Warisan's track record doesn't reflect good governance, says GRS leader
Restructuring efforts are being carried out for Sabah International Petroleum and Sabah Development Bank, says GRS's Penampang Youth chief Ceasar Mandela Malakun.
PETALING JAYA : Warisan's track record with state-linked companies does not reflect good governance, says a divisional youth chief of Gabungan Rakyat Sabah.
Ceasar Mandela Malakun, head of GRS Penampang Youth, dismissed recent claims on good governance raised by Warisan vice-president Junz Wong.
Malakun said Warisan's portrayal of itself as a reform-oriented government did not reflect the realities of its time in power from 2018 to 2020.
Malakun highlighted the serious concerns that were raised over Sabah International Petroleum (SIP) and Sabah Development Bank (SDBank) at the time.
The concerns were about the concentration of power and oversight when the chief minister, who was also state finance minister, added on the role of SIP chairman.
'From May 2018 to September 2020, SIP's debts to SDBank increased from RM1.05 billion to RM1.24 billion, while its total group liabilities – combining those with commercial banks – rose to RM1.75 billion,' he said in a statement today.
Malakun also pointed to SDBank's external bond obligations which reportedly jumped from RM3.66 billion to RM4.57 billion by the time Warisan left office.
'Despite clear signs of financial distress, the bank continued to declare annual profits,' he said.
'Industry observers at the time said this raised concerns of governance weaknesses, including the possible use of creative accounting practices that may have masked the bank's underlying financial risks,' he said.
Malakun said the GRS-led government is currently undertaking restructuring efforts to restore proper financial discipline, improve risk management, and ensure that SIP and SDBank serve their developmental mandates effectively.
'Sabahans deserve the truth, not Junz's selective memory. Governance isn't about rhetorics, it's about taking responsibility,' he said.
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