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.