KUCHING: State DAP secretary Chong Chieng Jen is still not convinced by Sarawak Energy Berhad (SEB) on the loan facilities worth a total of RM30 billion the corporation has obtained despite its clarification.
Speaking at a press conference here yesterday, Chong, also Bandar Kuching MP and Kota Sentosa assemblyman, thus called on the corporation to make further explanation on the matter.
He claimed to have obtained the relevant document (Form 34) from the Registrar of Companies (ROC), which he told journalists was a necessity under the Companies Act 1965 when a corporation wanted to secure a loan.
SEB submitted two separate Form 34 in June last year for ‘Assignment of Principal Service Reserve Account’ and ‘Assignment of Finance Service Reserve Account’ to issue equity under Sukuk Musyarakah Programme of up to RM15 billion each, he said.
“Add the two up, you get RM30 billion. Both the Form 34 were signed by SEB director Datuk Idris Buang and secretary Voon Jan Moi. The CEO (Torstein Dale Sjotveit) explained that they did not owe a debt of RM30 billion, and so far they have issued equity to raise RM5.5 billion.
“As it is structured Islamic banking, they do not term it as a loan but equity, but which the entire transaction is still borrowing. Meaning to say it is a loan, and SEB has entered a loan facility of RM30 billion,” he said.
Chong demanded that SEB release the detailed terms of the facility agreement.
He also asked the corporation to announce the interest payable for the RM5.5 billion equity issued.
To Sjotveit, Chong hoped he would apply the same level of transparency as famously practised in his country of origin, Norway.
“Torstein (Sjotveit) comes from Norway, a country that practises high level of transparency. In this case, I hope the Norwegian will do the same as far as the loan facilities are concerned.”
On Wednesday, Sjotveit said SEB set up the Sukuk Musyarakah Programme of up to RM15 billion in June last year to finance its capital expenditure requirements.
He added that the corporation had issued and raised a total of RM5.5 billion from the programme in two issuances, the first being in June last year and the latest in January this year.
Among those present were state DAP treasurer and Pending assemblywoman Violet Yong, deputy publicity secretary and Padungan assemblyman Wong King Wei and Chong’s special assistant Mordi Bimol.