Gagasan Rakyat Youth hits back at Warisan
The criticism follows comments by Warisan information chief Datuk Azis Jamman, who questioned the role of state-owned SMJ Energy (SMJE) and the financial restructuring of Sabah International Petroleum (SIP).
Gagasan Rakyat Youth executive committee member Gordon Chin ( pic ) stated that SMJE was adopting a low-risk approach by investing in profitable and productive assets, while only entering exploration ventures once commercial viability was confirmed.
'Oil and gas exploration costs can run into the hundreds of millions, with no guarantee of success. SMJE's cautious investment model is smart, responsible, and already delivering results,' Chin said in a statement on Wednesday (July 9).
Chin also addressed Warisan's criticism of the RM900mil sukuk raised to acquire SIP, describing it not as a bailout, but as a necessary restructuring exercise.
He further refuted Warisan President Datuk Seri Shafie Apdal's claims that his government had settled a RM1bil bond in 2019.
Chin said the bond, issued in 2014, was repaid using a sinking fund established at the time of issuance, with repayments facilitated by funds accumulated steadily over several years.
'Sabah is finally turning a corner after years of financial mismanagement,' he said.
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