Will Sarawakians bear the RM8.65 billion Bakun Dam debt for 50 years?

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Sarawakians May Bear RM8.65 Billion Bakun Dam Debt for 50 Years, Opposition Claims

State Reform Party (STAR) president Lina Soo has claimed that Sarawakians may be burdened with the RM8.65 billion debt incurred from the acquisition of the Bakun Dam project for the next 50 years. She stated that the acquisition price of RM2.5 billion, combined with RM6.15 billion in liabilities taken over from Sarawak Hidro Sdn Bhd (SHSB), creates a substantial financial obligation for the state.
Acquisition Cost and Liabilities

Soo asserted that the Sarawak government should have acquired the Bakun Dam project for a nominal sum of RM1, rather than the RM2.5 billion reportedly paid to SHSB. This acquisition involved the state government, through Sarawak Energy Berhad, assuming RM6.15 billion in liabilities from SHSB, a company owned by the federal Finance Ministry Incorporated. Consequently, the total debt arising from the transaction amounts to RM8.65 billion.
Projected Debt Burden Per Capita

Based on her calculations, Lina Soo projected that the RM8.65 billion debt would necessitate each of Sarawak's 2.7 million residents contributing RM3,200. This significant financial commitment, she warned, could potentially span the next five decades, impacting the financial future of the state's population.
Increased State Debt and Lack of Transparency

The acquisition of the Bakun Dam is also expected to elevate Sarawak's existing debt to the federal government. As of the previous year, Sarawak's debt stood at RM2.5 billion, and this purchase would place it as the third-highest indebted state after Pahang and Sabah. Soo further criticised the state government for a perceived lack of transparency and accountability, citing the absence of public consultation and disclosure regarding audit or viability studies for the purchase.

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Will Sarawakians bear the RM8.65 billion Bakun Dam debt for 50 years?

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