IJM probe: MACC tracking RM2.5b in overseas assets

IJM probe: MACC tracking RM2.5b in overseas assets

PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) is tracing some RM2.5 billion in overseas assets linked to its probe into IJM Corporation Bhd.

Chief commissioner Tan Sri Azam Baki said forensic analysis is ongoing to determine how suspicious money flows were channelled abroad.

“We are awaiting feedback from several foreign enforcement authorities regarding the location and registration of overseas assets estimated to be worth RM2.5 billion,” he said when contacted today.

Azam said the commission is waiting for responses from foreign agencies to determine whether the assets were registered under individuals, companies or proxy entities.

The MACC has also identified possible weaknesses in corporate governance at IJM.

Azam said this includes the involvement of certain people with vested interests in decision-making processes that allegedly benefited others.

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“The probe is still focused on identifying people linked to suspected manipulation of the company’s procurement process and potential conflicts of interest,” he said.

Investigators are also identifying third-party actors or proxies believed to have played a role in procurement and contract dealings.

The New Straits Times previously reported that the MACC had set its sights on IJM over allegations of a money laundering scheme involving RM2.5 billion.

Sources within the commission said a member of the company’s top management, a Tan Sri, and a company advisor have been identified as persons of interest. Both are understood to be overseas.

This follows reports that the United Kingdom’s Serious Fraud Office has launched an investigation into alleged money laundering and graft involving multi-billion-ringgit investment transactions linked to the two executives.

Sources said the MACC is also looking into allegations of share price manipulation.