SAS, WHO SHOULD TELL THE TRUTH

By: HIEW KING CHEU

THE LONG outstanding mysterious price shear drop in the unit value of the Saham Amanah Sabah (SAS) remains unsolved and well kept under cover. Those who were in the management and set on its investment board of the State owned unit trust fund until today maintained total silence, and they are hoping the matter will go away and be forgotten for ever.

Unfortunately for those investors whose "fingers were seriously burnt" still demanding to dig and search to the bottom of the mystery. They are really hurt and have suffered deeply until today.

What had happened then, and who caused that? There were much speculation on the shear drop in the unit value from its high value as much as RM 1.40 to merely RM 0.20 in such a short time. In any foreseeable circumstances, this was highly impossible, unjustifiable, unimaginable, and strongly indicated that something was seriously wrong.

How can a unit trust fund with the full government backing could be hit that badly? Why were the investment of its money was done in such a manner which caused a heavy deficit in the unit value?

The originally launched of 500 million units shares at RM 1.00 per unit was sold out quickly. During that time, most commercial banks were requested to give out "easy loan" to the people who wished to acquire SAS units.

The investors took loan, borrowed money from friends, used their pensions and even life savings hoping that the investment can bring them extra income money. Sadly, their hopes were all in vain, and they ended up in "deep shit"! They lost everything, with some people become bankrupt, ended up with deep financial hardship, lost their pensions, some still have to repay their bank loan until today. Their sad stories continues.

What actually had happened? Could it be due to the bad and unfounded investment decisions by the SAS investment board, or the intentionally misdoing of certain individual who held decision power, prevailing market situation or rather shear bad luck?

There were too many finger-pointings and accusation, but the end result remained as "no body is telling the truth"! The 50,000 over investors is still kept wondering what had happened. Their demand for an explanation turned to deaf ear. The people in charged and the government kept in absolute silence, as if nothing had happened. The worst part is that no one had even claimed responsibility.

The then BN component party SAPP had called for a "white paper" in the State Assembly to investigate and publish the findings and to give further details on the SAS case, but this was rejected outright, why?

Is it involving too many people and parties, nothing to tell, or rather the people don't have to know? SAPP, and UMNO with other BN component parties and even PBS at that time should know some details, but why are they not spelling it out? Are they protecting something, someone or being worried about OSA (official secrecy act), or rather they just didn't want to tell?

The people who were there should come out to the open and help to clear the speculations and the mist, and put those who were involved to justice. The share market cannot simply crushed to rock bottomly itself, and even a layman can tell you that. If it is not due to the "clever and smart tailoring" and manipulation to play up and ditching the particular shares, the shear drop of unit price will not happened just like that.

Therefore, it is time that someone should come up front to tell the truth! At least the truth can prevail and put the matter to rest. - Sabahkini