SAPP wants Yee to explain SAS poor showing despite RM20m injection

KOTA KINABALU: Sabah Progressive Party (SAPP) on Tuesday asked Deputy Chief Minister Datuk Dr Yee Moh Chai to explain the reason why the Saham Amanah Sabah (SAS) unit price has not appreciated even after the injection of RM200 million by the Barisan Nasional (BN) government in recent years.

SAPP Youth Exco Clement Lee said the explanation was necessary because the SAS 2011 Annual Report showed that it incurred a significant loss of RM20 million.

During the same period wher the RM200 million injection was made, the Bursa index had increased by more than 80 per cent from 859 points in 2009 to 1,569 points.

He said Dr Yee was once very vocal in championing the SAS issue by accusing a former Chief Minister as the cause of the trust unit share price downfall during the Asian Financial crisis in 1997-1998.

"But why is he now missing it action and keeping mum about it," said Lee in a statement here.

"We reckon Dr Yee should pursue and assist to solving the problem affecting over 50,000 SAS investors instead of resorting to relentless accusations against the former Chief Minister," he said. 

He said Bursa Malaysia (formerly known as KLSE) index dropped to 279 points which was the lowest point in Malaysian history during the Asian Financial crisis in 1997-1998, causing SAS shares to drop drastically and none of the stock counters in Bursa could escape from this tumble during the fiasco.

But, after 14 years the Bursa index had gone up to 1500+ points as of March 2012 and recorded an increase of about 570 per cent from 279 points in 1997-1998.

"There was is no major financial crisis in Malaysia from 1998-2011 and yet there are no signs or indications of positive rnovement for SAS until today in 2O12?" he asked.