SESB will not shut down, says Deputy CM


The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.

KOTA KINABALU: The Sabah government has given an assurance that Sabah Electricity Sdn Bhd (SESB) will not shut down despite encountering problems, said deputy chief minister Datuk Raymond Tan Shu Kiah.

Responding to issues that the power company is on the verge of insolvency, he said the state government would exercise its right to ensure SESB would continue to be the lead provider of electricity in the state.

“TNB had said that the state government should increase its shareholding in SESB and we had some discussions on this matter.

“So, we’d made an offer through KKIP Power Sdn Bhd last week and we’ve yet to get a reply from TNB (Tenaga Nasional Bhd),” he told reporters after witnessing the signing of an agreement between Cement Industries (Sabah) Sdn Bhd and Ecooils Sdn Bhd here today.

SESB is an 80%-owned subsidiary of TNB and 20% by the Sabah government.

Tan said the state government assured the public that there would be low power interruption once KKIP Power, a licensed power provider, bought 10 percent of shares in SESB.

He said KKIP has assets worth about RM200mil at the Kota Kinabalu Industrial Park, which has a System Average Interruption Duration Index of below 100.

On Dec 26, 2017, Energy, Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili announced that the existing tariff rate for Sabah and the Federal Territory of Labuan would be maintained for the January-June 2018 period.

He said this was because the Incentive-Based Regulation system, a mechanism that determined electricity tariff adopted for the peninsula in the past three years, had yet to be implemented. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Next In Business News

7-Eleven Malaysia settles suit against Dego�
KAB appoints Dr Ong Peng Su as new chairman
Citi to exit retail banking in 13 markets, including Malaysia
NWP shareholders calls for EGM to replace directors
WZ Satu bags RM243mil job from Malaysian Refining Co
Khazanah raises RM312mil from TM share placement
FBM KLCI ends higher despite negative broad-market breadth
Tricor apologises for Maybank AGM rescheduling
CIMB Group underlying business proves resilient in FY20 despite pandemic effects
Pertama Digital increases court bail limit to RM500k via eJamin

Stories You'll Enjoy


Vouchers