Update YTL comes under scrutiny by Malay business NGO

by **Cals** Thu 19 Jun 2014, 03:13

Update YTL comes under scrutiny by Malay business NGO

Business & Markets 2014

Written by Ho Wah Foon of theedgemalaysia.com

Wednesday, 18 June 2014 13:59

KUALA LUMPUR (June 18): YTL Group, and perhaps its famous Managing Director Tan Sri Francis Yeoh, will most likely come under fire again when the Malay Economic Action Council (MTEM) holds a special press conference on YTL tomorrow.

The press conference entitled: “The Failure of YTL in Strengthening National Economic Agenda”, will be held tomorrow afternoon at House MTEM.

In the media invite, MTEM accused YTL of failing to acknowledge the role of the Malaysian government in helping the construction group to expand locally.

YTL, which was awarded the government’s concession to build Malaysia’s first independent power plant (IPP), has become highly successful overseas.

“YTL Corporation Berhad for the financial year ended June 30, 2013, has recorded revenue of more than RM20 billion, but it has not given a lot of benefit to the local people.

“(There was) no vendor development program, and it is clear that there was no direct support of indigenous economic empowerment agenda, which is part of the national economic agenda,” said MTEM.

Recently, YTL Corp's Francis Yeoh also came under fire after he said Malaysia needed to do away with “crony capitalism” like foreign countries, although Yeoh was himself widely seen as a crony of former Prime Minister Tun Dr Mahathir Mohamad who granted the IPP concession to YTL.

Yeoh, who two weeks ago denied he was a crony of Mahathir, had also faced criticisms from Umno-owned newspapers and Mahathir himself.