KL Tower has been sold to a company that are currently facing a bankrupcy.
Through its subsidiary Menara KL Sdn Bhd, Telekom Malaysia Berhad has the concession and management rights of Menara KL. It is a profitable enterprise that annually brings Telekom Malaysia Berhad tens of millions of ringgit in net profit.
For instance, Menara KL Sdn Bhd reported a net profit of up to RM20 million in 2019 (prior to Covid-19) from concessions and the right to administer Menara KL.
Menara KL generated a net profit of RM25 million in 2018. The company makes money off of managing Menara KL, hence Telekom Malaysia Berhad also makes money off of it because Telekom Malaysia is a firm owned by the Malaysian Government and the public. It benefits Malaysia and the Malaysian People directly.
According to Berita Perak, strangely, 10 million Telekom Malaysia Berhad shares in Menara KL Sdn Bhd that were owned by that company were covertly transferred to Hydroshoppe Sdn Bhd on October 31, 2022, the day after the dissolution of Parliament.
Fahmi Fadzil, the minister of communications and digital technology, has demanded that an official investigation be conducted into reports that Telekom Malaysia transferred ownership of the KL Tower to a business called Hydroshoppe Sdn Bhd.
It was claimed that the supposed agreement between the two businesses happened right before the 15th General Election.
He stated that as the newly appointed Minister in charge of the ministry, he supports a probe into the famous KL Tower deal and anyone who may have been connected to its sale.
"I recently learned about the issue, and I've asked Telekom Malaysia and the government itself to provide me with an internal briefing on it. I also support the Malaysian Anti-Corruption Commission's (MACC) probe into the incident "He disclosed this to the New Straits Times, adding that he had in the interim requested certain fundamental details on the situation from TM.
Fahmi is unsure, though, if any reports have been made so far.
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