MACC data bribery probe scare triggers SunCon share dumping as price dips 21% before recovering
SunCon which opened at RM5.83 plunged to a two-month low of RM4.93 before intense bargain hunting pushed up its share price to above the RM5.20 level at the time of writing with more than 62 million shares transacted.
It had closed up by 20 sen or 3.46% on Friday (July 16) to RM5.98 as it inched closer to its all-time high of RM6.26 posted on June 11 with a volume of 10.67 million shares
In fact, SunCon's parent, Sunway Bhd, was similarly impacted with a share price reversal to an intra-day low of RM4.66 or 8% from Friday's (July 18) closing of RM5.06 before staging a rebound to consolidate around RM4.80.
For the record, MACC had reportedly identified two more companies that secured data centre projects through bribes given to a project manager of a construction company who was arrested recently.
According to a source, several company directors have also been identified during the course of the investigation.
'Investigations also found that the main suspect, the project manager, admitted to demanding 3% of the project value from any company seeking to obtain projects from the prominent construction company,' the New Straits Times cited the source as revealing yesterday (July 20).
It was exposed that this was done by leaking project tender prices and assisting to ensure that companies which paid the bribes would secure the tenders.
It was reported on Saturday (July 19) that a project manager of a construction company burnt nearly RM1 mil n cash when the MACC raided his home in Petaling Jaya on Thursday (July 17).
Sources said that during the raid at his home in Petaling Jaya, the graft buster team discovered nearly RM1 mil RM100 notes that had been burned.
The raiding team had also found RM7.5 mil in cash hidden in several pillow boxes along with three luxury watches comprising Rolex, Omega and Cartier as well as jewellery including rings and gold coins.
The suspect, along with his wife and two company directors were eventually arrested on Friday (July 18) in connection with the corruption case involving the procurement of a data centre construction project in Johor worth around RM180 mil.
The project manager was remanded for seven days, his wife for three days, while the two company directors were remanded for five days.
At 12.09pm. SunCon was down 73 sen or 12.21% to RM5.25 with 63.95 million shares traded, this valuing the company at RM6.9 bil. – July 21, 2025
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