WE all know the protracted issue of Saham Amanah Sabah (SAS) which was launched on a share value of RM1 and then got reduced to 20 sen ("cheaper than kueh pisang" as many people put it) and caused a loss of more than RM400 million involving 55,000 investors. And it is still raging today, with certain groups, especially BN leaders trying to point their accusing fingers at Datuk Yong Teck Lee who happened to be the Chief Minister when SAS was introduced. Poor Yong, the strategy seems to be to make the people believe it was all his fault.
I fully support that an investigation be carried out on the SAS affair. If Yong is the culprit that caused the massive loss to the 55,000 investors, then let him be answerable, morally and legally. To me this is the only way to solve the whole issue. But it is rather disappointing that the government seems to be reluctant to produce a White Paper on the issue. Even as early as 2004, Yong had called for a full investigation into the messy Affair, saying "I hope findings of any investigation conducted on SAS by the authorities, including the Securities Commission, should be made public so that the truth would come out." He even welcomed the DAP's statement that it would make a report to the police and thethen ACA (now named MACC) on the matter. The Chief Minister, Datuk Musa Aman, appealed then that the issue be not politicized, to which LDP President, Tan Sri Chong Kah Kiat said he was not politicising the issue but was “merely clearing the air on certain facts... This is not politicising, this is telling the world what should be told. This is explaining to the people what had happened...I'm talking about responsibility. If people can stop politicizing other matters and if certain people themselves can behave, then everyone else also can behave."
In response Yong expressed surprise that although Chong said hewas telling the world what should be told, he (Chong) declined to name the culprits behind the losses suffered by SAS investors. Chong didn t say it was Yong. Yong said then that Chong's "comment that he does not want to reveal the identity of the culprits shows he is deliberately concealing information at the expense of the 55,000 investors of SAS by saying he wants to give face to the persons who are responsible for the losses suffered by Saham Sabah investors. The people have a right to be suspicious who is he protecting and why. The people of Sabah, especially the 55,000 investors of Saham Sabah, have a right to know the identity of the person whom Chong says he wants to give face to." To date the names of those responsible have never been revealed by Chong.
This situation has continued until today. Chong seemed to have admitted he knew who were responsible, but never said who they were. Then last year 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. But it (White Papef) will never happen." Lee seems to know something is being hidden. Dr. Yee Moh Chai, also had previously said that Yong should not hide behind the calls for a White Paper "because the Barisan Nasional state government has no time to waste." Why is a White Paper a waste of time? Is time better spent on arguing about who is right and wrong without any real answer for more than 10 years now? Even PBS vice president Herbert Timbun Lagadan had to say something on the matter: "The onus is on Yong to explain," he said. “A White Paper cannot resolve this problem. Let the Malaysian Anti Corruption Commission (MACC) investigate." Other than PBS, Upko and PBRS also rejected the idea of a White Paper. Why did Lagadan say a White Paper is unable to solve the problem? Are White Papers useless?
Even as late as last year SAPP had again proposed the production of the White Paper at the State Legislative Assembly, but to no avail. Why is a White Paper on the debacle keeps being rejected? I have been made to understand that prior to the launch of SAS, some political leaders were allocated substantial free shares! And the managers of SAS were not experienced and so were not qualified to manage an investment agency. My question is, if it is Yong who is the real culprit shouldn't they table a White Paper so he is found guilty, so they can expose Yong, and kill him politically for good?
Since this is a matter of grave public interest which concerns the money of so many investors, the parties concerned should have supported the proposed White Paper if the intention is to be truly transparent, accountable and open, and practising the principle of people first and performance now. I feel there is no logic in them continuing to harp on Yong and yet refuse to undertake a proper investigation to reveal the truth, unless there is something amiss somewhere.
DANIEL JOHN JAMBUN
The Borneo Post
Sunday, October 23, 2011
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