Review of unbalanced deals with government-linked companies
Published on: Monday July 11, 2022
Chief Minister Datuk Seri Hajiji Noor has ordered an immediate review of agreements and contracts involving all state agencies and Government Linked Enterprises (GLCs) that are not performing well and to the detriment of the government. He also reminded the officers responsible for signing the agreements and contracts in question, to take into account the interests of the State. “I want to emphasize here that any government agency, when entering into an agreement, must ensure that (the agreement) takes into account the interests of the state. Officers involved, including legal officers, should carefully review and read every content of the agreement,” he said.
The Chief Minister who is also Chairman of the Board of Yayasan Sabah said this while presiding over the 120th Board Meeting of Yayasan Sabah Series No. 1/2022 at Menara Kinabalu, Kota Kinabalu, The 4th of July. Also present were Deputy Chief Minister II cum Minister of Agriculture and Fisheries Datuk Seri Dr. Jeffrey Kitingan; Yayasan Sabah Director and Executive Chairman of Innoprise Corporation Sdn Bhd (ICSB) Datuk Ghulam Haidar Khan Bahadar; Chief Conservator of Forests Datuk Frederick Kugan; Board members and senior executives of Yayasan Sabah. The Chief Minister also congratulated and welcomed the appointment of new board members, namely the Permanent Secretary of the Ministry of Science, Technology and Innovation, Zainudin Aman, and the Director of Education of Sabah, Tah Nia Jaman, and wished they would work together to help Yayasan Sabah Group (YSG) continue. excel in the future. During the meeting, Hajiji also announced the achievements of ICSB, the investment vehicle of YSG, which managed to increase its pre-tax profit by RM424 million from RM112 million in 2020. increase is RM312 million, four times the previous year. This makes it the largest increase recorded by the ICSB in nine years,” he said.
Meanwhile, Hajiji said that for ICSB Group revenue, there was a significant increase from RM819 million in 2020 to RM1.2 billion in 2021. The increase of 45% or RM369 million was the highest recorded by the ICSB since 2013.” For YSG, the pre-tax surplus in 2021 is RM358.12 million, compared to the pre-tax income surplus of RM18.5 million in 2020, an increase of RM339.62 million,” he said. The significant increase in pre-tax surplus income in 2021 was due to the increase in income in 2021 which amounted to 1.2 RM 830.43 million from 2020 which was RM 830.43 million. The Chief Minister also wants ICSB subsidiaries to be empowered so that they do not become a burden and a problem for Yayasan Sabah.” With the appointment of the Chairman of the Board of Trustees and the Board of Governors of University College Sabah Foundation (U CSF) and a new vice-chancellor, for example, we hope to be able to solve the problems encountered by UCSF. “Similarly with Yayasan Sabah Technical College (KTYS), I hope that the problems encountered will be resolved quickly so that it can attract more new students, thus opening the possibility for more Sabahans to continue their studies, especially in the technical areas,” he said.
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