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Saturday, October 22, 2011

Why is BN afraid of white paper on SAS?

We all know the protracted issue of Saham Amanah Sabah (SAS) which was launched on a share value of RM1 and then got reduced to 20 sen ("Cheaper than kueh pisang," as many people put it) and caused a loss of more than RM400 million involving 55,000 investors.

And it is still raging today, with certain groups, especially BN leaders trying to point their accusing fingers at Datuk Yong Teck Lee who happened to be the Chief Minister when SAS was introduced.

The strategy is to make the people believe it was all Yong's fault, mostly because he is now no longer in the BN.

I fully support that an investigation be carried out on the SAS affair. If Yong is the culprit that caused the massive loss to the 55,000 investors, then let him be answerable, morally and legally.

To me this is the only way to solve the whole issue. But isn't it strange that the BN keeps refusing to produce a White Paper on the issue?

Even as early as 2004, Yong had called for a full investigation into the messy affair, saying "I hope findings of any investigation conducted on SAS by the authorities, including by the Securities Commission, should be made public so that the truth would come out."

He even welcomed the DAP's statement that it would make a report to the police and the then ACA (now named MACC) on the matter.

The Chief Minister, Datuk Musa Aman, appealed then that the issue be not politicized, to which LDP President, Tan Sri Chong Kah Kiat said he was not politicising the issue but was "merely clearing the air on certain facts. This is not politicising, this is telling the world what should be told. This is explaining to the people what had happened... I'm talking about responsibility. If people can stop politicizing other matters and if certain people themselves can behave then everyone else also can behave."

In response Yong expressed surprised that although Chong said he was telling the world what should be told, he (Chong) declined to name the culprits behind the losses suffered by SAS investors. Chong didn't say it was Yong. Yong said then that Chong's "comment that he does not want to reveal the identity of the culprits shows he is deliberately concealing information at the expense of the 55,000 investors of SAS by saying HE WANTS TO GIVE FACE to the persons who are responsible for the losses suffered by Saham Sabah investors.

The people have a right to be suspicious who he is protecting and why. The people of Sabah, especially the 55,000 investors of Saham Sabah, have a right to know the identity of the person whom Chong now says he wants to give face to." To date Chong never dared to reveal the names of those responsible.

This situation has continued until today. Chong clearly admitted HE KNEW who were responsible, but never said who they were. Then last year lawyer Joseph Ambrose Lee whose name kept cropping up in the SAS debacle said "I support the idea to have a White Paper because it will reveal the truth. But it (White Paper) will never happen."  Lee seems to know something very sinister, by implying the white Paper is too sensitive and dangerous for certain leaders. Dr. Yee Moh Chai, Yong's archenemy, had previously said that Yong should not hide behind the calls for a White Paper "because the Barisan Nasional state government has no time to waste."

Why is a White Paper a waste of time? Is time better spent on arguing about who is right and wrong without any real answer for more than 10 years now? Even PBS vice president Herbert Timbun Lagadan had to say something on the matter: "The onus is on Yong to explain," he said.

"A White Paper cannot resolve this problem. Let the Malaysian Anti Corruption Commission (MACC) investigate." Other than PBS, Upko and PBRS also rejected the idea of a White Paper. Why did Lagadan say a White Paper is unable to solve the problem? Are White Papers useless in the BN system of government? Or is it because a White Paper done in Sabah will be very biased, or impossible to do, because of the involvement of certain powerful people who are guilty in the whole affair?

In the SAPP website, News that Matter, Foo Fook Ming writes: "Adolf Hitler once said that a LIE being repeated for a hundred times will become a TRUTH. Dr Yee had been using this tactic (by repeatedly) blaming Datuk Yong Teck Lee on the decline of SAS value.

Datuk Yee being senior minister in the government for around 10 years and recently advanced to Deputy Chief Minister has access to the government information and he can initiate action against the people who were responsible for the fall of SAS price.

When Yee was still in opposition he blamed the BN government on SAS but later only singled out Datuk Yong Teck Lee as his target. Now that Yee is in the position, it is his responsibility to disclose to the people and the holders of SAS the real reasons and the real culprits. He knew well who those responsible yet he chose to remain silent which was why he objected strongly to the publication of White Paper on SAS."

