Monday, November 22, 2010
What Happened to the RM544 million State Government Bond
State budget as presented to the State Assembly by the Minister of Finance Cum the Chief Minister of Sabah that the projected revenue of 2011 amount to RM 2,747.94 million. He explained that 2010 budgeted revenue was higher than the 2011 budget because of the proceeds from the issuance of bonds worth RM 544 million in 2010.
"The bond is a debt which has to be repaid in 5 years' time. In other words every Sabah citizen now has a debt of RM200 because of the bond," said Richard.
"We have been asking the Chief Minister who is also the minister of Finance to reveal the purpose of the bond. The answer given by Datuk Johnny Mositun, Information Chief of PBS was that the RM544 million fund had been channeled to projects investment. Was it used as a loan to finance a condominium project in Jalan Ampang of Kuala Lumpur?