Masidi reiterates Sabah Govt's strong support to SDB
Published on: Friday, July 12, 2024
_(1).jpg "Masidi reiterates Sabah Govt's strong support to SDB")
The Bank reflects the State’s financial standing and has an important role in the development of the State, said the Finance Minister. (Bernama file pic)
Kota Kinabalu: Sabah Minister of Finance Sabah Datuk Seri Masidi Manjun said the State Government is firm in supporting the Sabah Development Bank (SDB) and clarified that its RM5 billion non-performing loans (NPLs) are secured and recoverable.
“I wish to reaffirm the State’s support to the bank in times of need, particularly on our commitment to ensure that the bond obligations and repayment are kept whole. The bank reflects the State’s financial standing and has an important role in the development of the State,” said Masidi in a statement in response to media coverage on the matter.
ADVERTISEMENT
"The Ministry of Finance wishes to clarify that the RM5.0 billion NPLs are not losses and are recoverable as they are mainly secured against land-based assets that are under active recovery action."
Masidi informed the State Assembly on Wednesday that the SDB will announce an unprecedented loss for FY2023-2024, in accordance with best practices and accounting standards.
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