Even as late as last year SAPP had again proposed the production of the White Paper at the State Legislative Assembly, but to no avail.

Why is a White Paper on the debacle so frightening to the BN? Is it possible that it was some Umno leaders who were responsible?

I have been made to understand that prior to the launch of SAS, some Umno leaders had already been allocated substantial FREE shares! And the managers of SAS were not experienced and so were not qualified to manage an investment agency.

The only party which the BN components could be really afraid of in Sabah is Umno, so is Umno or some Umno leaders the ones responsible? If not them, then who else?

My question is, if it is Yong who is the real culprit it shouldn't it have been the BN to table for a White Paper at full speed? If found guilty BN can then crucify Yong, and kill him and his SAPP politically for good. But clearly, BN doesn't dare to do this simply because UMNO/BN has something to hide. They prefer, as the Malay proverb says, to throw stones and hide the guilty hands.

Since this is a matter of grave public interest which concerns the money of so many  investors the BN government should have supported the proposed White Paper if BN is truly transparent, accountable and open, and practicing the principle of people first and performance now which is endlessly being promoted by the Prime Minister.

In the same way, all local BN component parties namely PBS, UPKO, PBRS, LDP should assertively demand the government to introduce this White Paper to ascertain the real culprit on SAS massive failure with SAS lest they are seen more and more as truly traitors, stooges and proxies of Umno. They is no logic in them continuing to harp on Yong and yet refusing to undertake a proper investigation to reveal the truth, unless they have something very big to hide.

There is still time for the white Paper before the coming 13th General Election, if BN is principled enough to expose their own guilty leaders, for the sake of the people, especially the 55,000 suffering investors.


DANIEL JOHN JAMBUN

69 comments:

  1. Good one... Tks for sharing.

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  2. Whatever it is BN done lots of things here in Sabah.

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  3. SAS rugi semasa YTL menjadi KM.

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  4. SAS kembali dipulihkan oleh Musa.

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  5. YTL yang berkuasa pada waktu itu dalam membuat dan menghalang keputusan yang boleh memberi kesan kepada rakyat.. terimalah apa yang berlaku pada waktu itu sebagai kelemahan YTL mentadbir negeri ini..

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  6. jika kertas putih itu penting bagi menjelaskan kedudukan sebenar kemerosotan dan kejatuhan saham SAS pada tahun 1997 dan 1998, kenapa tidak luluskan?

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  7. PBS terutamanya mempertikaikan isu kejatuhan SAS yang didakwa mereka YTL penyebabnya.

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  8. Yong sebagai Ketua Menteri pada ketika itu juga perlu memberi penjelasan kepada rakyat berhubung kejatuhan nilai SAS.

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  9. walaupun SAS mengalami kejatuhan tapi syukur juga ia semakin pulih sekarang. menurut Pembantu Menteri Kewangan Negeri Datuk Taufik Abu Bakar Titingan, nilai aset bersih SAS telah meningkat sebanyak RM92.61 juta daripada RM271.85 juta pada September 2008 kepada RM364.46 juta setakat 28 Julai tahun ini.

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  10. lavender said... October 22, 2011 11:51 AM

    kesimpulannya, masalah ini bermula ketika era YTL, dan selesai di era Musa..

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  11. Maka itu lah penting nya kertas putih di tubuh supaya ada bukti kukuh bahawa yong tek lee lah yang punca masalah SAS. Kedengaran Maha Firaun dab beberapa pemimpin UMNO yang untong atas kejatuhan SAS dan pelabur yang menangung kerugian.

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  12. Agree if YTL is the real culprit why not set up a white paper to show the part and mistake done by him. When the stock market collapse can we blame the prime minister.

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  13. Memang betul penyiasatan atas fiasco SAS patutlah dibuat untuk mencari kebenaran menentang fitnah oleh BN dan lain lain.

    White Paper akan mengeluarkan kebenaran dan mendakwa pihak pihak menguntung dan rugikan SAS.

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  14. Yes can we blame Musa on his involvement in giving IC to foreigners when he is not the chief minister.

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  15. SAS problem during YTL as chief minister.Projek IC mahathir was done during PBS era so we should blame Pairin since he is the chief minister at that moment in time. Very fair indeed.

