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Selling KL Tower for only RM3.8m when it makes RM20m, all above board?
KUALA LUMPUR, April 2, 2025: International news website Finance Twitter has posted a damning detailed corruption report titled Menara KL Scandal – Selling A Cash Cow That Generates RM20 Million For Just RM3.8 Million Screams Corruption.
Only the Malaysian federal governments (elected every five years) think that is wise and above board.
Do you need the brain of a rocket scientist to understand why Malaysia’s national debt is now more than RM1.5 trillion?
Where’s Malaysia? Too corrupt to be listed?
In Malaysia, looting the Government’s coffer is SOP (Standard Operating Procedure) for the corrupt, especially politicians who hold high office, like former disgraced and shameless prime minister Najib “1MDB” Razak who is now serving his jail sentence in Kajang Prison for abuse of power and corruption.
No News Is Bad News reproduces below the Finance Twitter report and other related news reports on the KL Tower scandal:
Menara KL Scandal – Selling A Cash Cow That Generates RM20 Million For Just RM3.8 Million Screams Corruption
2 April, 2025
According to Finance Twitter , Muhyiddin Yassin has been extremely silent – even worried – since the first sitting of the 15th Parliament beginning December 19. The former backdoor prime minister obviously has a bigger problem than trying to seize power through yet another political coup. He knew the 10th Prime Minister of Malaysia – Anwar Ibrahim – would win the vote of confidence in the Parliament.
It was Muhyiddin himself who bragged in April 2021 that the Perikatan Nasional backdoor government under his leadership has splashed more than RM600 billion (RM340 billion in economic stimulus packages and RM322.5 billion for the 2021 Budget to fight the Covid-19 pandemic). He thought his decision to declare a State of Emergency means he could plunder public funds without consequences.
Of course, he had never imagined that opposition Pakatan Harapan would return to power after he betrayed the coalition in Feb 2020. Not only Pakatan Harapan leader Anwar easily won his legitimacy in the Parliament via the confidence vote, he has done so with two-thirds majority. Essentially, this means all of Mahiaddin’s (Muhyiddin) lies and corruptions would be exposed.
All Anwar needed to do at a media conference on Dec 5 was to announce that the Finance Ministry had informed that there had been several breaches involving the Covid-19 funds. Muhyiddin was like a cat on hot bricks after the prime minister said there were some dubious expenditures involving the RM600 billion. Panicked, Muhyiddin screamed that he did not steal any money.
Suddenly, Muhyiddin admits there was no such thing as RM600 billion, contradicting his previous claims. He said it was only RM530 billion. Even then, the Perikatan Nasional chairman played down the numbers. Spilling the beans, he said his administration had only spent RM83 billion in fiscal injections. This means Muhyiddin’s government did not actually help the people to the tune of RM530 billion as shamelessly trumpeted.
However, the Malaysian Anti-Corruption Commission (MACC) has confirmed it will now focus its investigation on the RM92.5 billion directly funded by the Muhyiddin regime after it was established that RM437.5 billion was not from the government. The difference between MACC’s RM92.5 billion and Muhyiddin’s RM83 billion means about RM10 billion might have gone “missing”.
Regardless whether Muhyiddin and his band of crooks had swindled RM10 billion or RM92.5 billion, they would certainly be charged and could join former PM Najib Razak in prison. The burning question is whether MACC Chief Commissioner Azam Baki, who was appointed by Muhyiddin in March 2020, would drag his feet trying to rescue his political master.
But the previous Perikatan Nasional government was so corrupt that even before the MACC could investigate Muhyiddin’s RM530 billion dubious spending, another scandal has erupted. The new scandal involving the suspicious sale of the Kuala Lumpur Tower (KL Tower) concession by Telekom Malaysia Bhd (TM) to a company that is facing bankrupcy screams corruption.
You don’t need a rocket scientist to tell that bribes or kickbacks were involved in the deal. As a start, through TM’s subsidiary Menara KL Sdn Bhd, the concession and management rights of Menara KL brought in a cool RM20.9 million “net profit” in 2019 for Telekom Malaysia. A year earlier (2018), Menara KL, also known as KL Tower, generated a net profit of RM25.6 million.
Completed on March 1, 1995, the KL Tower is Malaysia and Southeast Asia’s tallest tower. Essentially, the 420.7-meter-tall telecommunication tower, which is also the world’s 7th tallest tower, was a “cash cow” to Telekom Malaysia. The KL Tower is owned by the Malaysian government, while operations and maintenance of the tower were granted to Telekom in 1996.
