Sabah to lodge more reports on financial losses

  • Nation
  • Thursday, 09 Jan 2003


KOTA KINABALU: The Sabah Government will lodge more reports with the Anti-Corruption Agency regarding the massive financial losses sustained by its agencies, Chief Minister Datuk Chong Kah Kiat said. 

Such reports would be lodged when the need arose, he said, adding that the state was still awaiting the outcome of the ACA probe into the Sabah Land Development Board, Sabah Ports Authority and Warisan Harta Sdn Bhd. 

“As far as we know, these cases have not been closed,” he said after chairing the first state Cabinet meeting for the year yesterday. 

Last month, Chong disclosed that several deals involving various state agencies had resulted in the Sabah government accumulating debts, losses and commitments of RM5bil. 

Among others, the state owed RM1bil to three privatised water production concessionaires, a private car-hire company and contractors. 

Chong said ailing agencies had also drained the state of a total of RM1.78bil in terms of loans and grants. 

Yesterday, Chong said the state was awaiting approval from the Securities Commission on its proposal to assist some 57,000 Saham Amanah Sabah (SAS) investors whose unit trust shares had been reduced to a fraction of their original RM1 value when it was sold seven years ago. 

The proposal would involve injecting certain entities into Saham Sabah Bhd, which managed the SAS, so that the company could receive a regular income, he said. 

Chong said the state hoped that the regular income would push up the value of SAS units, which now stood at 19 sen. 

To another question, Chong confirmed that a voluntary separation scheme (VSS) was being offered to staff of Yayasan Sabah and its commercial arm, Innoprise Corporation Sdn Bhd. 

“Staff opting for the VSS will be adequately compensated,” he said, adding that details of the voluntary retrenchment were still being worked out. 

It is understood that at least 1,000 Yayasan Sabah and Innoprise staff would be offered the VSS.  

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