SAPP demands explanation from Yee, SAS on loss of RM20m

KOTA KINABALU: Sabah Progressive Party (SAPP) Youth Exco Clement Lee has demanded an explanation from Deputy Chief Minister Datuk Dr Yee Moh Chai and the Saham Amanah Sabah (SAS) investment team on the loss of RM20 million in 2011 investment as stated in the P&L statement ended Dec 31, 2011.

Lee also demanded an explanation as to what is "Realised Loss on sale of Investment", amounting to RM31 million (to be exact RM31,124,228.00) as stated on Page 22 of SAS Annual Report 2011.

He said there was no detail provided for this "Realised Loss on sale of Investment" in the report.

He is also questioning the unprecedented interim income distribution for 2.5 months.

"The biggest question now is why has SAS remained stagnant even though after 14 years of the Asian Financial Crisis as other unit trust and stock prices have recovered to their original value or higher?

"Additionally RM200 million funds were injected into SAS from the Umno led-BN government few years ago, " he said.

Lee lamented that SAS investors strongly demanded an explanation from Dr Yee who used to be vocal and active in championing the SAS issue.

Daily Express

Wednesday, March 21, 2012

Page 3

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 mahu penjelasan kenapa SAS kekal lembab

KOTA KINABALU: Parti Maju Sabah (SAPP) pada Sabtu berkata, Kerajaan Negeri Barisan Nasional (BN) diketuai Umno harus beri penjelasan kenapa Saham Amanah Sabah (SAS) kekal lembap pada 32 Sen seunit.

Exco pemudanya, Clement Lee berkata, setakat 17 Februari, tahun ini, harga setiap unit SAS tidak berubah selepas 14 tahun sejak krisis kewangan Asia antara 1997 dan 1998.

Katanya, kerajaan negeri bercakap mengenai rizab kewangannya sebanyak RM3 bilion.

“( Timbalan Ketua Menteri) Datuk Dr Yee Moh Chai tidak henti-henti menuduh seorang bekas Ketua Menteri sebagai penyebab kepada kejatuhan SAS dari 1997-1998.

“Tetapi kenapa Ketua Menteri sekarang tidak dapat menaikkan semula harga SAS itu kepada nilai asalnya selepas ekonomi pasaran pulih beberapa tahun lalu?" tanya beliau.

Semasa Krisis Kewangan Asia dari 1997-1998 (rujuk www.bursamalaysia.com), katanya, hampir semua harga unit amanah dan saham di Bursa Malaysia (sebelum ini Bursa Saham Kuala Lumpur atau BSKL) telah jatuh secara drastik dan tidak ada satupun yang terlepas dari kesan krisis tersebut.

Krisis itu, katanya, menyebabkan banyak kesulitan dan pengalaman yang mengerikan kepada 50,000 pelabur SAS di Sabah, membuatkan mereka mengalami kerugian atau malah muflis kerana sebahagian daripada mereka membuat pinjaman dengan bank dan yang lain daripada simpanan mereka.

"Jadi soalan saya kepada kerajaan BN Sabah yang diketuai Umno, kenapa semua harga unit amanah seperti Amanah Saham Selangor (Asas). Amanah Saham Johor (ASJ), Dana Johor, Amanah Saham Kedah, Amanah Saham Darul Iman (Asdi) dan saham-saham seumpamanya di dalam Bursa telah pulih kepada nilai asalnya selepas krisis kewangan Asia itu pada 1997 tetapi harga SAS kekal lembap?" soal beliau.

Dengan itu, katanya, SAPP komited untuk menyelesaikan masalah itu yang kerajaan pimpinan BN tidak mampu lakukan, walaupun selepas 14 tahun.

Lee berkata, SAPP akan mengeluarkan Kertas Putih untuk mencari punca kejatuhan SAS dan mendedahkan kebenarannya kepada orang ramai apabila ia membentuk kerajaan negeri akan datang.

"Kami juga akan membantu menaikkan SAS kepada nilai asalnya, atau malah lebih tinggi lagi, kepada nilai yang sepatutnya, " kata beliau.

Harian Ekspres

Rabu, 22 Februari 2012

M/s 2

Why has SAS remained stagnant for the past 14 years?

By Clement Lee


SAPP Youth Exco member Clement Lee is demanding an answer from the UMNO-led BN government to explain, who proudly boasted that they have RM 3 billion of reserved funds in the state coffer but why, today in 2012, the price of SAS (Saham Amanah Sabah) has remained stagnant (RM0.32 as at 17 Feb 2012, extracted from www.sahamsabah.com.my) 14 years after the Asian Financial Crisis from 1997-1998?

Furthermore, Datuk Dr. Yee Moh Chai has restlessly accusing the former Chief Minister who caused the downfall of SAS from 1997-1998 but why the current Chief Minister could not even to lift the SAS price back to its original value after 14 years since the market economy has been recovered back many years ago?Clement Lee asked.

Based on the history fact of market statistics, during the Asian Financial Crisis from 1997-1998 (http://www.bursamalaysia.com), almost all of the Unit-Trusts and Stocks prices at BURSA (Formerly KLSE) had dropped drastically and none could escape untouched from the crisis.

That caused plenty of hardship and nightmare to the 50,000 SAS investors, making them poorer or even bankrupt, when some of them took loans from banks and others, their life savings.

My question to the UMNO-led BN government is, why are all the prices of Unit Trusts like Amanah Saham Selangor (Asas),  Amanah Saham Johor (ASJ), Dana Johor, Amanah Saham Kedah, Amanah Saham DarulIman (Asdi), and such other stocks listed in BURSA have been made to recover to its original value after the Asian Financial Crisis from 1997-1998 but yet SAS has been left to remain stagnant? Clement Lee asked.

SAPP is committed to solving this problem faced by the over 50,000 investors that the BN-led government could not, even after 14 years. SAPP will issue the necessary White Paper to find out the root-cause of the downfall of SAS and reveal the truth to the public when we form the Sabah state government.

We will also assist to elevate SAS to its original value, or even let it appreciate higher, to a value it rightfully so deserves.

Clement Lee is a member of SAPP Youth Exco