Billionaire Jeffrey Cheah’s Sunway Proceeding With $2.7 Billion IJM Takeover Despite Money-Laundering Probe [Forbes]
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Source: Forbes
Sunway —controlled by Malaysian billionaire Jeffrey Cheah —is proceeding with its 11 billion ringgit ($2.7 billion) takeover bid for Kuala Lumpur-listed construction company IJM, which is facing a money-laundering probe. The proposed takeover is proceeding in accordance with the SEC's rules on takeovers, mergers and compulsory acquisitions, Cheah's company said in a statement to Bursa Malaysia. The takeover offer, which would make Sunway the country's biggest property and construction firm, has also sparked public criticism. Shares of IJM rose as much as 8.4% on Thursday in Kuala Lumpur after slumping more than 10% since news of the money-laundering broke out. Sunway shares slipped less than 1% since announcing the IJM bid on Jan 12. IJM is facing a probe from Malaysia's anti-graft agency on allegations of a 2.5 billion ringgit money-laundering scheme involving the company, triggered by a separate probe in the U.K. IJM said it's cooperating with Malaysian authorities and that i
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