Yee, explain SAS poor showing despite RM200m injection
KINABALU: Sabah Progressive Party (SAPP) on Tuesday asked Deputy Chief Minister
Datuk Dr Yee Moh Chai to explain the reason why the Saham Amanah Sabah (SAS)
unit price has not appreciated even after the injection of RM200 million by the
Barisan Nasional (BN) government in recent years.
New Page 1
SAPP Youth Exco Clement Lee said the explanation was necessary because the SAS
2011 Annual Report showed that it incurred a significant loss of RM20 million.
During the same period where the RM200 million injection was made, the Bursa
index had increased by more than 80 per cent from 859 points in 2009 to 1,569
He said Dr Yee was once very vocal in championing the SAS issue by accusing a
former Chief Minister as the cause of the trust unit share price downfall during
the Asian Financial crisis in 1997-1998.
"But why is he now missing in action and keeping mum about it," said Lee in a
"We reckon Dr Yee should pursue and assist to solving the problem affecting over
50,000 SAS investors instead of resorting to relentless accusations against the
former Chief Minister," he said.
He said Bursa Malaysia (formerly known as KLSE) index dropped to 279 points
which was the lowest point in Malaysian history during the Asian Financial
crisis in 1997-1998, causing SAS shares to drop drastically and none of the
stock counters in Bursa could escape from this tumble during the fiasco.
But, after 14 years the Bursa index had gone up to 1500+ points as of March 2012
and recorded an increase of about 570 per cent from 279 points in 1997-1998.
"There was is no major financial crisis in Malaysia from 1998-2011 and yet there
are no signs or indications of positive rnovement for SAS until today in 2012?"