PUTRAJAYA (April 2): Malaysian Anti-Corruption Commission (MACC) has completed its investigation into matters linked to the takeover of IJM Corporation Bhd and submitted the findings to the Attorney General’s Chambers for further action.

Chief commissioner Azam Baki confirmed that the investigation papers are now in the hands of the deputy public prosecutor, who will decide on the next course of action. His remarks came amid earlier claims by Sunway Bhd that its takeover offer for IJM had been cleared by the MACC.

The probe forms part of a broader set of investigations involving IJM. Previously, the company clarified that MACC’s inquiries were directed at specific individuals linked to the group, rather than the company as a whole. However, the status of two remaining investigations is still uncertain.

According to Azam, the cases have now been streamlined into two key areas. The first involves an alleged RM2.5 billion money laundering scheme, including overseas asset transactions, with cross-border cooperation involving authorities in the United Kingdom. The second focuses on suspected bribery tied to a project, where investigators are examining payments made to external parties.

The MACC had earlier highlighted concerns over potential corruption, abuse of power, and governance lapses, particularly given the involvement of public funds through government-linked shareholders in both IJM and Sunway.

What I Learned

This situation shows how regulatory and legal scrutiny can significantly impact major corporate exercises like takeovers. Even when a deal appears commercially sound, ongoing investigations into governance, corruption, or financial misconduct can influence investor confidence and delay decision-making. It also highlights the importance of distinguishing between individual misconduct and corporate liability, as companies may remain operationally stable despite probes involving associated parties. Lastly, cross-border cooperation in cases like money laundering reflects the increasing complexity of modern corporate investigations, especially when public funds and international transactions are involved.