Fixing Sabah's financial sinkholes
Published on: Tuesday, May 20, 2025
Published on: Tue, May 20, 2025
By: David Thien Text Size: Brendon said any document of a Sabah GLC or statutory bodies that want to enter into a business agreement with any party have to get the approval of the State Cabinet, after being vetted by his Chamber, besides other relevant authorities. Kota Kinabalu: State Attorney-General Datuk Brenndon Keith Soh said the Sabah Government is very concerned about the loss-making Government-linked companies (GLCs) which have been likened to being 'sinkholes'. He said State Finance Minister Datuk Seri Masidi Manjun is overseeing the matter.
Advertisement These GLCs are among 250 that have a primary commercial business development or socio-economic objective and in which the State Government has a direct controlling stake or in a joint-venture stake with a private sector partner(s). Brendon said any document of a Sabah GLC or statutory bodies that want to enter into a business agreement with any party have to get the approval of the State Cabinet, after being vetted by his Chamber, besides other relevant authorities. 'This was a recent guideline,' Soh said at the Sabah Action Body Advocating Rights (Sabar) Town Hall session on Good Governance on Saturday moderated by former Sabah Law Society President Datuk Roger Chin and Sabar organiser Lim Hock Song. 'Any agreement that needs to be approved between the GLC and third party has to go through my State AG's Chambers.
Advertisement 'I assure you that I will not let any lopsided agreement through. It is a privilege to serve the State, which is not an entitlement. And I have to look out for what is in the best interests of the State. And the State's interests come first,' Soh stressed. Soh said the State Cabinet has formed an Oversight Committee for GLCs co-chaired by the Permanent Secretary of the Sabah Ministry of Finance and the independent financial advisor to the Chief Minister, Siaw Kok Chee, who was a banker. Among members of the committee are a senior lawyer and a partner of one of the global big four audit firms. 'They are giving their views and inputs. This is a progressive initiative to address the issue,' Soh said. He stressed that the Oversight Committee has Cabinet authority to analyse, investigate any GLC and obtain all financial information required for the probe. Full discourse. 'We recognise that this is part of good governance. We need check-and-balance, oversight, accountability and transparency. 'At the end of the day, if there is bad news, we cannot hide it. We have to be frank and open, otherwise we are culpable ourselves. He said SMJ Energy S/B is a GLC that should be emulated by others where good governance is concerned. Earlier, former banker and Sabah Economic Advisory Council (SEAC) advisor, Datuk John Lo, posed the question, 'Can Sabah afford for the GLCs to continue with the endless poor performance, financial losses, abuses and misgovernance?' 'Of course, GLCs can be turned around,' Lo said, and he was glad that the Oversight Committee was formed with the right people appointed in place in some GLCs. 'Every Sabahan man, woman and every voter, after listening to Sabar's podcasts, should demand from politicians, reformation, transformation and rationalisation of Sabah's GLCs. 'The economic and financial cost of non-performing GLC is excessively high on all Sabahans. Sabar's highlighting of Sabah's GLCs will benefit all Sabahans,' Lo said. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
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