Thursday, June 05, 2014
Without crony capitalism, YTL could still be Syarikat Pembinaan Yeoh Teong Lay Sdn Bhd
Ignore first the issue of Malay Mail Online cum ex Malaysian Insider's, Leslie Lau rettracting their earlier report on Tan Sri Francis Yeoh's comment in PEMANDU organised Global Malaysian talk series at the Securities Commission on Monday.
He has been getting a lot of brickbats on all sides from that remark and is trying to turn around to blame Malay Mail Online. [One Malay blogger Semut Hitam wrote of it here.]
And there have been lots of responses in our e-mail to share too. But, we'll just go straight right to the point at tell the man that made a humongous wealth, and influence in this country from direct negotiated tenders that he would not have made it without crony capitalism.
After building much capability and financial power, his recent loss in the bid for Track 3B IPP tender only highlight the point that without the help of those in the corridor of power, YTL couldn't win the four way bid could not make it as they are today.
The only way they could revive their IPP business, in which their first Malaysian IPP will expire soon will be to use high level connection and direct negotiated contract.
Sometime in February 2014, YTL lost in a bid for Track 3B of the new 2,000 MW IPP in JImah Negeri Sembilan against 1MDB and Mitsui & Co. Ltd of Japan. The bidders that lost were YTL Power International, Tenaga Nasional Bhd (TNB) and Malakoff Corp Bhd, a unit of MMC Corp.
Perhaps, Francis Yeoh comments was aimed at 1MDB because he thought his lower bid could have bagged the contract. The basis that the Energy Commission rejected it was that he was trying to "cheat" his way with a lower bid by using a technology with unproven track record.
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