00:00Caretaker Chief Minister Haji J. Noor has asked the Sabah Law Society to be part of a team tasked with drafting the framework for the Sabah Sovereign Wealth Fund.
00:10In a statement, Haji J. said,
00:12SLS welcomed the formation of a wealth fund, which would be established next year through a state enactment, should Gabungan Rakyat Sabah retain the state government this Saturday.
00:22GRS had mooted the wealth fund in its manifesto, which it unveiled last week.
00:27Haji J. said he had asked SLS to be part of the team when he met its President Nazim Maduwarin and former President Roger Chin,
00:35as well as Sabah's Attorney General Brendan Keefe Soh, to discuss the state's entitlement to 40% of the revenue derived from Sabah.
00:43Haji J. said the SSWF board would also comprise professionals and experts in various fields including investment, law and finance, apart from representatives from the state government.
00:55The fund's initial capital would come from a portion of Sabah State Reserves, which grew from RM2.9 billion in 2020 to RM8.6 billion as of September 2024 under the GRS government,
01:08while a fixed portion of Sabah's 40% special grant from Pucha Jaya would be deposited into the fund annually.
01:15Separately, Chin told FMT that SLS could help come up with the best laws to ensure transparency,
01:23noting that as a statutory body the SSWF board must consist of professionals and be audited.
01:29There has to be pure public scrutiny of this. There is some oversight over this sovereign fund.
01:36So all of these things are very important to make sure that it is something that the public trusts,
01:41because you're putting a lot of money inside there. And this is the money of Sabah, all Sabahans,
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