DBOS rebuts PSB allegation it is part of state govt

File photo for illustration purposes

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By Adrian Lim

KUCHING, Nov 15: The Development Bank of Sarawak (DBOS) has refuted the allegation made by PSB president Datuk Seri Wong Soon Koh yesterday that it is part of the Sarawak government.

In a statement today, DBOS stressed that as a development bank, it is an independent financial institution and follows Bank Negara Malaysia (BNM)’s guidelines and best practices in its operations.


“The bank seeks deposits like any other financial institutions from state government, statutory bodies, local authorities and state government-controlled companies.

“DBOS conducts lending activities like any other banks.

“DBOS manages its deposits and placements like any other financial institutions.

“The bank is a development financial institution and mandated to fund state strategic infrastructure projects,” the bank disclosed.

Yesterday, Parti Sarawak Bersatu (PSB) president Wong claimed that DBOS is an ‘arm of the Sarawak government’ and he questioned how much funds from the state’s reserves had been transferred to DBOS after the bank was established.

He also claimed the state reserves being placed into DBOS and spent on projects are the same as the government spending the reserves themselves. — DayakDaily