MACC probes acquisition of firm managing KL Tower

 

Questions have been raised over the acquisition of Menara Kuala Lumpur Sdn Bhd by a firm known as Hydroshoppe Sdn Bhd.

PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) has launched a probe into an acquisition of a Telekom Malaysia Bhd (TM) subsidiary that manages Kuala Lumpur Tower.

Questions have been raised over the acquisition of Menara Kuala Lumpur Sdn Bhd (MKLSB) by a firm known as Hydroshoppe Sdn Bhd, including why no public announcement was made.

MACC chief Azam Baki confirmed that the deal was being investigated but did not disclose any further details.

“Yes, MACC has opened an investigation paper (on the matter). We have started an investigation,” he said, according to the Malaysian Insight.

FMT has reached out to Azam for comment.

On Tuesday, communications and digital minister Fahmi Fadzil said he was scrutinising the acquisition, adding that he was taking a serious view of social media posts and questions raised by the media over the deal.

Fahmi said he had received a detailed briefing on the issue from his ministry’s officials on Dec 14 and would be briefed again by TM next Tuesday.

Several social media users have highlighted TM’s move to transfer full ownership of MKLSB to Hydroshoppe in October.

A Twitter user with the handle @FreeMsian, who described KL Tower as a “cash cow”, said the iconic structure that also serves as a tourist attraction generated RM66 million in revenue in 2019 and recorded a net profit of RM25 million then.

Questioning why there were no public announcements about the deal, the Twitter user asked why TM would sell off all of its 10 million shares in MKLSB.

The Twitter user also claimed that Hydroshoppe was about to be struck off by the Companies Commission of Malaysia (SSM) for not filing its records in a timely manner before it received “a new life from TM”.

Going on to question whether MACC would look into the acquisition, @FreeMsian also linked the deal with Annuar Musa, who was the communications and multimedia minister at the time.

In a Malaysiakini report, Annuar said he had nothing to do with the transfer of TM’s shares from MKLSB to Hydroshoppe.

He said TM was a public-listed company and the deal to transfer shares did not need ministerial permission. - FMT