SARAWAK Premier Abang Johari Abang Openg must brief the state assembly on the exposure of the state treasury and government-linked companies that invested in Serba Dinamik Holdings Bhd, said Batu Lintang assemblyman.

See Chee How said Abang Johari, who is also state finance minister, has to tell the assembly about these “enormous” losses and plans to recoup the losses of public funds following the oil and gas company’s legal woes with market regulators.

Serba Dinamik and four of its top executives, including CEO Mohd Abdul Karim Abdullah, were acquitted of charges of submitting a false statement to Bursa Malaysia last year, after they paid in total a RM16 million fine imposed by the Securities Commission this month.

The Serba Dinamik Annual Report 2021 showed that State Financial Secretary Sarawak has 159.5 million shareholdings and 36 million warrant holdings in the company as of December 2, while state agency Bintulu Development Authority has 21 million shareholdings and six million warrant holdings in the company.

See said Abang Johari should also mention whether the state conducts independent due diligence before deciding to invest in certain companies.

“To better our governance, we should immediately formulate and implement investment mandates and guidelines to ensure state investments deliver good returns to Sarawak and its people.

“We must act immediately to show our political will and commitment to reform state institutions.

“We must… inculcate good governance in management of public funds and be accountable and transparent to win over the confidence of the people of Sarawak, so they are assured of their well-being and that of future generations.” – May 23, 2022.