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Yong Teck Lee: "This is my promise to you, that our struggle continues and I will always be by your side"...."Trust and integrity of the leaders are fundamental to the future of a country or a government or, in our case, SAPP as a serious political party of the future"

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2009 Mar 14 - SAPP: Explain the RM 601 loan to KL company

SAPP: Explain the RM 601 loan to KL company

Kota Kinabalu, Mar 15, 2009: Sabah Progressive Party (SAPP) said the State Government owes the people of Sabah an explanation why a RM 601 million loan was given by the Sabah Development Bank (SDB) to a KL company to develop luxury condominium in Kuala Lumpur's Ampang. As reported in the business section of a national newspaper Thursday, a property developer, Perspektif Masa Sdn. Bhd., has secured a RM 601 million loan from SDB to finance their RM 1.5 billion project in Ampang.

SAPP president, Datuk Yong Teck Lee added that this loan being one of the biggest loans ever granted by SDB is sure to raise eyebrows.

"It is equivalent to the RM 600 million in infrastructure grants allocated to the State of Sabah under the second stimulus plan for these two years. Such a huge loan, if disbursed in Sabah, would have been a huge stimulus to the Sabah economy. Instead, the wholly Sabah Government-owned bank has seen it fit to lend the money to KL as though Sabah has no need of any investment funds. The local business community knows that banks have been very tight in lending money these days because of the global financial crisis. But the SDB seems not to know or care.

"Therefore, SDB should disclose whether such a huge loan outside Sabah has obtained the approval of the State Government. The people of Sabah deserve to know whether SDB has departed from its primary role as the leading financial institution (DFI) to promote the growth of the Sabah economy.

"According to the Sabah Chief Minister, who is also the Finance Minister overseeing SDB, Sabah has many attractive investment projects created under the Sabah Development Corridor. Don't these corridor projects need financing?

"Or is it because our own Sabah Development Bank has lost confidence in the Sabah economy? Are there no projects in Sabah that are viable to qualify for SDB loans? Are there no more projects that can be profitable for SDB to lend to?

"SDB and State officials must not underestimate the potential for loss of investor confidence when investors see that Sabah's own development financial institution has decided to channel a huge chunk of its loan portfolio to non-Sabah projects.

"Already, there is widespread concern over the untimely closure of the ceramic tile factory in Labuan this month caused by the hike in natural gas prices sold by the Sabah Energy Corporation (SEC) to a SEDCO subsidiary, Guocera Tiles Industries (Labuan) Sdn. Bhd. SEDCO (Sabah Economic Development Corporation) is a State Bumiputra agency dedicated to develop Sabah's industrial development. In spite of the wide media coverage of the controversial closure of the Labuan tile plant, none of the State government Ministers or officials have bothered to explain or show any concern over the matter. Other than losing jobs, the plant closure also affects investor confidence. In Sarawak, Penang and other states, news of similar factory closures are promptly attended to by senior ministers. Here in Sabah and Labuan, senior leaders do not seem to care." said Yong.
 

SAPP Policies

SAPP's 17 point Manifesto - Sabah deserves better in terms of more equitable distribution of opportunities, in social, economic and infrastructural development and a better quality of life. [BM][Chinese]

SAPP's Economic Plan for Sabah - SAPP aims to achieve economic prosperity and financial self-reliance for Sabah. Version in [BM] [Chinese]

SAPP's Land Reform Policy - To promote and protect the rights and interests of local natives and other citizens in Sabah [BM][Chinese]

On Oil Royalty - SAPP is not giving up its struggle for more oil royalty payment for Sabah.

SAPP's Eight (8) Points Declaration - Whereas our mission is to establish a trustworthy govt and a progressive ...

SAPP's 14 point memo in 2006 - Time for Direct Preventive Actions

Our Sabah..

Books on ....
RCI Report on Immigrants in Sabah
The Birth of Malaysia
Malaysia Agreement Article 1-11
The Original Agreement of Malaysia
Heroes of Kinabalu 神山美烈誌
Schedule 9 of the Federal Constitution

more on ...
Twenty points safeguard
20 Perkara
Illegals & IC issues
Bernas Monopoly
No to coal-fired plant
Sabah Gas pipeline
3 million acres oil blocks ceded
The Formation of Msia & Devt in Sabah
Proclamation of Msia 1963...details
Restore Sabah's right to appoint JCs,
Ex-minister: Review 20-point
Supply Sarawak power to Sabah...
Sedition Act 1948
Continental Shelf Act 83 (1966)
Petroleum Development Act 144 (1974)
Petroleum Oil Agreement (1976)

More....


SAPP bid to discuss Sabah claim rejected
Take action against anti-Malaysia elements
Call for Philippines Consulate in Sabah
Get the RM1 billion and solve the QEH debacle
SAPP's objection of coal-fired plants in Sabah
SAPP: Explain the RM 601 loan to KL company
The missing billion ringgit "special grant"
SAPP on SEDIA Bill 2009
SAPP supports the call for the abolishment of Cabotage Policy
Probe illegals having Mykad also
Political Autonomy for Sabah
Sabah Schools still awaiting share of RM30 million
Special fund: Eric wants ACA probe
Oil royalty: SAPP not giving up
Scrap Bernas monopoly on rice
More News in Search Archive.....

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