Tuesday, April 16, 2013

SAS Scandal: Yong Teck Lee is the right person to explain

YONG Teck Lee from SAPP is the right person to explain on the issue why Warisan Harta Sabah incurred a massive financial loss during a bad share swap deal one and a half decades ago when he was in power and holding the chair. 

May be Yong can tell us more now. What is so difficult in telling the truth and the facts behind it? He should explain so as to clear his name - if he wanted to do so, and to name those who were behind the fiasco, and most of them were his ex-colleagues during that time anyway. 

On the other hand, he may have chosen to be silent because the involvement was too big and involved too many important people. 

DAP Sabah State Advisor Hiew King Cheu point out that Warisan Harta Sabah, the Sabah state government investment arm, was seriously hurt in the share swap of its very strong blue-chip counter, MISC, in exchange for the shares of North Borneo Timber Corporation (NBT), a trading company, and the shares of a fast-food company Sugarbun Corporation Bhd (now known as Borneo Oil). 

The deal involved 32 million MISC shares – disposed off at RM5.70 per share valued at RM182.4 million in exchange for three million NBT shares transacted at RM32 apiece valued at RM96 million and 4.76 million Sugarbun shares traded at RM7.60 each valued at RM36.176 million. 

The losses affected Warisan Harta Sabah, and it was estimated that Warisan Harta Sabah had registered unrealized losses exceeding RM200 million (the people’s money). This does not include profits derived from any bonus issue, rights issue of shares, price appreciation and dividends declared by MISC. 

Saham Amanah Sabah (SAS) which was launched with RM500 million on a share value of RM1 and then got reduced to RM0.20 in a matter of a few days and caused a loss of more than RM400 million involving 55,000 investors. 

Hiew said, the anger of the unit holders is still raging, and the deep suffering continued until today. Many people are still repaying their debts or being chased after by the banks many years after they had taken the loans to acquire the SAS shares. 

Yong who led SAPP out of BN in 2008, claiming that the Sabah State Cabinet refused to publish a “white paper” to reveal the culprits behind the SAS issue and challenged the government to take action if he had committed any wrongdoing in regards to SAS. 

An investigation should be carried out on the SAS affair. If anyone that had caused the massive loss to the 55,000 investors, then let those involved be answerable, morally and legally and that is the only way to solve the whole issue. Since Yong was sitting as the chairman of the share investment board for the company, he should reveal the truth, because he should know the detail then. 


  1. Datuk Yong Teck Lee menjadi Ketua Menteri Sabah selepas tempuh bumiputera Islam Tan Sri Sakaran Dandai (sekarang Tun) dan Datuk Seri Mohd Salleh Said Keruak.

  2. Selama tempuh dua tahun Yong menjadi KM Sabah, banyak dasar-dasarnya tidak popular termasuk memperkenalkan Forest Management Unit (FMU) yang mengasingkan 2 juta hektar kawasan balak negeri Sabah kepada kurang daripada 20 syarikat untuk tempuh 100 tahun!

  3. Selain kerugian yang didedahkan WHS, berikutan keputusan Yong Teck Lee mengarahkan 'share swap' pemilikan saham Warisan Harta dalam MISC sebuah syarikat yg dianggap memiliki saham 'blue chips' dengan saham North Borneo Trading (NBT) dan Sugarbun Corporation Berhad, dimiliki dua usahawan dari Sarawak yang merupakan saham spekulatif.

  4. Kasih lapor polis atau dedahkan dokumen berkaitan....

  5. betul kasih lapor polis dan dedahkan dokumen berkaitan, kalau tiada, itu bukan benar la!


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