Sarawak CM Abang Johari Openg says the state needs to pursue an alternative financing initiative as conventional financing models are no longer viable.
“We have to look for other financing models that can help achieve our development goals, particularly in the area of physical infrastructure and amenities,” he said. DBoS, he said, puts in place risk governance and other policies in accordance with Bank Negara Malaysia guidelines, regulations, standards and best practices.
He added that alternative funding would only be sought as and when there is a need and capacity for repayment. 1MDB, Abang Johari said, is a corporation with the business model of buying and investing in strategic assets without having a strong balance sheet and cash flow, and requiring guarantees from the federal government to support its huge borrowings activities.
“Let me state categorically in this august house that the Gabungan Parti Sarawak government will take all necessary actions to ensure that all persons and entities liable to pay the state sales tax will pay the assessed amount.
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