Malaysian Conglomerate IJM Corp Faces Corruption Investigation

Krishnan Tan, the chairman of Malaysian conglomerate IJM Corp, has clarified his lack of involvement in the company's daily management during an ongoing investigation by the anti-graft agency. The probe centers around alleged corruption involving $635 million in company funds.

Tan, who holds a non-executive role, was briefly detained but released due to health issues. Meanwhile, IJM's board emphasized its commitment to maintaining business integrity, ensuring strong governance, and supporting the investigation fully.

Despite the scrutiny, IJM's operations continue unabated. The company is also currently involved in a $2.7 billion acquisition bid by Sunway, potentially creating a powerhouse in Malaysia's construction sector.