MACC Working With UK SFO On IJM RM2.5 Bil Overseas Investment Probe

PUTRAJAYA, Feb 11 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) is collaborating with the United Kingdom’s Serious Fraud Office (SFO) in an ongoing investigation involving IJM Corporation Bhd over financial transactions and overseas investments amounting to approximately RM2.5 billion.

MACC Chief Commissioner Tan Sri Azam Baki said both agencies are working closely together and are required to follow specific procedures in the process of gathering information and evidence.

“I don’t think it should be a problem because both agencies have their own mandates in investigating the case. So we need to ensure that the cooperation benefits both sides.

“So, we’re in the midst of exchanging information now, not yet evidence. My officers are currently communicating with the SFO,” he said in a special interview with several media organisations here today.

He said investigations into the case may take some time, as MACC is also awaiting the outcome of the probe being conducted by the UK authorities.

“Because the money invested, about RM2.5 billion in the UK, could involve issues in that country, possibly in violation of their anti-money laundering laws.. I don’t know.

“So (over) here, we are not only investigating, but we are also facilitating the UK authorities. So it will take some time,” he said.

When asked about the role of IJM non-executive chairman Tan Sri Krishnan Tan, Azam said the commission would determine whether any offences had been committed.

"We will investigate whether there was any wrongdoing, including the possible abuse of company funds," he said.

The media reported that Tan had been detained last Thursday to assist in MACC investigations into corporate governance issues, procurement processes, financial transactions and the ownership of overseas assets estimated to be worth about RM2.5 billion. 

He was released later that same day.

-- BERNAMA