According to Guidelines on Unit Trust Funds in Chapter 8.06 (extracted from Securities Commission website click here as shown below:
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.
BN tahu tembirang dan buat fitnah saja.
ReplyDeleteKamu tunggulah balasan dari rakyat dalam PRU13.
YTL sangat suci laaa....??? Lagi banyak tambirang
Deletesemua ahli politik pun banyak tembirang bah...termasuklah tu YTL..
DeleteYTL sudah kalah di Bt Sapi menunjukkan dia sudah ditolak.
DeleteC's article has no comment and he puts himself a comment....hahaha.
ReplyDeleteHow many actually?Look around!
What exactly happened in the SAS, all the Sabahans knew, no need to main wayang kulit here. No one will believe it.
DeleteYou are right. UMNO is the main culprits! PBS is the mouth piece of UMNO to cheat the SAS investors! PBS is protecting the robbers!
Deletesusah juga mau pecaya dengan SAPP..baru sekarang sibuk mau ketengahkan isu macam ini.
DeleteIsu SAS sudah lama dibongkar. Hanya umno pura2 tidak tahu dan kaki pengampunya.
DeleteI am the victim of SAS. UMNO should be accountable for their incompetency by appointed monkey to manage SAS like Datuk Salleh and COs
ReplyDeleteI am the victim of SAS, I blame YTL.
DeleteI am the victim of SAS. I blame UMNO!
DeleteI blame the culprits behind this SAS fiasco from the beginning.
DeleteI blame UMNO datuk salleh who was the one that promised by the UMNO government will pay back money to investors if SAS drop below RM1 during the launching of SAS by Datuk Salleh and Anwar Ibrahim in 1995.
DeleteSAS bermasalah masa YTL jadi KM, jadi YTL antara yang patut bertanggungjawab.
DeleteSAS bermasalah apabila UMNO salleh jadi Chairman SAS dan umno ghapur jadi finance minister.
DeleteApa kena mengena sama YTL dengan SAS? Adakah KM Sabah ada kuasa mengacau SAS?
kaki pengampu umno ini memang tidak ikut undang2 Saham Malaysia. orang UMNO kaki FITNAH No.1 Malaysia.
No worry just vote in SAPP as state government again.
ReplyDeleteSure going to appoint CL to sit on board with SAS may be as next CEO.
Sure will release white paper as promise.
If you still in doubt ask CL....:-) he is expert ye!
Sure price go up to sky high you better buy and invest now ye!
This is what I worry about, if SAPP become state government again.
DeleteI would rather trust SAPP than any BN's dogs. 15 years SAS price remained the same!!!!
DeleteSAPP kena lawan tu Star juga...
DeletePakistan musang kena lawan Bajau Shafie juga. UMNO untuk orang pakistan Sabah.
DeleteNot really, only SAPP are waiting for BN to reveal the truth of SAS Fiasco.
ReplyDeleteI am SAS investor. I am still waiting for your BN boss good in talking big and accusations against SAPP but why afraid to reveal the truth?
DeleteTo anon above
DeleteBN is only expert in slandering mah. Mana berani mereka bongkar rahsia bos UMNO makan rasuah? Yang susah itu pelabur saja.
Stop wasting our time, BN will never agree to have the White Paper, the government have already make this clear. SAPP is barking up the wrong tree.
ReplyDeleteAik, BN only good in slandering kah? Then the SAS downfall must be done by YEE MOK CHAI since he cannot provide proof!
ReplyDeletePity those investors who were being the victim of SAS fiasco.
ReplyDeleteHope it will never happen again. SAS should recover from the bad situation.
DeleteYTL dengan SAS sudah dilupakan, kalau bukan BN sudah lama berkubur tu SAS. SAPP sengaja mainkan SAS dan tunding kesalahan kepada BN untuk rakyat lupakan YTL dulu adalah penyebeb SAS jatuh teruk.
ReplyDeleteSAPP mahu cari penyokong dan pengundi..kan pru13 makin dekat..mestilah mahu kaw2 punya mainan politik..
DeleteSiapa yang buat fitnah sama SAPP jika bukan orang Barisan Najis? Kenapa tidak berani mengemukakan minit mesyuarat SAS dari pengarah mereka dan siapa yang meluluskan jual beli SAS?
DeleteSemua directors SAS adalah dilantik oleh UMNO. Datuk salleh chairman SAS tidur kah dalam kerja dia dan makan gaji buta kah?
mungkin mereka memainkan isu ini utk cuba jadi hero..namun SAS bermasalah masa YTL jadi KM dulu.
DeleteUMNO hanya tahu buat fitnah sama SAPP. Rakyat minta UMNO keluarkan KERTAS PUTEH untuk siasat. Kedekut betul!
DeleteUMNO fikir rakyat kita masih sebodoh macam orang umno kah?
hahaha
Stupid SAPP thinks SAS is going to be the 'be all and end all' of whats the outcome of the GE forgetting that they are just being spiteful to their own leader who was the CM at that time.Say all what you want and think hard what you can cos in the end it is YTL who should be blamed for it all.
ReplyDeleteAnak Petagas, your evil action by slandering against SAPP but praising the real devils behind the SAS fiasco and let them on parole will be answerable to God when the judgement day come.
ReplyDelete1st, Please show proof from your slandering against SAPP instead of slandering only without any substance and facts by insulting the SMART Sabahans especially SAS investors.
2nd, Why SAS price remained unchanged for the past 15 years even though musang injected RM200 million in 2008? Where all the money goes? There is NO FINANCIAL CRISIS from 2008 - 2012!!!
3rd, all the SAS directors were appointed by UMNO and your UMNO boss is SAS chairman which is Salleh. Are you telling us Salleh is makan gaji buta and their so called fund manager during the fiasco?
SAS investors should get back what they lost.
ReplyDeletebila sudah tiada kuasa barulah sapp mahu bersuara tentang itu dan ini..
ReplyDeleteYTL yang sepatutnya bertanggungjawab atas apa berlaku pada SAS.
ReplyDeleteKalau perkara mengenai SAS ini yang pakar adalah Yong Teck Lee. Kerana beliau yang berani dan menyebabkan pelabur kerugian besar semasa itu.
ReplyDelete