In recent weeks, YTL Corp Bhd has come under fire for the statements made by its group managing director, Francis Yeoh.

Yeoh was quoted as saying that he never depended on the “largesse of the government” in calling for the end of “crony capitalism”.

This is a serious accusation to make against the government, and at the same time it is a serious denial for Yeoh to say that he himself is not a crony. His accusations border on being associated with corruption, and is also a breach of trust.

From Malay Economic Action Council (MTEM)’s side, we ask Yeoh as managing director of YTL Corp to prove their innocence. Prove that they were not cronies.

Specifically, we demand proof from Yeoh himself that YTL Corp had lost out in the past, especially during the establishment of independent power providers (IPPs) in the 1990s.

In Yeoh’s own statements quoted by the media, crony capitalism has been around for 20 years. And yet, he denies that he was a crony, terming his company as being “innovative” instead.

If so, he should prove his so-called innovation.

Subsequently, Yeoh should prove that whatever contracts he received had trickled down to benefit all Malaysians, bumiputeras especially, and not just his own family and enterprise.

Are there any wealth sharing prospects that YTL pushed forward for the bumiputeras, or was it simple “innovative cronyism” on the part of the company and its managing director?

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 the bumiputeras get from YTL in terms of the equity worth RM13 plus billion? What did Malaysians get from YTL’s vendor development programme (VDP) and subcontracted works?

And also, what did YTL give back directly to the people, especially the bumiputeras, through employment?

YTL must remember that its profits and wealth from more than 13 projects handed over by lawmakers came out of the taxpayers’ pockets with the intention that they share the wealth with the people.

Yeoh and YTL needs to ask themselves; after all that the government has given him through directly negotiated contracts in the past and even currently, what he done to address wealth disparity among Malaysians?

Or is it people like him who has widened this gap?

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 or Pemandu or even Tekun Nasional, all of the government agencies set up to assist everyday Malaysians, particularly the bumiputeras?

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

Not the only felon

From MTEM’s side, we do not see YTL as the only felon in this matter.

There are many Malaysian companies that exists today after benefiting from directly negotiated contracts worth hundreds of millions during the economic downturns with the government that never paid back the piper.

Instead of seeing the bumiputera development agenda as a national agenda which these companies should have assisted, they have instead seen it as a mere corporate social responsibility (CSR) programme.

All these companies, YTL included, benefited one way or another from the government’s good graces in the past but have yet to pay the favour forward, in this case by addressing income and wealth disparity in Malaysia.

To those companies, MTEM challenges all of them to come out and admit it.

From our side, we would be happy to host a roundtable session with Yeoh and other companies of similar calibre, to discuss disparity in Malaysia which MTEM considers a national agenda.

MOHD NIZAM MAHSHAR is CEO of the Malay Economic Action Council (MTEM).