Malaysian construction firm IJM faces money-laundering probe amid proposed merger with Sunway

Malaysian construction giant IJM is being investigated for alleged money laundering, with the country's anti-graft agency freezing about $3.9 million. This probe comes just days after a takeover bid was announced from Sunway, a company owned by billionaire Jeffrey Cheah.

The proposed merger between Sunway and IJM is valued at about $2.7 billion. Analysts say the deal would significantly reshape Malaysia's property and construction sector. IJM has publicly denied the money-laundering allegations.