KUALA LUMPUR, Sept 5 — Shares of YTL Corporation Bhd and YTL Power International Bhd took a hit today after the Malaysian Anti-Corruption Commission (MACC) requested information from YTL Power subsidiary YTL Communications Sdn Bhd (YTL Comms) concerning the 1Bestarinet Project.

YTL Power confirmed the matter yesterday, adding that YTL Comms is providing full cooperation to the MACC, and expressed trust that the matter will be satisfactorily resolved.

At 12.30pm, YTL tumbled 23 sen to RM2.77 while YTL Power slid 18 sen to RM3.71.

In a report, a source was quoted as saying that “the investigation is centred on claims involving false details related to RM2.7 billion in payments.”

According to YTL Power, the 1Bestarinet Project was awarded to YTL Comms in 2011 by the Ministry of Education (MOE) under an open tender involving 19 companies that tendered bids for the project.

YTL Comms was selected for being the most technically compliant and most cost-effective bid.

The project was certified by the MOE as being completed at the end of the contract period on June 30, 2019. — Bernama

https://www.malaymail.com/news/money/2024/09/05/macc-inquiry-into-1bestarinet-project-sends-ytl-stocks-tumbling/149364