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Daily Express
13-06-2025
- Business
- Daily Express
Monitoring of Sabah GLCs must, says Upko
Published on: Friday, June 13, 2025 Published on: Fri, Jun 13, 2025 Text Size: Dennison added that ongoing financial losses directly impact investor confidence and the direction of state development. Kota Kinabalu: State government-linked companies (GLCs) in Sabah must undergo reform for the benefit of the people and the overall future of the state. The Treasurer-General of the United Progressive Kinabalu Organisation (Upko), Dennison R. Indang, said that GLCs should serve as catalysts for the people's economy – creating job opportunities, empowering local entrepreneurs, and contributing to state revenue. Advertisement However, he said, when governance is driven purely by political interests rather than efficiency, the original mission of these companies is significantly derailed. 'This situation erodes public confidence in the state's management capabilities and undermines our ability to deliver high-impact services and development. 'I welcome the call for Sabah's GLCs to undergo comprehensive and bold reforms. 'The reality is, far too many GLCs have failed to fulfil their original purpose. Not only are they failing to generate profits, but they have also become a financial burden on the state,' he said in a press statement here on Tuesday. Dennison added that ongoing financial losses directly impact investor confidence and the direction of state development. 'I believe it is time for a new approach in the management of Sabah's GLCs. Appointments to the Board of Directors must be based on merit and professionalism, not on who knows who. 'All investments and partnerships must undergo transparent evaluations, with priority given to their impact on the people. 'Underperforming GLCs should be reassessed, restructured, or terminated so that the state's resources can be used more wisely. 'In this regard, I welcome the establishment of the Sabah State GLC Monitoring Committee as announced by Assistant Finance Minister Datuk Julita Majungki,' he said firmly. Dennison, who is also the Upko Kota Kinabalu Division Chief, said this is an important step toward strengthening integrity, transparency, and accountability in GLC governance. He added that GLC reform is not just a matter of administration but also a matter of having the courage to make policy decisions that directly impact the well-being of the people and the strength of the state's economy. 'The people need leaders who not only understand policy issues but are also capable of pushing for structural changes in a bold and decisive manner. 'Upko is committed to being part of the solution. We believe that GLC reform is not an option – it is an urgent necessity. 'And to ensure the success of these changes, Sabah needs a leadership team that truly understands its responsibilities and is ready to carry the mandate,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
10-06-2025
- Business
- Daily Express
Reform GLCs for Sabah's future, says UPKO's treasurer
Published on: Tuesday, June 10, 2025 Published on: Tue, Jun 10, 2025 Text Size: KOTA KINABALU: Sabah's government-linked companies (GLCs) must undergo bold and comprehensive reforms to serve the people and the state's long-term interests, says UPKO Treasurer-General Dennison R. Indang. He stressed that GLCs should drive economic growth, create jobs, empower local entrepreneurs, and contribute to state revenue. Advertisement However, he said, many GLCs have failed in their purpose due to political interference and poor governance, becoming financial burdens instead. Dennison called for a merit-based, professional approach in board appointments and transparent investment evaluations. Underperforming GLCs, he said, should be restructured or dissolved. He welcomed the formation of the Sabah GLC Monitoring Committee, viewing it as a vital step toward improving integrity, transparency, and accountability. Reform, he added, is not optional but essential for Sabah's economic strength and public trust. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
26-05-2025
- Business
- Daily Express
KCCI urges review of outdated Stamp Act 1949
Published on: Monday, May 26, 2025 Published on: Mon, May 26, 2025 Text Size: KOTA KINABALU: The Kadazandusun Chamber of Commerce and Industry (KCCI) has called on the Federal Government to conduct a full review of the Stamp Act 1949, describing it as outdated and burdensome, especially for small businesses and rural communities in Sabah. KCCI Supreme Council Member Dennison R. Indang said the Act, which predates Malaysia's independence, continues to impose rigid penalties and complex compliance requirements that disproportionately affect microenterprises and low-income groups. 'In Sabah, many transactions are informal in nature such as family rental agreements or small-scale community loans and these are now vulnerable to harsh enforcement,' he said in a statement today. Dennison proposed several reforms, including stamp duty exemptions or reductions for transactions under RM10,000, an amnesty mechanism for first-time unintentional non-compliance, decentralisation of stamp duty powers to Sabah and Sarawak, bilingual digital platforms for easier access, and the formation of a Parliamentary Select Committee to reassess the Act. 'Our tax laws must empower, not punish, those trying to comply. We are no longer living in 1949, our laws must reflect a modern and inclusive Malaysia,' he added. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
