Latest news with #CeasarMandelaMalakun
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
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.
Borneo Post
3 days ago
- Business
- Borneo Post
Warisan's GLC talk an insult to Sabahans' intelligence - Mandela
Mandela KOTA KINABALU (May 30): Gabungan Rakyat Sabah (GRS) Penampang Youth chief Datuk Ceasar Mandela Malakun has dismissed recent claims by Warisan vice president Datuk Junz Wong on good governance, saying Warisan's track record with state-linked companies tells a very different story. Mandela said Warisan's portrayal of itself as a reform-oriented administration does not reflect the realities of its time in government from 2018 to 2020, particularly in the management of Sabah International Petroleum (SIP) and Sabah Development Bank (SDBank). 'When the then Chief Minister and Finance Minister also took on the role of SIP chairman, it raised serious concerns about the concentration of power and oversight,' he said in a statement on Friday. '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.' Mandela also pointed to SDBank's deteriorating fiscal position during the same period. The bank's external bond obligations 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 — a situation which, according to industry observers at the time, raised concerns of pervasive and systemic governance weaknesses, including the possible use of creative accounting practices that may have masked the bank's underlying financial risks,' he added. He said the GRS-led government is currently undertaking restructuring efforts to address the issues left behind. 'Today, SIP and SDBank are undergoing necessary reforms to restore proper financial discipline, improve risk management, and ensure that these institutions serve their developmental mandate effectively.' While Mandela welcomed public discussion on GLC reform, he stressed that such conversations must be rooted in truth, not politically motivated historical distortion. 'Sabahans deserve the truth, not Junz's selective memory. Governance isn't about rhetorics — it's about taking responsibility,' he said. Mandela added that the GRS administration remains focused on restoring public trust in state institutions through long-term, structural improvements.