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  16. during 1997 financial crisis, Malaysia lost RM500 billions in the form of foreign exchange, investment and lost of value, NO Sabahan like you make any noise. Why? you are afraid of Dr M. Now those of you chose to buck at YTL because you are jealous of his ability, his sincerity and his acceptance by the many races in Sabah. His dedications put you to shame. Because you are nothing but a betrayal of Sabah for your own benefits. You are afraid the return of YTL will stop you from robbing the State, its land, its resources and inflated project cost. You only know how to lick Musa,s feet to make a living by begging for projects. That is why you must stop YTL. But you can not stop the people from wanting to change. Ask around and see how people feel about the Malaya Parties. You should be ashame being their cronies.

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  17. There are so many right in front of your eyes robbing Sabah and the country, what do you say,?what do you do? Nothing!! Those of you making false accusation are just HYPOCRITES.Your children will be so proud of you.

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  18. but still, Yong was the CM back then..he should know this...

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  19. i still think Yong is the who was responsibility of the loss..

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  20. under musa administration, SAS is recovering...

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  21. i think SAPP is doing the same tactic as what Adolf Hitler said.. a LIE being repeated for a hundred times will become a TRUTH.

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  22. the fact is, people of sabah do not trust Yong anymore..Yong's golden time is already ended..

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  23. Selepas apa yang berlaku memang agak sukar untuk mempercayai YTL.

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  24. Namun lain orang, lain pandangannya... Mungkin ada yang suka mungkin ada juga yang tak suka so terpulanglah pada penilaian masing-masing.

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  25. Namun apa yang pasti rakyat harus menilai hal ini sebaik mungkin dan buatlah apa yang patut.

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  26. "I fully support that an investigation be carried out on the SAS affair. If Yong is the culprit that caused the massive loss to the 55,000 investors, then let him be answerable, morally and legally."

    Penjelasan Yong bukannya boleh diterima oleh semua golongan pun. Adakah kegagalan SAS berkait rapat dan berpunca oleh Yong seorang? Siapa yang boleh memberi jawapan?

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  27. Kalau benar kejatuhan SAS adalah kesilapan Yong. Yong perlu bertanggung jawab dan apakah Yong seharus buat ke atas kegagalannya?

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  28. "A White Paper cannot resolve this problem. Let the Malaysian Anti Corruption Commission (MACC) investigate." Other than PBS, Upko and PBRS also rejected the idea of a White Paper. Why did Lagadan say a White Paper is unable to solve the problem? Are White Papers useless in the BN system of government?"

    Apakah sebab tidak meluluskan "white paper"? Jika proposal white paper berkemungkinan memberi jawapan dan punca kejatuhan SAS, cadangan ini harus dilaksanakan. Semoga pihak berkuasa mengkaji keadah yang lebih berkesan terhadap kes SAS tersebut.

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  29. "I have been made to understand that prior to the launch of SAS, some Umno leaders had already been allocated substantial FREE shares! And the managers of SAS were not experienced and so were not qualified to manage an investment agency."

    Pasti ada sebab BN menendang white paper ini. Semoga BN memberi penjelasan apa yang berlaku. Berdasarkan hujah beliau, adakah ahli UMNO mendapat share percuma? SAS manager juga tidak berkelayakan? Semua ini harus disiasat supaya 55,000 pelabur tidak tersia-sia dengan jumlah laburan yang dibuat.

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  30. White paper needed to setup and undertake a proper investigation to reveal the truth. Hoping no parties that intend to hide things from the public.

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  31. Rasanya bukan senang YTL nak kembalikan kepercayaan rakyat terhadapnya. hhmm, apapun kita tunggu dan lihat sajalah nanti.

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  32. Yang pasti SAS recover under Musa Aman:P

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  33. Yah, Musa recover SAS, Saham di lain Negeri sudah banyak naik, Saham Sabah nampak nampak kurang Viagra. Ha ha.

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  34. Ramai orang ingat jasa baik ex-cm YTL, SAS ini cuma tuduhan yang tanpah asas, fitnah dari orang yang takut YTL.

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  35. YTL make things worse for everyone.

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  36. Yong tak jadi CM kita, syukurlah kita sekarang.

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  37. This has definitely make things worse for the investors, it's government bonds, yet we all get huge losses.

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  38. YTL is the one causing all of this disasters!!!!!!!!!

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  39. Let's not let YTL to take any chances.

