SAPP Youth Exco Clement Lee demands an answer from UMNO led-BN Government and SAS investment team as to why it made a BIG LOSS of almost RM20 million (to be exact RM 19,870,833.00) in investments in 2011 as extracted from the SAS Annual Report 2011 on page 12?
He also demands an explanation as to what is “Realized Loss on sale of Investment”, amounting to RM 31 million (to be exact RM 31,124,228.00) as stated on page 22 of SAS Annual Report 2011.
There is no detail provided for this “Realized Loss on sale of Investment” in this report.
Does the SAS investment team have any expertise in investing in foreign securities like Singapore, Hong Kong, Indonesia, and Thailand markets? He queried.Furthermore, Datuk Dr. Yee Moh Chai has been relentlessly accusing former Chief Minister as the cause of SAS downfall during the years of 1997 and 1998. What he could not fathom doing is to improve the value of SAS, even after the course of 14 years? Clement Lee asked.
SAPP is committed to solving this problem faced by the over 50,000 investors that the UMNO led-BN government could not solve, even after 14 years from the Asian Financial Crisis in 1997-1998, plus the additional RM200 million government grant injected into SAS in recent years which was announced by Sabah Chief Minister Datuk Musa Aman, this has proven that the current UMNO led-BN government is simply incompetent and useless.
SAPP will issue the necessary White Paper to find out the root-cause of the downfall of SAS and reveal the truth to the public when we form the Sabah state government. We will also assist in elevating SAS to its original value, or even let it appreciate higher, to a value that it so rightfully deserves.