MACC requests 1BestariNet information from Yang Zhongli's electrical utilities: Comprehensive cooperation
The Anti-Corruption Commission is requesting 1BestariNet information from Yang Zhongli's electrical utilities. They will fully cooperate.
Yang Zhongli's electrical utilities $YTLPOWR (6742.BMS)$ It has been confirmed that the Anti-Corruption Commission recently requested information about the 1BestariNet project from Yang Zhongli Communications Private Limited (YTL Communications).
Yang Zhongli Communications is fully cooperating with the Anti-Corruption Commission and believes that the matter will be resolved satisfactorily.
Yang Zhongli's electrical utilities issued a statement on Wednesday to clarify the online reports about the Anti-Corruption Commission investigating its subsidiary's involvement in the 4 billion ringgit 1BestariNet project commissioned by the Ministry of Education.
The statement points out that the Ministry of Education awarded the 1BestariNet project to Yang Zhongli Communications through an open tender in 2011, with 19 companies participating in the bidding. Yang Zhongli Communications was selected for meeting the technical requirements and cost-effectiveness.
The statement also mentions that the project was successfully completed and certified by the Ministry of Education on June 30, 2019, when the contract period expired.
With Yang Zhongli's electrical utilities confirming the investigation by the Anti-Corruption Commission, the market has reserved its judgment on their explanation, as well as that of their parent company, Yang Zhongli institutions. $YTL (4677.BMS)$ Stock prices fell sharply this morning.
Yang Zhongli's electrical utilities fell to 3.61 ringgit in intraday trading, hitting a new low since mid-March.
Source of Information: Nanyang Commercial News
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