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  40. yah let the ummnoo continue to rob. Let the whole country feed the cronies and their parasytic crocs Dee2 to get filthy rich so that you can have more cars and more wives...by protecting the criminals and by accusing the innocent.

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  41. Semua salahkan Yong. Adakah semua ini kesilapan Yong seorang sahaja? Adakah Yong harus bertanggung jawab terhadap kerugian tersebut?

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  42. Kes SAS dah lama berlalu, apa yang kami boleh buat sebenarnya? Lebih baik lupakan insiden yang pahit dan mulakan muka surat yang baru. Bukannya duit itu boleh ambil balik.

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  43. If white paper work then must well go ahead. Go support anything that is good for the people. Nobody can take things for granted especially tax payee money.

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  44. "And it is still raging today, with certain groups, especially BN leaders trying to point their accusing fingers at Datuk Yong Teck Lee who happened to be the Chief Minister when SAS was introduced."

    Everybody put blamed on YTL even BN also do the same. if really true SAS causes due to Yong, must well take action against him, why till now only voice out.

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  45. Kalau buat betul tiada orang puji, dah buat silap, semua orang tunjuk jari. Berkemungkinan ini lah dunia politik. Tiada orang akan memberi peluang jika sesiapa yan gbuat silap, jadi, fikir sebelum bertindak, jiak tidak, ini lah akibatnya.

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  46. Waktu itu YTL ketua menteri jadi dia lah ambil tanggung jawab.Mau makan gaji buta saja ka? Pengundi Batu Sapi sudah hukum YTL itu lah kalah.Kali ini dalam GE13 rakyat Sabah akan juga hukum SAPP semua calun hilang deposit.

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  47. Even if the white paper is produced, it still cannot bring back the money that people lose, or even the life of the people who committed suicide because of the savings they lost.

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  48. We all know what is YTL is actual motive. He only interested in getting his power back.

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  49. He should have make good use of his power when he was the CM back then.

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  50. Sepandai-pandai tupai melompat, akhirnya akan jatuh ke tanah juga.

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  51. Berani kerana benar, takut kerana salah.

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  52. YTL should be responsible for what he did.

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  53. YTL menjadi CM ketika itu..jadi memang sepatutnya dia yang bertanggungjawab.

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  54. isu ni sudah lama..sekarang ni semua patut fokus ke depan untuk terus membangunkan Sabah.

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  55. Kaki pengampu umno kay said...

    YTL menjadi CM ketika itu..jadi memang sepatutnya dia yang bertanggungjawab.
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    Menteri kewangan UMNO malaysia pun sepatutnya bertanggungjawab yang menyebabkan kejatuhan pasaran saham BURSA dan SAS. Kenapa hanya tuduh jari sama YTL?

    semua menteri UMNO sepatutnya dipecat dan dibuang ke sepilok.

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  56. Jika dikatakan mengenai SAS mesti dikaitan dengan YTL sendiri. Kenapa BN takut? kan YTL dulu BN sebelum keluar.

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  57. Harap SAS akan terus memastikan tidak akan berlaku sejarah silam itu kembali.

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  58. Biarlah apa yang berlaku sebelum ini menjadi pengajaran kepada kita. Harap Sabah akan terus dapat dibangunkan sebaiknya.

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  59. Aku harap semua kaki rasuah umno dimasukkan ke penjara yang menipu duit rakyat dari SAS. Allahku tahu!

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  60. tidak perlu bangkitkan isu lama, yg penting suda selesai dan terus maju kedepan...

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  61. orang umno mesti ditangkap masuk penjara yang makan rasuah duit pelabur miskin dari Sabah.

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  62. I think this issue should be done decades ago.

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  63. Isu ini sepatutnya telah lupus.

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  64. orang umno yang makan duit SAS mesti dihantar ke penjara!

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  65. Mungkin kisah lalu sukar tuk ditelan.

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  66. The people are confused about the real truth...they were being misled that YTL has caused the SAS downfall, but in actual fact was done by Umno Sabah top leaders who make insider trading while profitting from SAS and caused its downfall..this real story was however not told until then....

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  67. There is no need to waste time investigate this matter because it will not going to make the issues solve. It may going to make the issues even complicated.

    The best thing is to find a way how to make the share prices higher...

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