The Malaysian Anti-Corruption Commission (MACC) completed its investigation into IJM chairman Tan Sri Chan Weng Sang, concluding there was no basis for further action in a money laundering case [1]. MACC informed IJM on April 30 that the probe related to Sunway’s voluntary takeover offer had been closed with the classification of "no further action required" [1].
IJM clarified that the company itself was not subject to investigation in this matter [1]. Chan Weng Sang welcomed MACC's decision, saying the investigation and accompanying allegations seriously damaged his reputation and caused great stress to his family, friends, and affiliated organizations. He expressed gratitude to those who supported him and said he wants to leave the difficult period behind and move forward [1].
The case traces back to a joint investigation involving MACC and the UK's Serious Fraud Office (SFO), which was confirmed in January 2026. The probe focused on an alleged RM2.5 billion issue involving IJM [1]. Around the same time, Sunway announced a voluntary takeover offer for IJM totaling RM11 billion [1].
Despite the high-profile acquisition attempt, Sunway only managed to acquire a 33.43 percent stake in IJM after three months, falling short of full control and effectively ending what was billed as the "takeover of the century" [1].
The MACC's clearance of Chan removes a significant legal cloud over his leadership of IJM. With the investigation behind him, Chan and IJM can now focus on business operations and recovery efforts following the disrupted takeover attempt.
The next scheduled event remains the broader UK Malaysia fraud probe involving IJM, with MACC's ongoing cooperation with the SFO expected to continue. No specific timelines for that investigation have been announced.
