KUALA LUMPUR (March 20): IJM Corp Bhd (KL:IJM) has strongly refuted false and malicious allegations circulating online about the construction company and its leadership.

In a statement on Thursday, IJM emphasised its commitment to strict corporate governance, competing based on capability, track record, and regulatory compliance.

The company stressed that it operates with the highest standards of transparency and integrity.

"In response to misinformation, IJM has reported the matter to the Malaysian Communications and Multimedia Commission (MCMC) and may take legal action if necessary," the statement read.

IJM also expressed its readiness to cooperate with the authorities if required.

The company did not specify the nature of the online allegations. However, it clarified in the statement that its chairman is a non-executive director with no executive authority over the company’s operations and holds only a 0.3% shareholding.

Currently, IJM’s non-executive chairman is Tan Sri Tan Boon Seng@Krishnan.

IJM also refuted claims regarding its former chief executive officer’s resignation.

"He opted for early retirement, which was approved by the board, and was recognised for his contributions," the company said.

Meanwhile, in its latest statement, IJM also addressed the Mass Rapid Transit Line 3 (MRT3) project, stating that the tender process was open and competitive, with participation from major Malaysian and foreign contractors.

"The tender process was conducted transparently, and any suggestion of improper influence is completely false and misleading," the company said.

IJM further noted that the project has been deferred by the government and that the tender process has been called off.

"IJM remains operationally strong, and its business fundamentals remain unaffected. The company continues to focus on delivering its projects and commitments to stakeholders," the statement added.

MRT3, also known as the Circle Line, is designed to complete the Klang Valley Mass Rapid Transit network by integrating various mass rapid transit and light rail transit systems within the greater Kuala Lumpur area.

In November last year, MRT Corp, the project owner and developer, was quoted by Bernama as saying that the project is currently in the public inspection phase.

On-site construction is expected to begin in 2027, following the completion of the land acquisition process, according to MRT Corp CEO Datuk Mohd Zarif Hashim.

IJM shares rebounded on Thursday after facing selling pressure on Wednesday, when it fell to a 14-month low of RM1.93.  

At the time of writing, IJM shares were up six sen, or 3.1%, to RM1.99, giving the company a market capitalisation of RM7.26 billion. Year-to-date the stock is down 34%.

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