WHETHER it is merely an unfounded fear, firebrand UMNO Youth chief Datuk Dr Muhamad Akmal Saleh has suddenly emerged a corporate raider – or rather ruiner – by having bled IJM Corp Bhd by circa 10% to-date by red-flagging concerns over Sunway Bhd’s proposed RM11.5 bil acquisition of its conglomerate counterpart.
Last night (Jan 19), the Merlimau state assemblyman even applauded the Malaysian Anti-Corruption Commission (MACC) for its “swift action to probe the IJM chairman”.
“This is the power of the people’s voice and we should never be afraid,” remarked the self-proclaimed staunch defender of race and religion in his Facebook page citing a report by online English language Scoop.
“This isn’t just aimless talking. We speak for the interests of religion, race and this nation.”
In a Bursa Malaysia filing yesterday (Jan 19), IJM confirmed that officers from both the MACC and Inland Revenue Board (LHDN) were present at its office to obtain information as part of their probe process.
Stressing that the group is committed to upholding strong standards of corporate governance, transparency and integrity, IJM assured its stakeholders that its business operations are continuing as usual with timely disclosures to be made should there be any material updates.
Like it or not, IJM was rattled as its shares fell as much as 16.4% yesterday (Jan 19) following reports that the company had come under MACC scrutiny.
The counter slid to a three-month low of RM2.34 before paring losses to close at RM2.65 at 5pm, down 15 sen or 5.36% from Friday’s (Jan 16) close with 108.57 million shares traded.
Intraday short selling in the counter was temporarily suspended after the share price dropped more than 15% or 15 sen from its reference price. Intra-day short selling in IJM will resume today (Jan 20) at 8.30am, according to a special announcement by Bursa Malaysia.
At the close of today’s (Jan 20) mid-day trading, IJM has slid a further 11 sen or 4.15% to RM2.54 with 38.73 million shares exchanged hands, thus valuing the company at RM9.23 mil.
Double jeopardy
Interestingly, what hit IJM yesterday (Jan 19) was not so much of Akmal’s Bumiputera grievances but the MACC probe into an alleged RM2.5 bil money laundering scheme allegedly involving the group’s chairman Tan Sri Krishnan Tan Boon Seng and company adviser Seow Wah Chong.
The probe follows an investigation by the UK’s Serious Fraud Office (SFO) into suspected money laundering and corruption linked to multi-billion-ringgit investment transactions involving the two executives.
As it is, the graft buster is still in the information-gathering stage and has yet to formally open an investigation. Authorities are also believed to be examining possible share price manipulation linked to the case.
Nevertheless, the unfolding probe could potentially derail Sunway Group’s proposed RM11.5 bil takeover of IJM.
This is also where Akmal has lent his ‘heroics’ by voicing concerns as to how public, government and Bumiputera economic interests are at risk of being eroded by the takeover bid.
Here, the former Melaka state EXCO alluded to the Employees Provident Fund (EPF), Perbadanan Nasional Bhd (PNB), Retirement Fund Inc (KWAP), Lembaga Tabung Haji and the Armed Forces Fund Board (LTAT) – all government-linked investment companies (GLICs) – holding almost half of the shares in IJM.
On the contrary, Sunway is controlled by Tan Sri Jeffrey Cheah who holds a 0.5% direct interest and a 60% indirect stake in the group, thus concern was raised by Akmal that if IJM were to be sold to Sunway, “Bumiputera stakes in major companies in the country could be lost”.
“This could undermine national and Bumiputera interests, especially considering that the Bumiputera stake in Malaysia is already limited,” red-flagged the Russian-trained medical doctor.
On this note, he pointed to IJM owning stakes in assets such as the New Pantai Expressway, the Sungai Besi Expressway, Kajang-Seremban Highway (LEKAS) and the West Coast Expressway. – Jan 20, 2026
