KUALA LUMPUR — The Malaysian Anti-Corruption Commission (MACC) has confirmed it is working closely with the UK Serious Fraud Office (SFO) in an ongoing cross-border investigation involving overseas financial transactions and investments estimated at approximately £430 million, reportedly linked to IJM Corporation Berhad.
MACC Chief Commissioner Tan Sri Azam Baki said the inquiry is currently at the information-sharing stage between the two enforcement agencies, in line with international legal protocols governing multi-jurisdictional investigations.
According to Azam, MACC officers are in direct communication with their UK counterparts to obtain a clearer understanding of the flow of funds and the investment structures involved.
“At present, we are exchanging information rather than evidence. Each agency operates within its own mandate, but the priority is ensuring that this cooperation facilitates the investigative process,” he said during a media briefing.
Azam acknowledged that the probe may take time, as Malaysian authorities are also awaiting developments from British regulators — particularly if potential breaches of the UK’s anti-money laundering laws are identified.
“Funds amounting to roughly £430 million invested in the UK could present legal concerns there. Beyond conducting our domestic investigation, we are also assisting the UK authorities, and that naturally requires time,” he added.
When asked about the role of IJM’s Non-Executive Chairman, Krishnan Tan, Azam stressed that MACC will determine whether any elements of wrongdoing, misconduct, or misuse of corporate funds have occurred before deciding on further action.
The latest development follows media reports that a senior IJM executive in his 70s had been detained to assist investigations into corporate governance practices, procurement processes, financial transactions, and overseas asset ownership tied to the estimated £430 million.
Separately, MACC is said to have frozen 70 bank accounts belonging to individuals and companies believed to be connected to the case, involving approximately £5.3 million.
The high-profile investigation is expected to draw close scrutiny from regulators and investors alike, given the scale of the overseas investments and the involvement of international enforcement authorities — factors that typically carry significant implications for market confidence and corporate governance standards.
