Econpile: Payments from Maju Expressway’s Abu Sahid were for Maju Kuala Lumpur project, not linked to charges

Thursday 08 Oct 2026

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KUALA LUMPUR (Sept 9): Econpile Holdings Bhd (KL:ECONBHD) clarified on Tuesday that funds received by its subsidiary, Econpile (M) Sdn Bhd (EMSB), mentioned in the money laundering charges against Maju Expressway owner Tan Sri Abu Sahid Mohamed, were for the embattled Maju Kuala Lumpur project.

Abu Sahid is facing 13 money laundering charges involving RM139 million, including alleged transfers of RM42.89 million in 2017 and RM34.68 million in 2018 to EMSB.

Econpile said EMSB had been awarded the foundation and sub-structure works for the Maju Kuala Lumpur project in September 2016. Since 2019, EMSB has taken legal action against ASM Development (KL) Sdn Bhd, a company linked to Abu Sahid, to recover unpaid sums for work completed.

The company stated that the payments received before the legal action were for work done and had been regularly disclosed to shareholders.

Econpile confirmed, after checking with its board and management, that neither the company nor EMSB had been charged, and its business operations remain unaffected.

On Tuesday, the Malaysian Anti-Corruption Commission (MACC) said nine more individuals — including fresh charges for Abu Sahid — are slated to be charged in connection with its criminal breach of trust and money laundering probe into the Maju Expressway extension (MEX II) project.

“We expect them to be charged by the end of this month,” said its chief commissioner Tan Sri Azam Baki.

In March 2019, EMSB claimed that ASM Development failed to issue certificates needed to process RM80.1 million in-progress payments for a RM280 million foundation and substructure job for the Maju Kuala Lumpur project.

In June, EMSB won RM67.77 million in an adjudication case to recover those payments.

Later that year, ASM Development countersued EMSB for nearly RM346 million, alleging EMSB had failed to complete the work on the project.

At Tuesday’s noon break, the piling and foundation specialists’ share price rose 1.5 sen or 3.75% to 41.5 sen, giving the company a market capitalisation of RM588 million.

Edited ByPresenna Nambiar

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