Tuesday, 16 April 2013

SAS scandal swept under carpet // 沙巴信托基金的丑闻被扫入地毯下



进步党杨德利是最佳人选来向人民交待和解释,为何华丽山控股(Warisan Harta Sabah)在十多年前会产生巨大的财务损失,当时他是当权者。 也许杨氏现在可以告诉我们更多的内幕消息,他为何无法向人民说出该真相呢? 如果他要澄清他的无辜,就应该向大家解释,并向大家交待涉及该事件的人士,尤其是他的前政府同僚。 另一方面来看,他选择保持沉默,是因为牵涉在其中的有许多高层人士。

沙巴民主行动党州顾问邱庆洲指出,华丽山控股是沙巴州政府的投资机构,因为股份的交换造成财务上的严重损失。 这是由于当时利用其MISC的蓝筹股与北婆罗洲木材(NBT)进行股份交换,和与Sugarban集团(现被称为婆罗洲石油)的股份交换所引发的股灾。



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.

It is not strange that the BN government is refusing to produce a “white paper” on the issue. The findings of any investigation conducted on SAS by the authorities, including by the Securities Commission will be made public, so that the truth can come out. Musa Aman had appealed some time ago that the issue is not to be politicized, may be in fear that the matter may be blown out of proportion.


Lawyer Joseph Ambrose Lee whose name kept cropping up in the SAS debacle said “I support the idea to have a “white paper” because it will reveal the truth.” Lee seems to know something very sinister, by implying the white paper is too sensitive and dangerous for certain people. Dr. Yee Moh Chai, Yong’s archenemy, had previously said that Yong should not hide behind the curtain.

Is there really something very big to hide? The people of Sabah should continue and assertively push to get this “white paper “out to get the “real culprits” on the SAS unit price “land-slide” drop. The people of Sabah are waiting for that day to come so that the decades long suffering of the investors can be finally relieved and cleared, and this day shall come where the Pakatan Rakyat takes over the state government.


Hiew King Cheu
DAP Sabah State Advisor.


沙巴信托基金的丑闻被扫入地毯下

进步党杨德利是最佳人选来向人民交待和解释,为何华丽山控股(Warisan Harta Sabah)在十多年前会产生巨大的财务损失,当时他是当权者。 也许杨氏现在可以告诉我们更多的内幕消息,他为何无法向人民说出该真相呢? 如果他要澄清他的无辜,就应该向大家解释,并向大家交待涉及该事件的人士,尤其是他的前政府同僚。 另一方面来看,他选择保持沉默,是因为牵涉在其中的有许多高层人士。

沙巴民主行动党州顾问邱庆洲指出,华丽山控股是沙巴州政府的投资机构,因为股份的交换造成财务上的严重损失。 这是由于当时利用其MISC的蓝筹股与北婆罗洲木材(NBT)进行股份交换,和与Sugarban集团(现被称为婆罗洲石油)的股份交换所引发的股灾。

该股份交换协议涉及三十二万MISC股 – 以每股RM5.70交换,总值RM182.4 million换取三百万北婆罗洲木材的股份,每股以RM32.00的价值成交,总值是RM96 million,另外加上Sugarbun的四百七十六万股,每股以RM7.60的价值成交,总值RM36.176 million

华丽山控股所面对的损失估计超过两亿令吉(人民的钱)。这还不包括来自任何红利派发,供股,价格升值和MISC所派发的股息。

沙巴信托基金(SAS)起初推出五亿令吉的股份,而每股以RM1.00推出,竟然在短短的几天时间内突然跌至RM0.20,损失基金超过四亿令吉,这造成五万五千名投资者的巨大损失。

邱氏说,股份持有人的愤怒和痛苦延续至今。 多年后,许多人仍然还在摊还其债务和银行的贷款,由于他们大多是以借钱的方式投资沙信托基金的股份。

进步党退出国阵后,要求沙州内阁颁布“白皮书”以揭出沙信托基金的真相,并挑战政府采取行动对付杨德利,如果他有不当。 遗憾的是国阵州政府并不睬他,当他没到!

政府的确应该对沙信托基金股值大跌的事件进行全面调查,这是因为牵涉到五万五千名的投资者的巨大损失。 导致该股跌事件的人士,无论在道德和法律上都必须要有个交代,这是唯一的方式来解决整个问题。 由于当时杨德利坐正,也是该股票投资的主席,他更应该揭露真相,因为他应该知道所有的细节和事件的来龙去脉。

国阵政府在这个问题上拒绝颁布‘白皮书’是可理解的。 当局必须要对这事件进行调查,包括把证券委员会的调查结果公布于众,让真相能抖出来。 慕沙安曼认为,该事件不应被政治化,可能会导致事件被夸大。

李约民律师的名字经常在该事件中被提及,他说:“我支持颁布‘白皮书’,因为这将会掀露其真相。” 他似乎知道某些方面的真相,并且暗示该‘白皮书’对某些人据有高度的敏感性。 于墨斋医生曾经说过,杨德利应该把真相直接说出来。

难道在该股跌事件中,真的有些事情不能公布出来,而需要被隐藏? 沙巴人民应该要继续争取该事件的“白皮书”,找出SAS股价大跌真正的原因。 沙巴人民等待这一天的到来已久,十多年来投资者的怨气终会有一天可以获得平反,那就是由民联接管州政府的那一天。

Hiew King Cheu

Sabah DAP Advisor.