SAHAM SABAH MEETING TURNED DOWN

KOTA KINABALU: Saham Amanah Sabah (SAS) unit holder Chin at Chow Chew, who organised a petition for a meeting, regrets that a request for a Meeting of Unit Holders has been turned down.

He urged Deputy Chief Minister Datuk Dr.Yee Moh Chai to fulfill his duty and facilitate the convening of the meeting.

"The meeting to discuss and decide on resolutions with regards to the losses incurred which the unit holders have requested through a letter is now officially declined by Saham Sabah Berhad (SSB).

"I suspect SSB was under undue influence or external pressure by Dr Yee to decline the petition for a meeting and ignore the rights and interests of the unit holders," he said, in a statement, Wednesday.

Chin hoped Dr Yee who had been very vocal and is knowledgeable on the matter could fulfill his own promise to reveal the truth behind the colossal losses of SAS.

He said the incident has drastically affected the interests of the public, it therefore should not be left in doubts without a transparent and reasonable explanation. S "Obviously, the manager (SSB) is citing an excuse to their convenience to stifle the legitimate request of the unit holders.

"The fact is that, with reference to the Third Supplemental Deed signed between Saham Sabah Berhad and Mayban Trustees Berhad on the April 21, 2008, Division 17.1.2 clearly stipulates that "The Unit Holders may apply to the Manager to summon a meeting for any purpose including, without limitation, for the purposes as per mentioned ...provided always that the number of unit holders requesting such meeting shall not be less than 50.

"Why has the Manager, SSB, ignored Division 17.1.2 of the Third Supplemental Deed, and instead opted a shortcut to frustrate the intention of the unit holders to find the truth behind the SAS losses?," asked Chin.

He said the colossal losses of SAS had long aroused suspicions of the public, and ill-willed parties and individuals had made use of the incident to mud-sling innocent people.

"As a matter of fact, the fiasco has been troubling the management and staff of the company cannot hold their heads high. Have they been under pressure from certain sectors to deter them from taking practical actions to satisfy the legitimate requests of the unit holders?" Chin queried.

He also urged that Dr Yee who has received his written request, to give full support and facilitate SSB to call for a meeting of the unit holders.

"After all, Dr Yee, since the unit prices collapsed in 1998 through 2002 when he was in the opposition, has been very resourceful in exhausting all ways and means in the State Assembly, lodging reports to police and MACC, and demanding the State Government to issue White Paper reveal the truth behind the SAS losses.

"Now that he is elevated as Deputy Chief Minister, it is the right and opportune time for him to perform his duty to materialise and fulfill his promises," he said.

Chin said that the 55,000 unit holders/investors have high confidence that Dr Yee will realise the BN slogan of "Janji Ditepati" and have the courage to fulfill his promises those years to the unit holders/investors, by facilitating the meeting of the unit holders.

At the same time, he said, Dr Yee should prove to the people at large that there is no hidden agenda to cover up for the real culprits behind the refusal of the SSB to call for the meeting. (Daily Express)