Search This Blog

Thursday, April 19, 2012

SAPP: 55,000 SAS investors still waiting for BN to reveal the Truth of SAS Fiasco

KOTA KINABALU: SAPP Youth Exco Clement Lee has put the entire blame on Datuk Dr. Yee Moh Chai and UMNO led-BN Government for the failure to reveal the truth of the SAS fiasco in 1997-1998. Instead, resorting to relentless slandering of former Chief Minister and fooling the public for his own political survival.

According to Guidelines on Unit Trust Funds in Chapter 8.06 (extracted from Securities Commission website click here  as shown below:

Chapter 8.06, the fund manager should...

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.

Let all of us to stay united to support our local party SAPP to take back the Sabah government from the present incompetent party Malaya ruled by UMNO led-BN government. SAPP will not only to issue WHITE PAPER to reveal the truth of the SAS fiasco but also plan to elevate the SAS price to its original value when we form the next Sabah government. 

39 comments:

  1. BN tahu tembirang dan buat fitnah saja.

    Kamu tunggulah balasan dari rakyat dalam PRU13.

    ReplyDelete
    Replies
    1. YTL sangat suci laaa....??? Lagi banyak tambirang

      Delete
    2. semua ahli politik pun banyak tembirang bah...termasuklah tu YTL..

      Delete
    3. YTL sudah kalah di Bt Sapi menunjukkan dia sudah ditolak.

      Delete
  2. C's article has no comment and he puts himself a comment....hahaha.
    How many actually?Look around!

    ReplyDelete
    Replies
    1. What exactly happened in the SAS, all the Sabahans knew, no need to main wayang kulit here. No one will believe it.

      Delete
    2. You are right. UMNO is the main culprits! PBS is the mouth piece of UMNO to cheat the SAS investors! PBS is protecting the robbers!

      Delete
    3. susah juga mau pecaya dengan SAPP..baru sekarang sibuk mau ketengahkan isu macam ini.

      Delete
    4. Isu SAS sudah lama dibongkar. Hanya umno pura2 tidak tahu dan kaki pengampunya.

      Delete
  3. I am the victim of SAS. UMNO should be accountable for their incompetency by appointed monkey to manage SAS like Datuk Salleh and COs

    ReplyDelete
    Replies
    1. I am the victim of SAS, I blame YTL.

      Delete
    2. I am the victim of SAS. I blame UMNO!

      Delete
    3. I blame the culprits behind this SAS fiasco from the beginning.

      Delete
    4. I 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.

      Delete
    5. SAS bermasalah masa YTL jadi KM, jadi YTL antara yang patut bertanggungjawab.

      Delete
    6. SAS bermasalah apabila UMNO salleh jadi Chairman SAS dan umno ghapur jadi finance minister.

      Apa 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.

      Delete
  4. No worry just vote in SAPP as state government again.

    Sure 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!

    ReplyDelete
    Replies
    1. This is what I worry about, if SAPP become state government again.

      Delete
    2. I would rather trust SAPP than any BN's dogs. 15 years SAS price remained the same!!!!

      Delete
    3. SAPP kena lawan tu Star juga...

      Delete
    4. Pakistan musang kena lawan Bajau Shafie juga. UMNO untuk orang pakistan Sabah.

      Delete
  5. Not really, only SAPP are waiting for BN to reveal the truth of SAS Fiasco.

    ReplyDelete
    Replies
    1. I 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?

      Delete
    2. To anon above

      BN is only expert in slandering mah. Mana berani mereka bongkar rahsia bos UMNO makan rasuah? Yang susah itu pelabur saja.

      Delete
  6. 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.

    ReplyDelete
  7. Aik, BN only good in slandering kah? Then the SAS downfall must be done by YEE MOK CHAI since he cannot provide proof!

    ReplyDelete
  8. Pity those investors who were being the victim of SAS fiasco.

    ReplyDelete
    Replies
    1. Hope it will never happen again. SAS should recover from the bad situation.

      Delete
  9. YTL 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.

    ReplyDelete
    Replies
    1. SAPP mahu cari penyokong dan pengundi..kan pru13 makin dekat..mestilah mahu kaw2 punya mainan politik..

      Delete
    2. Siapa 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?

      Semua directors SAS adalah dilantik oleh UMNO. Datuk salleh chairman SAS tidur kah dalam kerja dia dan makan gaji buta kah?

      Delete
    3. mungkin mereka memainkan isu ini utk cuba jadi hero..namun SAS bermasalah masa YTL jadi KM dulu.

      Delete
    4. UMNO hanya tahu buat fitnah sama SAPP. Rakyat minta UMNO keluarkan KERTAS PUTEH untuk siasat. Kedekut betul!

      UMNO fikir rakyat kita masih sebodoh macam orang umno kah?

      hahaha

      Delete
  10. 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.

    ReplyDelete
  11. Anak 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.

    1st, 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?

    ReplyDelete
  12. SAS investors should get back what they lost.

    ReplyDelete
  13. bila sudah tiada kuasa barulah sapp mahu bersuara tentang itu dan ini..

    ReplyDelete
  14. YTL yang sepatutnya bertanggungjawab atas apa berlaku pada SAS.

    ReplyDelete
  15. Kalau perkara mengenai SAS ini yang pakar adalah Yong Teck Lee. Kerana beliau yang berani dan menyebabkan pelabur kerugian besar semasa itu.

    ReplyDelete