KINIGUIDE | A look back at 1997 Renong-UEM deal

KINIGUIDE | When the MACC seized Ilham Tower at the heart of Kuala Lumpur last month, many reading up on the news would have come across a name they may have not heard in a while: Renong Bhd.

In 1997, the company was at the heart of a controversial deal that shook Malaysia’s stock market at a time when investors were already jittery due to the Asian Financial Crisis playing out at the time.

It was reported - though never officially confirmed - that the building’s seizure was linked to a money laundering investigation into the deal between Renong and UEM Berhad and its supposed link to former finance minister Daim Zainuddin.

In this instalment of KiniGuide, we peruse old news reports on how the deal went down.