🇻🇳 Vietnam法规

马来西亚反贪会调查Sunway 27亿美元收购IJM案

来源：MACC · VnExpress Vietnam发布：2026/3/7

作者：东南亚合规中心编辑团队

TL;DR · 核心要点

马来西亚反贪污委员会（MACC）正就亿万富翁谢瑞麟旗下Sunway集团对基建公司IJM的110亿令吉（2.79亿美元）收购要约展开腐败、滥权及公司治理违规调查。关键合规信息包括：1）因涉及多家政府关联企业持股，该交易触发公共资金监管审查；2）MACC同步调查IJM涉嫌25亿令吉英国洗钱及某项目贿赂指控；3）需获超50% IJM股东及Sunway股东双重批准；4）独立通函提交截止日已延至4月6日；5）MACC正与英国严重欺诈办公室（SFO）跨境协作。对中资及东南亚投资企业而言，此案例凸显在马开展并购须强化尽职调查、反腐败合规审计及跨境资金流向透明度管理，尤其当目标公司含GLC股权或涉重大基建项目时。

✅ 合规行动清单 · Compliance Checklist

›立即审查所有在马并购目标公司的政府关联股东（GLC）持股结构及资金来源合法性
›聘请本地持牌合规顾问启动反腐败专项尽职调查，重点核查英国等离岸投资路径与合同付款记录
›如参与IJM股东投票，须在2026年4月6日前完成独立通函审阅并提交书面意见

›Audit GLC shareholding structure and fund origin transparency of all Malaysian M&A targets before signing LOI
›Engage MACC-registered compliance counsel to conduct anti-bribery due diligence covering UK-linked transactions and subcontractor payments
›Submit formal shareholder response to IJM’s independent circular by 6 April 2026 if holding IJM shares

English Summary

Malaysia’s MACC is investigating Sunway Group’s RM11 billion ($2.79B) takeover bid for IJM Berhad, citing concerns over corruption, abuse of power, and governance breaches—especially as government-linked companies (e.g., EPF) hold major IJM shares. The probe also covers alleged RM2.5 billion money laundering linked to UK investments and bribery tied to an IJM infrastructure project. Cross-border cooperation with the UK’s Serious Fraud Office is underway. For foreign businesses, this signals heightened regulatory scrutiny on M&A involving Malaysian GLCs or public infrastructure assets. Key implications: rigorous pre-deal anti-bribery due diligence is mandatory; transaction approval requires >50% IJM shareholder acceptance and Sunway shareholder ratification; independent circular submission deadline is 6 April 2026. Companies with exposure to Malaysian construction, infrastructure, or GLC-linked M&A must review compliance frameworks immediately.

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常见问题解答

中国企业在马来西亚收购基建公司是否必须接受MACC审查？+

是的。若目标公司有政府关联企业（如EPF）持股超10%，或交易涉及公共资金、特许经营权或国家级基建项目，MACC可依《2009年反贪污法令》第23条主动介入调查，无论买方国籍。

IJM被查的洗钱指控会影响Sunway以外的中资收购方吗？+

会。马来西亚金融情报机构（FINTRAC-M）已将基建行业列为重点监控领域，所有涉及大额离岸支付、多层SPV架构或非标融资渠道的并购均可能触发延伸审查。

MACC与英国SFO联合调查意味着什么？+

这意味着案件适用‘长臂管辖’原则——中国企业若在英设有子公司、使用英镑结算或签署过英国法律管辖协议，可能被要求配合提供文件与证词，须提前准备跨境数据合规预案。

收购失败后Sunway是否需承担法律责任？+

根据马来西亚《公司收购与合并守则》，若Sunway在要约文件中存在重大不实陈述（如隐瞒关联交易），即使交易终止，MACC仍可依据第17A条追究其董事个人责任。

如何判断一家马来西亚公司是否属于‘高风险GLC关联方’？+

可通过查阅SSM公司注册资料+EPF/KNB/Kumpulan Wang Persaraan官网股东名录+财政部GLIC清单三重交叉验证；持股超15%或董事会含政府委任董事即属高风险。

相关关键词

Malaysia M&A complianceMACC investigationIJM takeoveranti-corruption due diligenceMalaysia GLC regulation

