KUALA LUMPUR, 20 January 2026 – A Malaysian Anti-Corruption Commission (MACC) investigation into alleged money laundering and share price manipulation involving IJM Corporation Berhad is casting uncertainty over Sunway Berhad’s proposed RM3.15-per-share takeover offer, a deal valued at approximately RM11 billion that would reshape Malaysia’s property and construction landscape.
The probe, which is still in its information-gathering phase, has identified a senior IJM executive holding a “Tan Sri” title and a company adviser as persons of interest over allegations of a RM2.5 billion money-laundering scheme and possible manipulation of trading activity linked to the takeover process, according to sources familiar with the matter.
MACC Scrutiny and Deal Risk
Internal sources say MACC is collecting additional information to assess whether to open a formal investigation, amid parallel inquiries by the United Kingdom’s Serious Fraud Office into related transactions involving the same individuals.
While authorities have not formally announced an opened probe, the unfolding scrutiny is already weighing on the plasticity of the Sunway–IJM bid, with corporate observers warning that any intensification of regulatory action could delay, complicate or even derail the acquisition.
The proposed acquisition has drawn mixed reactions in corporate Malaysia. Some market analysts, citing the strategic scale and synergies of a combined Sunway-IJM entity, have urged IJM shareholders to consider the offer’s premium valuation, while others have flagged concerns over whether the offer truly reflects IJM’s standalone business prospects.
Market Reaction and Share Performance
Shares of IJM reacted sharply to the developments on the market. In a separate trading session, the counter experienced significant selling pressure as news of the probe spread, prompting a temporary trading suspension after the share price dropped more than the permissible intraday limit before later stabilising.
Corporate watchers say the stock volatility underscores investor caution, as the potential regulatory overhang complicates the path to securing shareholder approval and regulatory clearances for the Sunway bid.
Corporate and Regulatory Implications
The emerging probe adds a new dimension to a takeover that was already being scrutinised for its strategic implications, particularly given Sunway’s plan to create one of Malaysia’s largest combined property and construction platforms. Observers noted that any formal investigation into alleged financial misconduct could affect regulatory confidence, extend due-diligence timelines, and influence shareholder sentiment ahead of key vote dates.
Sunway and IJM have both signalled they are monitoring the situation closely, while pledging compliance with all regulatory requirements and emphasising that corporate operations remain ongoing and unaffected for now.
