IJM managing director Lee Chun Fai to seek re-election at upcoming AGM

Thursday 01 Oct 2026

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KUALA LUMPUR (July 28): IJM Corp Bhd (KL:IJM) is seeking the re-election of its group chief executive officer and managing director Datuk Lee Chun Fai to the group's board at its annual general meeting scheduled for Aug 27.

Shareholders will also vote on the re-election of non-executive director Azhar Ahmad and independent non-executive director Gunavathi Subramaniam, according to the construction and infrastructure group's filing on Bursa Malaysia.

Notably, non-executive chairman Tan Sri Krishnan Tan Boon Seng was not among directors listed for re-election in the AGM notice. He was last re-elected at the group's 2023 AGM, and before that at the 2021 AGM.

Tan has served on IJM's board since 1984 and as non-executive chairman since 2019, according to the group's latest annual report. He holds a direct stake of 0.3% and an indirect stake of 0.032% in the company.

He came under public scrutiny earlier this year after the Malaysian Anti-Corruption Commission (MACC) called him in for questioning as part of its investigation into alleged RM2.5 billion money laundering and overseas asset transactions linked to the group.

IJM had refuted these allegations, and in May, the MACC said it had found no elements of criminal conduct, misconduct or breaches of corporate governance involving Tan and classified the investigation as "no further action".

The anti-graft agency also said allegations of RM2.5 billion in money laundering linked to IJM were baseless following joint investigations with Bank Negara Malaysia, the Inland Revenue Board and the UK's Serious Fraud Office.

IJM previously said in a bourse filing on March 24 that it had received a letter from the MACC clarifying that the commission's investigation was "confined to several individuals associated with IJM, and not the company itself".

IJM reported a net loss of RM173.89 million for the fourth quarter ended March 31, 2026 (4QFY2026) — its first quarter in the red since 2008 — weighed down by unrealised foreign exchange losses and a hefty impairment on unsold inventories that completely offset the group's higher revenue. This compares to a net profit of RM128.95 million in the same quarter a year ago. Revenue grew 4.2% to RM1.87 billion from RM1.79 billion

The net forex losses during the quarter amounted to RM94.7 million. The group also reported RM121.6 million in impairment on unsold inventory, RM51 million in provision for maintenance costs for a highway in India, and weaker performance from its property, port divisions and construction segments.

The loss-making quarter pulled IJM's full-year net profit down to RM3.25 million — its weakest showing since FY2008, when it recorded a net loss of RM420.47 million — from RM403.38 million in FY2025. This was despite full-year revenue rising 10% to RM6.88 billion from RM6.25 billion.

Edited ByS Kanagaraju

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