Masidi rubbishes Shafie's claim over RM1 billion bond
Published on: Thu, Aug 14, 2025 Text Size: Masidi (left) also dismissed Shafie's (right) earlier claim that the bond's full repayment in 2019 was an extraordinary achievement of the Warisan administration, calling it 'misleading' and 'contrary to documented facts.' Kota Kinabalu: State Finance Minister Datuk Seri Masidi Manjun rubbished Parti Warisan President Datuk Seri Shafie Apdal's allegation that RM500 million from the State Government's RM1 billion bond proceeds was spent in another state, describing the claim as 'both unfounded and irresponsible.' 'Such a serious claim, made without a shred of credible evidence, misleads the public and undermines trust in the State's financial management,' said Masidi in a statement, Wednesday. Citing official records, Masidi said the RM1 billion State Government of Sabah Bonds (2014/2019) proceeds were used entirely for Sabah's purposes – RM544 million to repay the first State Government bond issued in 2009 and RM456 million to finance State development projects under the approved 2014 State Budget. He also dismissed Shafie's earlier claim that the bond's full repayment in 2019 was an extraordinary achievement of the Warisan administration, calling it 'misleading' and 'contrary to documented facts.' He said Shafie's Aug 12 statement gave the public the false impression that the RM1 billion repayment was pulled off within a single year through the Warisan government's financial acumen. 'The facts tell a different story. When the RM1 billion bond was issued in December 2014, Bank Negara Malaysia required the State Government to establish a dedicated Sinking Fund to ensure full repayment upon maturity,' he explained. Under this safeguard, RM200 million was to be set aside annually over five years so that repayment would not become a sudden financial burden, regardless of which party held office. Records show contributions to the Sinking Fund were made according to schedule: RM2 million in 2016 (tabled in 2015), RM200 million in 2017 (tabled in 2016), RM400 million in 2018 (tabled in 2017) and RM380 million in 2019 (tabled in 2018). The remaining RM18 million came from interest earned on the fund's investments. 'The claim that Warisan had to 'find' RM600 million in a matter of months ignores reality. The payment schedule had been designed since 2014 and the necessary funds were already budgeted as part of the State's multi-year financial planning,' stressed Masidi. He pointed out that during Warisan's tenure, the only bond repayment allocation tabled was RM380 million in 2019, an obligation that would have been fulfilled by any government in office at the time. Masidi emphasised that repaying the bond on schedule was a legal and contractual obligation, not an optional act of goodwill. 'The financial discipline and structure that enabled this repayment were put in place in 2014, not in 2018. Public discussion on State finances must be anchored in documented facts, not selective figures or politically convenient narratives. 'The people of Sabah deserve nothing less,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
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