📄 官方原文参考（英文）点击展开

Malaysia’s anti-corruption agency probes $2.7B IJM takeover bid by billionaire Jeffrey Cheah’s Sunway - VnExpress International The most read Vietnamese newspaper Follow us on Edition: International | Vietnamese Home News Politics Education Environment Traffic Crime Brainteaser Business DataSpeaks Property Billionaires Markets Companies Economy Money Quiz Tech Tech news Enterprises Personalities Vietnam innovation Challenge hub Travel Places Food Guide Visa Puzzle Life Trend Arts Celebrities Vogue Love Wellness Sports Football Boxing Marathon Tennis Golf Other sports Trivia World Perspectives Readers' Views VnE-GO Premium Contact Us © Copyright 1997 VnExpress.net. All rights reserved. Go Business DataSpeaks Property Billionaires Companies Markets Economy Money Quiz Copy link Most Read 1. Late Malaysian billionaire Lim Goh Tong's granddaughters lose bid to partially remove lawyer’s testimony in $410M inheritance dispute 2. Singapore workers near bottom while ASEAN peers lead Asia-Pacific in workplace happiness 3. Malaysia coffee shop named Asia's second best 4. Chairman of ACV, investor of Vietnam's biggest airport projects, arrested over bidding violations 5. HCMC tightens controls on events along downtown Nguyen Hue, Le Loi streets 6. Life of a 32-year-old Vietnamese mother raising eight children 7. Body parts found on Bali beach belong to kidnapped Ukrainian tourist: police 8. Trump fires homeland security chief Kristi Noem 9. Hanoi eatery shut after hygiene complaint by Chinese tourist 10. Thailand arrests 94 Vietnamese in online gambling ring Malaysia’s anti-corruption agency probes $2.7B IJM takeover bid by billionaire Jeffrey Cheah’s Sunway By Hien Nguyen &nbspMarch 5, 2026 | 03:18 pm PT The Malaysian Anti-Corruption Commission has launched an investigation linked to the RM11 billion (US$2.79 billion) bid to take over local builder IJM proposed by conglomerate Sunway, controlled by billionaire Jeffrey Cheah. "The matter has attracted the commission’s attention as it involves public funds, as several government-linked companies hold significant shares in IJM," chief commissioner Tan Sri Azam Baki said at a news conference on Wednesday, as quoted by The Star.He said the agency is looking for any "element of corruption, abuse of power, or violation of governance in the matter."Sunway in January offered to acquire IJM at RM3.15 per share in a cash-and-share deal that values the builder at RM11 billion.Days after the bid was announced, MACC opened a probe into IJM over alleged money laundering involving RM2.5 billion believed to have been invested in Britain. The logos of Sunway and IJM. Photo from the companies' websites Azam said at the conference that the probe remains ongoing and that the agency is cooperating with the U.K.’s Serious Fraud Office.He added that another investigation involving the builder is also underway, concerning allegations of bribery linked to one of its projects."We have already called several individuals to have their statements recorded and I believe the investigation will take some time to complete," he said, as quoted by the New Straits Times.IJM has denied allegations of money laundering and said it was unaware of any probe by U.K. authorities. Last month, it obtained an extension to the deadline for issuing its independent circular on the takeover offer, with the deal now open for acceptance until April 6.Established in 1983 through the merger of three Malaysian construction firms, IJM’s portfolio includes major highways and bridges across Malaysia, such as the West Coast Expressway.Its shareholders are mostly institutional investors, led by Malaysian pension giant Employees Provident Fund, which owns a stake of over 20%, according to The Edge Malaysia.Sunway, meanwhile, is a diversified group with businesses spanning construction, property development, infrastructure, education and healthcare.It was founded and is controlled by Cheah, one of the country’s richest men with a net worth of $5.3 billion, according to Forbes. Jeffrey Cheah, founder and chairman of Sunway Group. Photo from the company's website For the deal to proceed, it must be accepted by over 50% of IJM shareholders and gain approval from Sunway’s shareholders.Cheah recently said that Sunway is willing to "walk away" if the deal is rejected by IJM shareholders."We are doing it just for commercial purposes. We find that it is an attractive vehicle to have," Cheah said, describing the deal as a transaction between a "willing buyer, willing seller," as quoted by Bloomberg. Comments (0) Latest first | Highest rated Latest firstHighest rated View more 20/1000 Tắt chia sẻ Log out 0/1000