Kota Kinabalu: Sabah Development Bank (SDBank) which courted controversy in previous administrations over loan approvals will come under the purview of the Chief Minister.
Its current holding company is Sabah Development Berhad under the direct supervision of the State Finance Ministry.
Chief Minister Datuk Seri Hajiji Noor said the move was among measures approved by the State Cabinet to strengthen the State’s support to SDB.
“This move reaffirms the State’s commitment to fully back SDB in discharging its financial obligations and fulfilling its growth ambitions.
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The Chief Minister said a new Board had been established to drive SDB towards this strategic direction, with Datuk Seri Lim Haw Kuang as the Executive Chairman.
Other Board members are Finance Ministry’s Permanent Secretary Datuk Mohd Sofian Alfian Nair, Patricia Ubing (Senior Independent Non-Executive Director), Datuk Vincent Pung, Dr Dionysia Kibat and Datuk Brenndon Keith Soh.
Hajiji said SDB would also explore strategic partnerships with other development financial institutions (DFIs) to fund targeted development projects in Sabah.
“The State Government sees SDB as key in supporting the State’s strategic thrust under the Hala Tuju Sabah Maju Jaya in promoting and implementing development projects for the best interest of Sabah,” he said.
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