KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) has frozen 55 bank accounts linked to IJM Corporation Berhad, with a total value of approximately RM15.8 million, as part of an ongoing investigation into the conglomerate’s corporate governance and overseas assets estimated to be worth RM2.5 billion.
According to the commission, the account freeze followed searches conducted at four locations, including the residences and offices of senior management, during an operation codenamed Ops Heart.
The raids form part of a broader probe into allegations of corporate mismanagement and potential illicit financial activities.
Speaking to Scoop, MACC chief commissioner Tan Sri Azam Baki confirmed that the investigation is being carried out under Section 16 of the MACC Act 2009, as well as Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA).
“The commission is investigating a conglomerate over issues relating to corporate governance, procurement processes, financial transactions, and ownership of overseas assets valued at approximately RM2.5 billion,” Azam said.
“Investigators have conducted inspections and searches at four locations, including the residences and offices of senior management.
“In this operation, 55 personal and corporate bank accounts were frozen, with a total estimated value of RM15.8 million.”
Earlier, IJM Corporation confirmed in a filing to Bursa Malaysia that officers from the MACC and the Inland Revenue Board (LHDN) had visited the company’s offices to obtain information as part of the investigation.
The company reiterated its commitment to fully cooperate with authorities and to uphold the highest standards of corporate governance, transparency, and integrity.
It is understood that the MACC has so far recorded nine statements, including those from two senior management personnel.
Further statement-taking from the two executives is expected to continue today, with five additional witnesses scheduled to be called.
The commission’s Special Operations Division (BOK) began investigating the two senior executives on January 19.
Authorities are also working to identify and seize other assets suspected to have been acquired through money-laundering activities. – January 21, 2026