Crucially, the Kuala Lumpur Tower is a national strategic asset, serving as the broadcasting station for Radio and Television Malaysia (RTM) and FM-radio broadcasting, among others. Strangely, according to TM’s 3Q FY2022 financial announcement, the telecommunication group had on Oct 31 completed the disposal of its 100% interest in Menara Kuala Lumpur for merely RM3.8 million.
Unless the Muhyiddin government or Telekom Malaysia top management had gone mad, it’s hard to believe a cash cow that generates RM20 million yearly was sold at fire-sale of RM3.8 million. The disposal of the entire “10-million shares” at just RM0.38 per share when it was worth at least RM2.00 per share means TM and the government had sold at a massive loss – losing RM1.62 per share.
Worse, the valuable asset was sold to a financially troubled company called Hydroshoppe Sdn Bhd. Incorporated on February 15, 2008, data from the Companies Commission of Malaysia (SSM) shows the company involved in “General Trading” is owned by Abdul Hamid Shaikh Bin Abdul Razak Shaikh and Nazarina Binti Mohamed Nasir, with 500,000 shares each.
Despite the unfamiliar names, sources have claimed that 42-year-old Nazarina is “girlfriend or mistress” of former Communications and Multimedia Minister Annuar Musa. However, Mr Annuar has denied that he was involved in the transfer of shares from Menara Kuala Lumpur to Hydroshoppe. But it’s hard to believe that he had no idea or was kept in the dark about the transaction.
At EPS (earnings-per-share) of RM2.00, the KL Tower could be easily sold at 5 times or even 10 times its eps – translating to RM100 million or RM200 million. Selling at just RM3.8 million when it could generate RM20 million annually means an instant net profit of RM16.2 million – every year – for Hydroshoppe. And if the cash cow is resold for 5 times its eps, that’s an easy RM96.2 million.
Interestingly, the ownership of KL Tower was quietly transferred to Shah Alam-based Hydroshoppe on October 31, 2022, just days after then-PM Ismail Sabri dissolved the Parliament on Oct 10, paving the way for the 15th General Election – suggesting that it was done hastily by powerful minister(s) in anticipation of a loss by Muhyiddin’s fragile Perikatan Nasional coalition.
Even though TM has issued a media statement to explain that it had decided not to renew its concession of KL Tower as part of its plan to refocus its efforts and resources on its core business of telecommunications and technology, it’s equally hard to believe the top management of TM was no longer interested in a profitable business which it has been running since 1996.
At best, some corrupt TM top guns were bribed not to renew its concession, allowing the ownership of KL Tower to be transferred to Hydroshoppe. At worst, Annuar and powerful crooks linked to Muhyiddin had abused their power by forcefully stripped KL Tower from TM and awarded the cash cow to Hydroshoppe, a company involved in cosmetic products instead of property management.
At the end of the day, the dubious transaction cannot go through without the green-light from the government because the KL Tower belongs to the Malaysian government while Telekom Malaysia, despite being a public listed company, is still a GLC (government-linked company). Therefore, Annuar Musa or Muhyiddin or both of them were involved – either directly or indirectly.
Even if the concession had expired and TM was incapable of managing the KL Tower, it’s jaw-dropping that a company which not only has zero experience in property management, but was also on the brink of being delisted by Registrar of Companies (ROC) for failing to make declarations and filings on schedule has been awarded the lucrative concession without open tenders.
Through the Ministry of Finance Inc., Telekom Malaysia’s board has a director representing the government. Hence, former finance minister Tengku Zafrul, another political appointee of Muhyiddin, should have knowledge about the hanky-panky deal in KL Tower. Likewise, Khazanah Nasional Berhad (KNB), the sovereign wealth fund of the Government of Malaysia, is the biggest shareholder in TM.
So, why did the Finance Ministry and KNB kept silent and closed both eyes as hidden hands in the previous government bulldozed the KL Tower concession from TM to Hydroshoppe Sdn Bhd? If the MACC refuses to charge anyone, it will be obvious that Chief Commissioner Azam Baki is corrupt and should be replaced. If opposition Lim Guan Eng was charged for buying a bungalow at a small discount, this scandal is 16 million times worse.
