Wednesday, August 27, 2008


'Yong failed to do his part while as CM'

Kota Kinabalu:
Datuk Yong Teck Lee should have investigated the alleged losses in the Saham Amanah Sabah (SAS) unit trust scheme during his tenure as Sabah Chief Minister. Parti Bersatu Sabah (PBS) Vice-President Herbert Timbon Lagadan said Yong should have also asked for a White Paper to reveal the whole truth on SAS activities when he was Chief Minister instead of asking the present authorities to do so now. He described the call by Yong asking the authorities to proceed with such investigation on SAS, which had reportedly caused hundreds of millions of ringgit in losses to the affected investors, as 'total nonsense' as he (Yong) could have done all these when he was Chief Minister. "Yong should be thankful that the present State Government under the leadership of Chief Minister Datuk Seri Musa Aman has done something to help the SAS investors by injecting RMRM200 million to increase the share price.
"Such proactive move is also part of a rescue plan aimed to lighten the burden of some 54,000 investors who suffered big losses when the share price per unit went down below RM1 in mid 1990s. "Yong is so concerned for the 54,000 investors' predicament but why didn't he do something to help them during his time as Chief Minister?," he asked. Herbert, who is also the Community Development and Consumer Affairs Assistant Minister, was commenting on Yong calling on the authorities to proceed with a "clear and final investigation on the SAS affairs to punish the culprits to restore the investors confidence in the unit trust scheme". Yong said this after the RM200 million injection by the State Government as an investment to boost the SAS capital and its share unit price was approved in the State Legislative Assembly on Monday. Yong was also reported as saying that if the confidence was not fully restored, the so-called fiasco on the SAS investments may be repeated in future, thereby putting the RM200 million government investment at risk. Meanwhile, on the resignation of PBS Kiulu Division Chief Sindin Ranggangon from the party, Herbert said Sindin should have done so before making the call to party President Datuk Seri Pairin Kitingan to step down. "Sindin has been planning to join the opposition PKR even before making the call for Pairin to resign as party president."

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