KUALA LUMPUR (June 18): YTL Power International Bhd said it is withdrawing from participating in the RM3 billion power plant project in Johor (Project 4A) to “dispel any misgivings over the government’s commitment to transparency and good governance”.
In a media statement, the company said: “In view of the misconception over the project, YTL Power has decided not to participate in the project under the present arrangement.”
The statement was issued after mounting criticism on the way the contract was awarded by the Energy Commission (EC) to a consortium, in which YTL Power is a member, through direct negotiation instead of competitive bidding.
Recently, YTL Corp Bhd Managing Director Tan Sri Francis Yeoh came under fire after he said Malaysia needed to do away with “crony capitalism”, although he was widely seen as a crony of former Prime Minister Tun Dr Mahathir Mohamad.
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