LABUAN: Former Kota Kinabalu Member of Parliament, Datuk Hiew King Chiu, expressed shock and dismay over the RM5 billion accumulated losses incurred over the years and called for serious action.
He said the SDB story was akin to a “Santa Claus” blissfully handing presents to underserved parties from 2003 until 2018.
He said the issue was of concern to every Sabahan, as the amount involved was “titanic”.
There obviously were abuses and deliberate breach of set financial practices and hoped the MACC investigation would get to the bottom of it by identifying the individuals involved.
“Stern action would help ensure a recurrence of such heavy loss of RM5 billion in debts,” said Hiew, adding the investigation should also determine if the bank officials were merely following orders.
He praised the GRS government for being able to unearth that had had happened over the years and only being exported now because of creative accounting practices by officials of the bank through the years in question.
Hiew further said without these bad debts the bank would have been in position to lend money to deserving applicants and help in the development of more projects in the State.
He said the State Finance Minister Datuk Seri Masdi Majin did a good job and deserved a pat on the back.
According to reports, the RM5 billion unpaid debts had existed for years and due to unqualified borrowers being extended more loans.
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