The news portal Scoop quoted a source as saying that two officials at IJM had been identified by MACC as “persons of interest”, but both were currently overseas.

The investigation was launched after the UK’s Serious Fraud Office probed suspected corruption and money laundering involving multibillion ringgit investments involving the duo.

The source said MACC was still gathering information on the allegations and that an official investigation had yet to be launched.

The anti-graft agency is reportedly looking into the possibility of share price manipulation in connection with the money laundering case.

It is said that the case could derail Sunway Bhd’s proposed acquisition of IJM in a mega cash-and-shares deal worth over RM11 billion.

The MACC source said the agency has approached Sunway to assist in its investigation.

In a Bursa Malaysia filing last week, Sunway said it had served notice of its conditional voluntary takeover offer on the IJM board to acquire all of the 3.5 billion IJM shares at RM3.15 a share.

Sunway is controlled by its founder and chairman, Jeffrey Cheah, 80, who holds a 0.5% direct interest and a 60% indirect stake in the group.

IJM is essentially owned by various institutional funds, with its biggest shareholder being EPF with a 16.8% stake, followed by Retirement Fund Inc (KWAP) with 9.74%.

Certain quarters have criticised the proposed acquisition, including Umno Youth chief Dr Akmal Saleh, who questioned why it was being conducted when IJM has been profitable and effectively managed.

He pointed out that EPF, KWAP, Tabung Haji and the Armed Forces Fund Board – all government-linked entities – held almost half of the shares in IJM.

The Malaysian Businessmen and Industrialists Association also said the deal threatened Bumiputera equity, undermined national interests, and undervalued IJM.