Sarawak Electricity boss Torstein Dale Sjotveit has now issued a personal apology, admitting the blackout was triggered by the new Bakun Dam hydro-electric plant, which is supposed to be powering through a dramatic modernisation programme.
Since he is unable to identify the problem so far, this will do little to reassure sceptics of his grandiose project to build several more mega-dams across the rainforest state, with the proclaimed intention of turning Sarawak into an industrial zone.
Explain the RM30 billion charge!
However, this is not the only example of Torstein keeping Sarawak in the dark. What about the staggering and unprecedented charge of RM30billion that has been raised on the publicly owned company since 2011?
This is a simply enormous world class borrowing requirement. And yet, what information do we have? Sarawak Energy has not issued an Annual Report since 2010 and we are now in mid-2013.
Two RM15bn charges available on-line for all to see. If these are not what they seem then Sarawak needs a fuller explanation on what money has been raised, how it has been raised and on what it has been spent – not an information blackout.This is a company funded by the taxpayers and electricity users of Sarawak and ultimately they are the guarantors behind this borrowing. So why have Mr Sjotveit and his boss Taib Mahmud been keeping everyone in the dark with this two year information blackout?
Worse, it appears that Mr Torstein Sjotveit has sought to give the impression that Sarawak Energy has not actually raised the money after all, even though the charge is officially listed in the register of company records.
Charges 18 and 19 on the company consist of two issues of Sukuk Islamic bonds worth RM15bn, organised by the fund management company TMF/Equity Trust. They were raised in June 2011 and remain unsatisfied.