KOTA KINABALU: Sabah Development Bank (SDB) is undertaking a comprehensive review following an unprecedented loss of RM878mil for the financial year 2023, despite having recorded cumulative profits of RM680mil over the past six years since 2017.
“SDB is conducting a thorough review and will take appropriate action to ensure accountability for those found responsible for the unprecedented loss,” said the bank in a statement on Friday (Sept 27).
In a related development, SDB has appointed Messrs Forvis Mazars PLT (Forvis Mazars) as its new auditor for the financial year 2024, replacing Messrs Ernst & Young (EY), who retired at the bank’s annual general meeting on September 19.
Forvis Mazars Malaysia is an integrated member firm of the Forvis Mazars Group SC, an internationally integrated partnership operating in over 100 countries.
