Shares in YTL Corporation dropped 10% today from 3.00 to 2.70 constituting a 10% decline while YTL Power which owns YTL Communication that is being probed dropped 5.14% from 3.88 to 3.69.

The sell-off comes after the conglomeate confirmed yesterday that the Malaysian Anti Corruption Commission was investigating YTL Communication over a government tender issued by the Ministry of Education in 2011.

YTL Power yestedarday confirmed that investigation is being carried on its telecommunications unit YTL Communications Sdn Bhd in relation to the 1Bestarinet Project.

The group in a Bursa filing confirmed that MACC has recently requested information from in respect of the 1Bestarinet Project. YTL said 1Bestarinet Project was awarded in 2011 by the Ministry of Education after an open tender involving 19 companies that tendered bids for the project. It added eventually, YTL Comms was selected for being the most technically compliant and most cost-effective bid.

The project it said was certified by the Ministry of Education as being successfully completed at the end of the contract period on 30 June 2019.

The 1Bestarinet project was among the largest contract handed out by the Ministry of Education of RM4 billion to a single entity which at time was not even involved in cellular telecommunication. YTL Communication was suppose to build telecommunication towers within school facility in order for student and teachers to access wirelss mobile services.