KINABALU: Former Chief Minister Datuk Yong Teck Lee said the decision by
State agency Warisan Harta to acquire North Borneo Timber Sdn Bhd shares
from Suniwang Holdings Sdn Bhd as part of a composite share swap was not
his personally but the Warisan Board of Directors.
told the court Friday that implementation and execution of Board decisions
was left to the management and that he was not involved in the
said his role ended after the Board meeting and that being the
non-Executive Chairman of Warisan Harta, he did not have any vetoing power
to block or approve any proposal.
was answering questions by his lead counsel Simon Shim on the second day
of a libel suit he has brought against Tanjung Aru MP Yee Moh Chai
pertaining to the latter's statements on the deal to the media.
further said he resigned from all the posts that came with the office of
the Chief Minister upon conclusion of his term (under the rotation
the Examination-In-Chief at the High Court, Yong said one Warisan Board
did express reservations over the proposed deal with Suniwang Holdings Sdn
did not say who this person was, but that the reservation was expressed
when the proposal from Suniwang was discussed after a follow-up of the
paper on the meeting he chaired.
said he only came to know about Suniwang's proposal to Warisan when he
received the notice of board meeting about the first or second week of
management presented the paper and then discussion was open to members of
Board. (They) may ask questions, seek clarifications, express reservations
and ask for any further information before a decision is reached," he
said when asked how the meeting was conducted.
meeting that discussed the Suniwang proposal was attended by a "fully
constituted baord" meaning himself, the Minister of Finance or his
alternate director who is the Assistant Minister of Finance, the State
Secretary, the Permanent Secretary of the Finance Ministry and two
Board's decision was that the proposal be sent back to the management to
see how or if it can be improved, he said.
another question, he said there was a subsequent board meeting when the
management came back to the Board and presented a new paper as follow-up.
This meeting, chaired by him, was attended by "basically the same
said the decision at that particular meeting was "basically to agree
to the improved proposal and further ask the management to obtain legal
opinion to protect the interest of the company" from Messrs Shelly
Yap Leong Tseu Chong Chai & Co.
said he found the press statements by the defendant Tanjung Aru MP Dr Yee
Moh Chai objectionable when it was stated that he (Yong) had something to
hide and that the investment was made by him.
also told the court that the Chief Minister's Press Office had issued a
press statement on Dec. 29, 1997 to assure the people that the State
Government would explain the matter in due course because it is
accountable for all the actions that it has made.