KUALA LUMPUR: The chairman of IJM Corporation Bhd has been detained in connection with investigations into corporate governance issues, procurement processes, financial transactions and the ownership of overseas assets estimated to be worth about RM2.5bil.
Sources said the man, in his 70s, was detained at about 7pm on Thursday (Feb 5) at the Malaysian Anti-Corruption Commission (MACC) headquarters in Putrajaya following searches conducted at his residence.
“The MACC also carried out inspections and searches at three additional locations, namely a fund and investment management institution, an investment bank, and the suspect’s residence.
“Preliminary investigations found that the investment bank had been appointed to manage a takeover offer process involving IJM Corporation Bhd, including regulatory matters with a self-funded statutory body,” the source said.
On Jan 19, the MACC’s Special Operations division initiated investigations into the suspect over alleged irregularities involving corporate governance, procurement processes, financial transactions and the ownership of overseas assets amounting to RM2.5bil, which may constitute offences under relevant laws.
Following this, the MACC froze 70 personal and corporate bank accounts linked to the case, involving funds totalling approximately RM30.6mil.
Sources added that investigations are also focused on tracing and seizing other assets suspected to have been acquired through money laundering activities.
To date, 15 individuals, including the suspect’s wife, have been called in to have their statements recorded.
Meanwhile, MACC senior director of the Special Operations division Datuk Mohamad Zamri Zainul Abidin confirmed the matter when contacted, saying the investigation centres on offences under Section 16 of the MACC Act 2009 and Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
He added that the suspect was released within 24 hours after his statement was recorded due to health concerns.