Source : Finance Twitter
Four-day remand for two Datuks in KL Tower concession sale probe
By Noor Atiqah Sulaiman - January 7, 2023 @ 1:51pm
View of KL Tower. -- NSTP Filepic
PUTRAJAYA: Two senior directors of a company with the tile of 'Datuk' have been remanded for four days from today to assist in the investigation of the acquisition and takeover of Menara Kuala Lumpur (KL Tower).
The remand order against the duo aged 49 and 59 respectively was issued by Magistrate Irza Zulaikha Rohanuddin at the Magistrate's Court, here, today, after an application was submitted by the Malaysian Anti-Corruption Commission (MACC).
The two suspects had arrived at about 10.40am in separate vehicles with an escort.
Yesterday afternoon, the MACC detained the two senior directors when they appeared at the MACC Headquarters to give their respective statements.
KL Tower probe: Company director claims trial to offering RM7.5mil bribe to ex-minister
A COMPANY director has claimed trial at the Session Court to the charge of offering bribes amounting to RM7.5 mil as inducement for a minister to expedite a proposed sale of shares and a concession takeover from Menara Kuala Lumpur Sdn Bhd (MKLSB).
Hydroshoppe managing director Datuk Abdul Hamid Shaikh Abdul Razak Shaikh whose company had taken over the concession was charged with offering RM500,000 a year for 15 years to former communications and multimedia minister Tan Sri Annuar Musa through MyCreative Ventures director Datuk Tan Ser Lay.
Abdul Hamid pleaded not guilty when charges were read out to him.
He is charged under Section 16(b)(B) and 24(1) of the Malaysian Anti-Corruption Commission (MACC) Act 2009.
If found guilty, he faces an imprisonment term of up to twenty years, a fine of not less than five times the sum of the gratification given, or a maximum fine of RM10,000, whichever is higher.
Abdul Hamid is said to have offered bribes to Annuar to expedite the approvals for his company to expedite the acquisition process of the iconic Kuala Lumpur landmark.
The charges were read in front of Judge Suzana Husin who then set bail at RM50,000 and asked Abdul Hamid to report himself to the MACC headquarters in Kuala Lumpur once every two months beginning in May this year until the trial is over.
He was also told to surrender his passport to the court.
Previously MACC said two individuals, aged 49 and 59, including a managing director who acted as a middleman to handle kickbacks in the deal, were arrested at the MACC headquarters after giving their statements.
MACC was investigating the possibility that the selection of the company concerned involved a request for bribes amounting to hundreds of thousands of ringgit and a luxury watch as a gift to the “superior” to facilitate the take-over.
Prior to this, MACC had been investigating allegations over the suspicious sale of shares and take-over of the KL Tower operations and maintenance concession from MKLSB, a company wholly owned by Telekom Malaysia (TM) Bhd to Hydroshoppe.
MACC said it would be investigating if there were elements of corruption involved in the sale of public-listed firm TM’s shares in October from its subsidiary which manages Menara KL Sdn Bhd (MKLSB) to Hydroshoppe.
The transfer of MKLSB’s 10 million shares was recorded to have taken place on Oct 31 last year during Annuar’s tenure as communications and multimedia minister.
In December, Annuar, who was the communications and multimedia minister from August 2021 to November 2022, denied having anything to do with TM’s transferring of shares in October from its subsidiary MKLSC which manages Menara KL to Hydroshoppe.
He said TM as a public firm does not require permission from the minister for share transfers. – April 5, 2023
Fahmi wants claims KL Tower sold quietly to company with low paid-up capital investigated
By Kalbana Perimbanayagam, Dawn Chan - December 27, 2022 @ 4:55pm
Communications and Digital Minister Fahmi Fadzil has called for an official probe to be carried out into claims that the ownership of KL Tower was transferred from Telekom Malaysia to a company, Hydroshoppe Sdn Bhd. - NSTP file pic
KUALA LUMPUR: Communications and Digital Minister Fahmi Fadzil has called for an official probe to be carried out into claims that the ownership of KL Tower was transferred from Telekom Malaysia to a company, Hydroshoppe Sdn Bhd.
The alleged deal between the two companies was said to have taken place just before the 15th General Election.
He said as the new Minister appointed to head the ministry, he welcomes an investigation into the deal involving the iconic KL Tower and anyone who may have been involved in its sale.
"I was made aware of the matter recently and have ordered for an internal briefing by Telekom Malaysia as well as the ministry, itself. I also welcome an investigation by the Malaysian Anti-Corruption Commission (MACC) on the matter," he told the New Straits Times, adding that he had, in the meantime asked for some basic information on the matter from TM.
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