Latest news with #BondRepaymentFund
Daily Express
2 days ago
- Business
- Daily Express
Warisan rep disputes the RM1 billion bond repayment
Published on: Saturday, August 16, 2025 Published on: Sat, Aug 16, 2025 Text Size: 'This shortfall was due to weak fiscal discipline before Warisan formed the government,' said Sarifuddin, accusing the minister of 'cherry-picking' records. Kota Kinabalu: Former Sabah assistant finance minister Sarifuddin Hata disputed State Finance Minister Datuk Seri Masidi Manjun's version of the repayment of a RM1 billion State bond. He claimed that when Warisan took over in 2018, a year before the bond matured, the Bond Repayment Fund contained only about RM400 million or RM600 million short of what should have been saved under the previous RM200 million-a-year plan. 'This shortfall was due to weak fiscal discipline before Warisan formed the government,' said Sarifuddin, accusing the minister of 'cherry-picking' records. The Warisan Merotai Assemblyman said budget tabling did not mean allocations were actually deposited, and official records, undisclosed to the public, confirmed the 2018 balance was far below the target. He argued that if repayment was 'fully guaranteed' as claimed, there would have been no need for Warisan to urgently top up the fund. 'Warisan raised the amount to RM1 billion in under 12 months, while also covering interest that pushed the total repayment above RM1 billion , without taking new loans, cutting development, or burdening the public. 'This was not a routine matter but an effort to save Sabah's finances, protect its credit rating and credibility,' he said. Sarifuddin also claimed that Warisan implemented the sales tax on petroleum products in April 2020, gazetted under its administration. 'GRS was only able to claim the revenue because the first payment was received after they took over. The policy, groundwork and legal framework were entirely Warisan's,' he claimed and demanded transparency on how the bond proceeds were spent. * 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. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Borneo Post
3 days ago
- Business
- Borneo Post
Masidi's claim on 2019 RM1 billion bond repayment a 'desperate distortion' - Sarifuddin
Sarifuddin KOTA KINABALU (Aug 14): Former Sabah Assistant Finance Minister Sarifuddin Hata has slammed State Finance Minister Datuk Seri Panglima Masidi Manjun's attempt to portray the 2019 repayment of the state's RM1 billion bond as 'automatic,' calling it a desperate distortion. 'When Warisan took over the administration in 2018, just one year before the bond matured, the Bond Repayment Fund only had about RM400 million,' said Sarifuddin, who is also Merotai assemblyman and Warisan Kalabakan Division chief, in a statement today. He pointed out that based on the previous administration's plan of allocating RM200 million annually, at least RM800 million should have been in the fund by then. 'However, the RM600 million shortfall was the result of weak fiscal discipline before Warisan formed the government,' he said. Sarifuddin accused Masidi of cherry-picking figures, noting that 'being tabled in the budget does not mean the funds were actually allocated and deposited into the bond fund.' He said official records showed the actual balance in 2018 was far below the required amount. He stressed that Warisan's fiscal discipline between 2018 and 2019 successfully closed the gap, preventing a default. 'If the repayment had been 'fully guaranteed' as claimed by the minister, then why was there such a rush to top up the fund when Warisan was in power?' he asked. Warisan, he added, had less than 12 months to raise the fund from RM400 million to over RM1 billion, including interest, without taking new debt, cutting essential development programmes, or burdening the public. 'This was not a 'routine exercise' but a critical effort to safeguard Sabah's finances, credit rating, and credibility,' he stressed. Sarifuddin also maintained that Warisan implemented the sales tax on petroleum products in April 2020 and gazetted it during its administration. 'GRS only collected the revenue because the first payment came in after they took over. The policy, groundwork, and legal framework were all Warisan's work, not GRS',' he said. The former assistant minister reiterated calls for transparency on how the bond proceeds were spent. 'If the minister is confident every sen was spent in Sabah, then disclose the full list of projects, locations, contractors, and beneficiaries. Until this is revealed, talk of 'full accountability' is just empty words,' he said, calling for an independent audit. Sarifuddin criticised GRS for avoiding direct answers in the State Legislative Assembly, instead offering vague promises to 'study the matter' or 'provide a written reply.' He challenged Masidi and the GRS government to debate the matter openly in the Assembly. 'If you truly believe in your facts, there is no reason to fear debating in the august House,' he said. Masidi on Wednesday refuted claims by Warisan president Datuk Seri Shafie Apdal that the RM1 billion State Government bond repayment in 2019 was an extraordinary achievement of the Warisan administration. 'The repayment was never a sudden burden. It was planned since 2014 under a Bank Negara Malaysia requirement to set up a Sinking Fund, with RM200 million allocated annually over five years. By the time Warisan came into office, the funds were already budgeted, and only the final RM380 million instalment was tabled during their tenure,' he said in a statement.
