YTL “Capital Crony”-free in the IPP (Inducted Palace Power) game, Continuum?

Shareholding of SIPP Power Sdn. Bhd., where YTL International Power Bhd. is the majority shareholder and partner is SIPP Energy Sdn. Bhd.

Shareholding of SIPP Power Sdn. Bhd., where YTL International Power Bhd. is the majority shareholder and partner is SIPP Energy Sdn. Bhd.

YTL International Power Bhd. should explain and clarify in full disclosure, based on principles of transparency and best business practices about its majority holding in the company called SIPP Power Sdn. Bhd. SIPP Energy Sdn. Bhd. received a letter from the Energy Commission (EC)very recently  for the development of the new Pasir Gudang power plant.

SIPP Energy is the 30% shareholder in SIPP Power. Search in Suruhanjaya Syarikat Malaysia (SSM) shown that HRH Sultan Ibrahim Ibni Almarhum Sultan Iskandar, Sultan Johor is the majority (51%) shareholder of SIPP Energy.

List of Directors of SIPP Power Sdn. Bhd.

List of Directors of SIPP Power Sdn. Bhd.

List of Directors of SIPP Power Sdn. Bhd. (Cont.)

List of Directors of SIPP Power Sdn. Bhd. (Cont.)

Majority (3 out of 5) of SIPP Power Directors are siblings of YTL International Power Bhd. Managing Director Tan Sri Francis Yeoh and executives within the YTL Group.

Francis Yeoh currently is the market talk, where his “Capital Cronyism” statements recently which he said to about 200 participants of a forum organised by the Performance Management and Delivery Unit (PEMANDU) of the Prime Minister’s Department. It invited overwhelming negative reaction, considering that he contradicts his own company’s history and current business operations.

Probably he would like to also explain the proposed contract to produce power from this combined cycle power plant which is believed to be for 21 years, from the scheduled date of commercial operational which was reported to be in June 2018.

Search on SSM portal about SIPP Power Sdn. Bhd.

Search on SSM portal about SIPP Power Sdn. Bhd.

In would be interesting to know what is the formula and rate for the power produced by this plant, which would be undertaken by TNB Distribution. Considering this is direct negotiated deal, it is expected that bigger transparency would be demanded from the Malaysian public.

Of course, in the bigger scheme of things the relationship, role and structure of SIPP Power Sdn. Bhd. to the new Pasir Gudang combine cycle power plant aka Project 4A, since it is believed the EC letter was sent to SIPP Energy Sdn. Bhd. and was expected to reply within 14 days.

Again as we stated yesterday, a lot at stake in this.

Published in: on June 5, 2014 at 23:59  Comments (12)  

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12 CommentsLeave a comment

  1. Cakap tak serupa bikin!

  2. You think our Prime Minister is not aware of the happenings which give extremely profitable profit to YTL and the Sultan of Johor? I suppose Prime Minister gave the green light to all the happenings surrounding YTL and the Sultan of Johor. The conduit is Datin Seri Rosmah. There are witnesses to their phone calls.

    • Are you willing to get the witnesses to come forward?

    • Or even just identify them?

  3. If DS Najib wants to take action on the unusual business activities involving the rulers, now is the time. Soon, it’ll be mid-term to PRU14 and sure nothing can be done 1-2 years to that.

  4. Haven’t the Malay learned enough, from past mistake ?.

  5. This is Called Smart Business Moves!

  6. Talking about “Capital Cronyism” to the PEMANDU forum yet his own company’s history and current business operations show similar situation indicates the Francis Yeoh guy cakap tak serupa bikin type.

    Usually these are DAP and Pakatoon Rakyat fellows who cakap tak serupa bikin. Is he inclined that way? Maybe yes, Anwar Al Juburi’s way, but also Lim Guan Eng’s way – the ungrateful ingrates’ way?

    I agree with the opinion made in the comment to the previous post that he is the ungrateful ingrate type, too.

    If it’s true that he told Jackie Chan that all land in this country will one day belong to the Chinese (also in comment to the previous post), then he must be closely watched – the moment a nationalistic and strongly Malay leader gets to rule this country, act accordingly on such racist blokes.

  7. And now I read about the Johor State Assembly proposing a Housing and Real Property Board Bill that will make the Johor Sultan part of the executive arm of the state government. What the hell is happening to this country?

    Surely any interpretation of the Federal Constitution cannot run away from the fact that the Ruler cannot be a part of the executive arm of the Government and any State law cannot contradict the Federal Constitution as it will become ultra vires and gets laughed at.

    Kamon man, surely the Johore State Legal Adviser, a member of the Federal Legal Service, can advise the State Government who is responsible in tabling any Bill to the State Assembly. The SLA is, in fact, a member of the State Exco – in his official capacity, called YB and all. Surely the State Government is obliged to take the advice of the SLA. If not, why can’t the head of the Federal Legal Service or the Attorney General act accordingly?

    Is the Ruler exercising influence on the SLA and/or the State Government? If so, what is Najib doing about it? Tun Dr Mahathir did a landmark action that became highly regarded and applauded in curbing the excesses of Rulers and royal family members – those that are personal in nature.

    I fear that so much hanky panky involving Rulers provide opportunities for the ungrateful ingrates to exploit the situation and the Malays ending up as the sore losers. Not good to have sore losers. It creates pent-up feelings and disturbs peace and stability.

    • The Johore MB has just clarified that the Sultan of Johor will not have direct executive control under the proposed Johor Housing and Property Board bill that is set to be tabled on Monday.

      And that the executive powers remain with the Menteri Besar — who would automatically assume the post of chairman of the board under the proposed enactment.

      “Under the bill, the Sultan of Johor can appoint members of the board on the advice of the Menteri Besar, which is similar to the power that the sultan has at the moment,” he said. But why not amend that to avoid wrong or twisted perceptions.

      Of course bloody Oppo Hippo blogs and so-called News Portals that are neither news nor portals, like Malaysiakini, twisted and spinned it, saying that the Johor government will table an enactment on Monday to form a housing and real property board that will give the Johor Sultan the power to appoint the board members, dissolve the board and oversee its accounts.

      That’s why Najib should do to those so-called news portals like what the Singapore gomen did, not just issue lawyers letters that they simply laugh at.

  8. We have not seen the texts of the Bill yet..So we don’t know the details. What we are hearing now is clarification by the MB in response to Malaysiakini and even Utusan Malaysia reports.

  9. […] Tan Sri Francis Yeoh’s faux pas about “Capital Cronysim”, inadvertently the deal on the RM3.5 billion new Pasir Gudang combine cycle power plant came into market information where Sultan Johor has direct interests via his company SIPP Energy […]

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