Latest news with #SabahDevelopmentBank
The Star
3 days ago
- Politics
- The Star
Shafie denies NPL write-off allegation
KOTA KINABALU: Datuk Seri Mohd Shafie Apdal strongly denied allegations that he was involved in the write-off of RM178mil in non-performing loans (NPLs) during his tenure as Sabah chief minister and Sabah Development Bank (SDB) Board of Directors' chairman. The opposition Parti Warisan president described the allegations published by an online portal as 'malicious and baseless', asserting that not a single NPL was written off under his watch. 'These accusations are outright lies, manufactured with the intent to deceive the public and destroy my credibility,' he said in a statement on Thursday (June 19). Shafie clarified that as chief minister, he had no involvement in the day-to-day operations or specific loan arrangements at the bank. 'Public institutions must be governed by professional processes, not political interference. I respected those boundaries and expected the bank's management to uphold their fiduciary duty to the people of Sabah,' he said. He slammed what he called 'calculated distortions' designed to smear him ahead of the looming state election, adding that the claim he wrote off loans to a politically connected firm, CASH Bhd, was entirely untrue. 'In fact, during my administration, I took every step necessary to recover problematic loans, not cover them up. Writing off NPLs recklessly would have been irresponsible and a betrayal of public trust,' he said. Shafie also questioned why the current Gabungan Rakyat Sabah (GRS) government, which has been in power for nearly five years, failed to launch a forensic audit or lodge reports with the Malaysian Anti-Corruption Commission (MACC) in 2021, when the issue supposedly occurred. 'If wrongdoing really occurred, why wait until now to bring it up? This is not about justice, but about politics. This is a desperate attempt to shift blame and distract from their failures,' he stressed. Shafie warned that he will not hesitate to take legal action to protect his name and integrity. 'I welcome any impartial investigation. But I will not remain silent while lies are repeated and recycled for political convenience,' he said.
Free Malaysia Today
30-05-2025
- 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.
