KOTA KINABALU: SAPP Supreme Councillor Abdul Malik Mohed demands the UMNO-led BN government to explain what is the preventive and consequence actions taken despite the loss of RM20 million (to be exact RM 19,870,833.00) in investment as reported in Page 12 of Annual Report 2011 executed by the lucratively paid Fund Manager with an annual fee amounting to RM6 million (to be exact RM 5,945,858.00) by the approval of SAS Board of Directors in acquiring and disposing of share?
Bearing in mind that this lucrative amount of annual fee paid to the Fund Manager, someone who should possess the necessary qualifications, expertise and experience, and whose sole responsibility and obligation is to make sure it generates profits from the shares that he or she invested from SAS investors fund.
Based on the SAS Annual Report 2011, the Fund Manager is currently charging a fee of 1.5% per annum of the Net Assets Value of the fund as reported in Page 21 but according to the Guidelines on Unit Trust Funds in Chapter 3.21 (extracted from Securities Commission website http://www.sc.com.my/eng/html/resources/guidelines/cis/08_cis_utGLa.pdf) as shown below:
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”.
Based on the guideline mentioned above, the SAS management is answerable with regards to the losses to the SAS investors.
The 55,000 SAS investors have the right to know about the losses incurred by the SAS Investment team especially the Net Realized Loss of RM 36 million (to be exact RM 35,704,166.00) as reported in Page 12 of Annual Report 2011 which is unexplained in detail and seems rather iffy.
This guideline should serve the same purpose and applicable to SAS fiasco in 1997-1998 in order to reveal the truth, rather than resorting to relentless slandering by Datuk Dr. Yee Moh Chai against the former Chief Minister, fooling the public and beat around the bush but still no truth has been revealed until today. He said.
Additionally, the both SAPP YBs have 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 is a clear indication that they are but a mouth piece of UMNO.
Let all of us to stay united to support our local party SAPP and regain the Sabah government from the present incompetent government. SAPP will not only to issue WHITE PAPER to reveal the truth of the SAS fiasco but also will substantiate plans to elevate SAS to its original value, if not higher, when we form the next Sabah government.
UMNO makan rasuah! UMNO sudah menipu pelabur SAS selama 15 tahun dan sengaja membuat fitnah sama SAPP untuk melindungi kaki RASUAH dari UMNO.
ReplyDeleteJika UMNO adalah bersih, kenapa takut dengan mengeluarkan "kertas putih" dalam dewan undangan negeri? Kenapa MACC dan Polis tidak mengambil tindakan untuk menyiasat kes SAS ini selepas SAPP melaporkan sama mereka sudah banyak kali?
oleh kerana YTL bukan lagi CM jadi, dia tidak dilabel kaki RASUAH??? walau pun ketika tu SAS jatuh teruk?????? Kalau bukan kerana kerajaan sekarang ni, SAS tu sudah lama berkubur.
Deleteketika YTL menjadi KM lah SAS jatuh teruk, mujur Musa sekarang dapat selamatkan SAS.
Deletesetuju dengan law, keadaan SAS amat teruk ketika YTL jadi KM.
DeleteI think this fella has 'a screw loose' in his head on whatever he said about SAS.I have been thinking whether it is worth my time in rebutting him because to me if he is a nut then I should not be draggged into arguing with him.I suggest this writer learns what he writes and writes only what he learns because I have this feelings that he doesn't know what he is writing.Must be in the same boat with the wacko Clement Lee who wrote an almost same piece and perhaps now he is bored and retired for the lack of support he received.A fool is now being replaced by another fool making it all a bored reading,very much reflective of the party itself.Bored and dull.
ReplyDeleteI think this Anak Petagas simply a mentally disorder cun was just released from bukit padang as if he is on berserk by preaching his bullshits umno's version bible simply couldn't debate with fact and substance but merely slandering.
ReplyDeleteI strongly reckon Anak petagas go back to bukit padang to take your medicine before your sickness getting worst when you see the truth revealed oneday by SAPP!
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”.
ReplyDelete----------------------------------------------
Umno never follow the rule of Securities Commission and even though making losses, they will point finger to others.
Let us vote umno out from Sabah this election.
PBS yee moh chai only a mouth piece for umno. What he knows about SAS? NOTHING!
ReplyDeleteGagal dalam pebaluran masih boleh dapat gaji 6 juta ??? umno ini memang tidak boleh pakai lagi. Lagi baik hantar semua mereka ke zoo negara.
ReplyDeletesapp sengaja mainkan isu ini supaya orang lupa yang SAS teruk ketika YTL berkuasa dulu.
DeleteSAS just remain me to YTL failure
ReplyDeleteA loser like you has spoken for your wicked UMNO. Pathetic!
DeleteYTL yang harus bertanggungjawb atas SAS.
Deleteya...semua tahu SAS menghadapi masalah masa YTL jadi KM dulu.
DeleteUmno culprits who brought down SAS will rot in hell
ReplyDeleteWhere is UMNO's mouth piece yee moi chai from PBS? Please show us your proof to defense your slandering against SAPP!!!
ReplyDeleteRecycle issue. SAS again and again.
ReplyDeleteThis is not a recycle issue. The UMNO SAS fund manager took 6 million paid salary but making a loss which happened every years since 1997 until today 2012 UMNO still sucking the poor investors money.
DeleteUMNO is answerable to the SAS investors.
There is no necessity to slander SAPP.It is already a rejected party and will be crushed by the might of BN.They are now banging on SAS to gain sympathy but the public knows that it was YTL who brought down SAS.
ReplyDeleteIt seems like those evil from BN wanna protecting the real culprits in SAS from UMNO but do not want to tell the truth to the 55000 investors.
ReplyDeleteThe righteous one will prevail! The wicked one will fall.
The name BN is indicated BE END after this GE13.
Only people who wanted the bring up the SAS issue over and over again is none other by SAPP themselves.
DeleteSAPP is trying too hard to cover up their mistake during the SAS downafall.
DeleteI am SAS victim. Thank you SAPP by bringing up this issue and highlight this UMNO culprits to the public.
ReplyDeleteBlame SAPP for making you a SAS victim, I'm sure you bought lots of Saham because Yong Teck Lee said he can guarantee the share price will not drop below RM1. Thank you SAPP for making Sabahans bankrupt for the SAS downfall.
Deleteisu SAS telah dibicangkan panjang lebar pada persidangan DUN Sabah yang lalu. 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..
Deleteyaa.. cuci tangan bersih2.. nanti rampas balik kerajaan.. biar Sabahan bankrap lagi untuk kali kedua..
ReplyDeleteObviously that is what SAPP wanted, to take back Sabah and drain us dry once again.
DeleteSapp nampaknya masih lagi cuba untuk mainkan isu SAS ni. tapi masa YTL jadi KM dulu SAS ni bermasalah.
ReplyDeleteThe Kettle calling the Pot black.
DeleteBawa YTL menceritakan mengenai SAS ini. Mesti dia tahu akan segala masalah.
ReplyDeleteAlimah, Datuk salleh dari umno pun tahu siapa makan rasuah SAS. Kenapa UMNO takut kah mahu mengeluarkan KESTAS PUTEH untuk menyiasat selain daripada buat FITNAH?
ReplyDeleteisu 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..
ReplyDeletemalang sekali wikisabah tidak mengamalkan kebebasan bersuara.. mana2 komen/pandangan yang mempunyai fakta tentang keburukan SAPP tidak dipaparkan dalam blog ini..
ReplyDelete