SESCO financial year ended 31 Dec 2008 recorded a turnover of only RM1.3 billion, profit before tax RM293m (sharply downed from RM401m in 2007).
But despite SESCO’s sharply declining profit the company which is owned 65 percent by the State Financial Secretary Sarawak (under State Finance Minister – Taib) continue to be generous – not to voters (70,000 households) as Awang Tengah spin here – but to it directors.
Datuk Abdul Hamed Sepawi and co. – (ie., Jabu son – Gerald Rentap Jabu, Bario assemblyman Nelson Balang Rining and more) were paid RM3.8m – RM1.5 million more than they were paid in 2007.
In comparison, Tenaga Nasional Bhd, which was 38 per cent owned by Khazanah Nasional and 14 per cent by the EPF turnover was a whooping RM25.8 billion during the same period.
TNB profit before tax / zakat was at RM3.0 billion (RM4.8billion in 2007) and paid its directors RM2.3m in fees (RM1.8m in 2007).
Why Sesco paid so much to these people despite their dismal performance?