Thursday, 19 April 2012

REVEAL THE TRUTH OF SAS FIASCO!



SAPP Youth Exco Clement Lee has put the entire blame on Datuk Dr. Yee Moh Chai and UMNO led-BN Government for the failure to reveal the truth of the SAS fiasco in 1997-1998. Instead, resorting to relentless slandering of former Chief Minister and fooling the public for his own political survival.

According to Guidelines on Unit Trust Funds in Chapter 8.06 (extracted from Securities Commission as shown below:

Chapter 8.06, the fund manager should

1. Inform the trustee in writing of any acquisition or disposal of a fund’s property within one business day after which the acquisition or disposal was effected.

2. Ensure that the fund’s property has adequate proof of title or ownership to allow proper custodial arrangements to be made

3. Cancel a transaction or make corresponding acquisition or disposal at its own expense to secure restoration of the previous position where the trustee conveyed an opinion that a particular acquisition or disposal exceeds the powers conferred on it, or it otherwise contrary of the unit holders.

As we can read from the guidelines above, the government should reveal who was the fund manager or management company (if internally managed) and also reveal who had approved the acquisitions and disposals of investment in shares transaction in the records which, that could be easily obtained from the SAS Board of Directors Meeting Minutes, BURSA and SAS database to let the public know the truth who was the main culprits to cause the downfall of SAS in 1997-1998.

Clement Lee also queries the government, did the SAS boards of Management establish and maintain risk management systems and controls to enable it to identify, assess, mitigate, control and monitor risks in relation to the fund it operates and manages? Have adequate human resources with the necessary qualification, expertise and experience to carry on business as a management company? Have adequate and appropriate systems, procedures and processes to undertake the business in a proper and efficient manner?

Additionally, as stated in chapter 3.21, “A management company should account to the trustee for any loss suffered by the fund as a result of the management company’s failure the degree of care and diligence required in operating and managing the fund”, which is means that SAS Boards of Management is account to responsible for the losses in 1997-1998. He said.

Furthermore, Yee know that SAS official documents cannot be revealed by any individual to the public because of the Official Secrets Act (OSA). Only the government and assembly have the power to disclose these documents through a White Paper report.

Clement Lee lamented SAPP has made several reports to the relevant authorities to demand MACC to open file to investigate who was the main culprits behind the SAS fiasco after relentlessly slandering from Yee against the former CM but there is still no action until today.

The both SAPP YBs have also demanded the initiation of WHITE PAPER in the state assembly but sadly, it was turned down and objected by the very PBS YBs who made the loudest noise about SAS. This has clearly indicated that they were succumbed to be a mouth piece of UMNO.

Let all of us to stay united to support our local party SAPP to take back the Sabah government from the present incompetent party Malaya ruled by UMNO led-BN government. SAPP will not only to issue WHITE PAPER to reveal the truth of the SAS fiasco but also plan to elevate the SAS price to its original value when we form the next Sabah government.

14 comments:

  1. SAPP tiada isu lain selain SAS?

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  2. Silap2, SAPP masuk perangkap sendiri dengan mengungkit isu ini.

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    Replies
    1. ya..tidak mustahil jika Sapp yang terkena balik jika memainkan isu ini.

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  3. YTL juga perlu memberikan penjelasan kerana kejatuhan SAS berlaku semasa tempoh pentadbirannya sebagai KM Sabah.

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    1. Dia sudah tentu menafikan pembabitan dia dalam SAS

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    2. biasanya YTL hanya menafikan saja pasal isu ini.

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  4. Yang penting, para pelabur dalam SAS perlu dibayar ganti rugi.

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  5. YTL sudah bayar konco2nya tu supaya sentiasa mengungkit paSal SAS dan menyuruh untuk salahkan Datuk Yee, supaya rakyat Sabah akan lupa kaitan YTL dengan SAS

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    Replies
    1. YTL juga patut bertanggungjawab atas kejatuhan SAS. SAS jatuh semasa YTL menjadi KM.

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    2. masa Ytl jadi KM dululah SAS ni bermasalah.

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  6. isu macam ini cuba dimainkan untuk dapatkan perhatian.

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  7. Kalau isu SAS ini rasanya SAPP tidak layak untuk mempertikaikan perkara ini. Tidak tanya dengan YTL sendiri masalah yang dihadapi semasa beliau menjadi KM Sabah.

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  8. the truth about SAS fiasco is, Yong Teck Lee is the one who approve the share swap..

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  9. Isu SAS telah dibicangkan panjang lebar pada persidangan DUN Sabah. Dalam persidangan DUN itu, telah terbongkar bahawa mereka yang terlibat dalam skandal swap saham bluechip MISC milik SAS dengan saham spekulatif seperti saham sugarban adalah para individu yang ada kaitan rapat dengan Yong Teck Lee, bukannya para pemimpin UMNO..

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