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Wednesday, February 8, 2023

Fahmi calls for investigation after KL Tower was quietly sold to company with low paid-up capital

NewsFahmi calls for investigation after KL Tower was quietly sold to company...

Communications and Digital Minister Fahmi Fadzil has recently called for an investigation into the alleged sale of KL Tower by Telekom Malaysia to an unknown company known as Hydroshoppe Sdn Bhd.

According to New Straits Times, the deal between the two companies is said to have taken place just before the 15th General Election.

“I was made aware of the matter recently and have ordered 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 was quoted as saying.

Meanwhile, Fahmi said he is unaware if any other reports have been lodged so far.

This issue was highlighted by a Twitter user as he claimed that Hydroshoppe was a company with a low paid-up capital, and yet was involved in a deal which would earn it millions.

KL Tower was generating RM66 million per annum in revenue pre-pandemic, with net profit touching some RM25 million.

Source: Twitter

In another report, New Straits Times reported having sighted the Transfer of Shares documents, which showed that it belonged to a company providing secretarial services for private limited companies.

The company, Azam Corporate Services, was appointed by Hydroshoppe to manage its operation since August.

The checks also showed the secretaries’ names listed in the Companies Commission of Malaysia matched those at the company.

The company was headed by two directors, Abdul Hamid Shaikh Abdul Razak Shaikh and Nazarina Mohamed Nasir, while the company secretaries are Fadhilah Ahmad and Mohd Norhafidz Buyong from Azam Corporate Services.

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