Set up new entity instead of taking over ailing firm with sukuk funds, Shafie tells Sabah govt

Warisan president Datuk Seri Mohd Shafie Apdal in meeting with United States ambassador to Malaysia Edgard D. Kagan in Kota Kinabalu.

KOTA KINABALU: SMJ Energy Sdn Bhd (SMJE) should have set up a new company instead of taking over an ailing one using its sukuk funds, says Parti Warisan president Datuk Seri Mohd Shafie Apdal.

Shafie said the explanation by Sabah Finance Minister Datuk Seri Masidi Manjun, that the funds were used to pay off the RM700mil loan to Sabah International Petroleum (SIP) from Sabah Development Bank (SD Bank), was not a rational business decision.