yesterday. It is still too early for me to comment on our findings. If there is a case, we will proceed with investigations,” he was quoted as saying.