SAS unit holders request for meeting

Pursuant to Malaysian Unit Trust Guidelines issued by the Securities Commission of Malaysia, Chapter 3.2121 “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”. But we as unit-holders believe that the management company SSB has failed until this date, to account to the trustee for the colossal losses of some RM400million in 1997/98.

At the same time, neither are the unit-holders enlightened on how the losses occurred.

Therefore, we the undersigned as unit-holders of SAS feel that there is a need to submit this request for a meeting of the unit-holders to SSB that a Meeting of the Unit-holders will be called to deliberate and decide on the following resolutions:

1. “That SSB, the management company of SAS, explain in full details with evidence how the losses of some RM400million was incurred to SAS, and matters related thereto.”
2. “That the Sabah State Government buy back all units issued and in circulation at RM1.00/unit to fulfill its guarantee that the unit price would never fall below RM1.00/unit Initial Offer Price.”
3. “That the Sabah State Government issue White Paper on the SAS losses incurred in 1997/98 to uphold the principle of transparency , and to prevent/pre-empt recurrence of such nature in order to protect interests of unit-holders and other investors.”

According to chapter 11.55 of the Guidelines on  Unit Trust Funds,  and/or section 305(1) of the CMSA which says, Section 305(1) of the CMSA further provides that a management company must call for a meeting of the unit holders upon the written request of not less than 50 unit holders or one-tenth of all unit holders; the request is given at the management company’s registered office; and for specific purposes stipulated under the same section of the CMSA.”

Section 11.57(a) further says, “where a meeting is requested by unit holders under section 305(1) of CMSA , THE MANAGEMENT COMPANY MUST-

(a) Call the meeting within 21 days after receiving the request from unit holders;
Whereas sections 11.54 through 11.77 are rules pertaining to the meeting.

As we have now obtained sufficient number of signatures of unit holders supporting this request, we therefore earnestly request that the management company SSB will comply with the relevant Guidelines and Act and call for a meeting of the unit holders in due course.

The response to this exercise is good, although owing to time factor, we only managed to secure sufficient signatures to initiate the process of calling for a meeting, there are some 180 telephone calls from various districts, of which many in the more remote districts cannot make it in time to sign this petition; somehow, this exercise will go on.

Here, on behalf of the unit holders, I hope YB Yee Moh Chai will revive his morale and spirit demanding for truth and justice as he did during the years 1997/98 through when he was still in the opposition, that he would help to facilitate and make this meeting of the unit holders a reality and success, in order that the truth will be revealed and justice served!

Once again, I appeal to unit holders to come forward and join in this petition. For the sake of transparency, truth, and for justice, please bravely come forward to support this petition and to participate in the meeting of unit holders to be held soon! Thank you!