KUALA LUMPUR, Feb 9 (Reuters) - The chairman of Malaysian conglomerate IJM Corp (IJMS.KL) said he was not involved in the company’s daily operations, amid an investigation by the anti-graft agency into alleged corruption involving 2.5 billion ringgit ($635 million) in funds.
“I am the non-executive chairman of IJM Corporation Berhad and I am not involved in the day-to-day operations and management of the company,” Krishnan Tan said in a statement issued late on Sunday. Without naming Tan, the Malaysian Anti-Corruption Commission said last week it had released IJM’s chairman on Friday within 24 hours of detention due to health concerns. The MACC typically does not identify suspects until they are charged.
The arrest came after a raid on the chairman’s home and other premises, including an investment bank, the MACC said.
Tan said he was cooperating fully with authorities and had full confidence in the enforcement process and Malaysian laws, adding he would not comment further due to the pending investigations.
In a separate statement on Sunday, IJM said it had established adequate procedures and maintained robust governance frameworks to ensure that the group’s business was conducted with integrity and free of corruption.
It reiterated that it was fully cooperating with authorities and had made available all relevant information and personnel to facilitate the investigation.
“The board wishes to assure all stakeholders that the company’s business operations continue as usual,” it said.
“The board and management team remain focused on business continuity, maintaining confidence among customers and partners, and upholding strong corporate governance and compliance standards.” IJM is the subject of a $2.7 billion takeover bid by rival conglomerate Sunway (SWAY.KL) , in a deal that could create one of the country’s biggest construction groups.
($1 = 3.9380 ringgit)

Chairman of Malaysia's IJM says he's not involved in daily operations amid corruption probe