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KUALA LUMPUR, June 19:

The Malay Economic Action Council (MTEM) has demanded Tan Sri Francis Yeoh prove his innocence in not being a crony in light of his alleged accusations that the government supports “crony capitalism”.

Its chief executive officer, Mohd Nizam Mahshar, today called on the YTL Corporation Bhd’s managing director to prove that whatever contracts he had received from the government had trickled down to benefit all Malaysians, especially Bumiputeras.

“In its 2013 annual report, YTL Corp registered a revenue of almost RM20 billion, with profits after taxation of RM1.8 billion.

“Its equity attributable to owners of the parent company was RM13.3 billion. So what did Malaysians and Bumiputeras get from YTL in terms of the equity worth RM13 plus billion?” Mohd Nizam asked during a press conference held at the council’s office here today.

With profits allegedly gained from more than 13 projects, Mohd Nizam questioned what the corporation gave back to Malaysians, especially the Bumiputeras.

“He (Yeoh) and YTL need to ask themselves: After all that the government has given him through direct negotiated contracts in the past, and even currently, what has he done to address the wealth disparity among Malaysians?”

He also slammed Yeoh for making a serious accusation against the government over his “crony capitalism” remark at a public forum held recently.

Following his remarks, YTL had withdrawn from the controversial RM3 billion Track 4A gas-fired power plant project which could generate 1,000-1,400MW of power.

YTL was chosen along with a firm belonging to the Sultan of Johor and Tenaga Nasional Berhad (TNB) to build the plant.

“Coincidentally, we have to ask ourselves: How is it a company like YTL can receive billions of ringgit in contracts while a struggling small and medium Bumiputera enterprise cannot even secure a RM10,000 loan from Teraju, Pemandu or even Tekun Nasional?”

He urged YTL to account for what it has done to help the nation and address wealth sharing.

Mohd Nizam added that YTL should see the Bumiputera development agenda as a national agenda and the council was ready to host a roundtable session with Yeoh to discus disparity in Malaysia, which MTEM considers a national agenda.

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