Who authorized RM30 billion loan for Sarawak Energy Bhd which recorded an annual after taxation distinction of usually RM330 million?
KUCHING: How did Sarawak Energy Bhd (SEB) manage to secure a RM30 billion loan when a annual after taxation profits amounted to usually RM330 million? Is it because SEB or Sarawak Electricity Supply Corporation (Sesco) is a state government- owned company? Either way a RM30 billion loan to SEB has left Sarawak DAP stumped.
"It is a really intolerable figure. It may take 100 years to compensate a loan plus a interests.
"Even Sarawak's annual income is usually in between RM4 billion as well as RM5 billion. How is it possible afterwards to secure a RM30 billion loan?
"Surely there is something unusual here which needs full explanation," DAP secretary Chong Chieng Jen said, adding which SEB arch executive officer Torstein Dale Sjotveit had to insist why SEB is "borrowing 100 times some-more than" a annual profit.
Chong pronounced to illustrate far both SEB as well as Sesco have been really still about a loan which was entered in to in Jun last year.
"Why is Sesco keeping so still upon this matter? We wish to know a purpose of a loan as well as who authorized it," he said.
Chong, who is Kota Sentosa assemblyman, added which a emanate was of concern to Sarawakians who have been disturbed which if Sesco cannot compensate a loan, a total of Sarawak will go bankrupt.
"How most is Sesco paying a seductiveness upon this loan? If you have been articulate about seductiveness of 10%, Sesco is going to compensate during ! slightes t RM3 billion, which is equivalent to a state revenue.
"And if you talk about 5% interest, a volume will be RM1.5 billion. And this volume involves a seductiveness only, though what about a remuneration for a loan?" asked Chong, who is additionally a MP for Bandar Kuching.
Government contingency explain
He additionally wanted to know how Sesco is planning compensate for a loan since which a annual distinction after taxation was RM276 million in 2008, RM217 million in 2009 as well as RM336 million in 2010.
"That volume of distinction is usually about one percent or so of a loan which Sesco has raised," he said, as well as urged a supervision to give a full explanation upon a loan.
The state supervision underneath Chief Minister Abdul Taib Mahmud has due to set up twelve some-more dams, incompatible Bakun as well as Batang Ai hydro-electric dams, to produce 7,000MW in order to capture RM20 billion investments.
The brand new dams will be sited during Baram, Baleh, Belaga, Metjawah, Lawas, Tutoh, Limbang, Murum, Limau as well as Belepeh, Ulu Ai as well as Batang Ai extension in Lubok Antu.
SEB has been entrusted to set up twelve some-more dams in Sarawak.
It is accepted which a RM30 billion-loan could be used to finance a construction of these dams.
The Baram dam alone is expected to cost RM4 billion.
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Courtesy of Bonology.com Politically Incorre! ct Buzz & Buzz
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