Saturday 02 Dec 2023
By /
main news image

KUALA LUMPUR (Aug 14): Sarawak has appointed nine members to the board of guardians of its RM8 billion sovereign wealth fund (SWF), including former Federal Court judge Tan Sri Sulong Matjeraie as the chairman of the fund.

In a statement on Monday (Aug 14), Sarawak Premier Tan Sri Abang Johari Tun Openg said that the appointments of the nine members to the Sarawak SWF were approved by the state Cabinet on July 27.

The other eight members are Tan Sri Amar Leonard Linggi Jugah, ex-Petroliam Nasional Bhd chairman Tan Sri Ahmad Nizam Salleh, ex-Shell Malaysia chairman Datuk Iain John Lo, Permodalan Nasional Bhd director Datu Haji Soedirman Haji Aini, Sarawak attorney general Datuk Seri Talat Mahmood Abd Rashid, Datuk Seri Dr Wan Lizozman Wan Omar, Grainne Dooley and Mohsen Fahmi.

“I believe the diverse and extensive experiences and strong credentials of these distinguished professionals will be invaluable, and of great advantage to the fund moving forward, in achieving its objectives,” said Abang Johari.

The fund, which was unanimously approved in November last year by the Sarawak State Legislative Assembly, is expected to commence in 2024.

"Our sovereign wealth fund will start with an initial appropriation from the Sarawak state of RM8 billion, and subsequently receive scheduled annual appropriation. The fund is estimated to grow sustainably with no withdrawals, except for [if] any potential critical event occurs, or when the fund performs better than targeted," he said.

He said that the fund will also be managed strictly in accordance with the investment policy and mandate of the fund, which is to deliver long-term risk-balanced real growth in its invested assets.

"The account of the fund and its annual report of activities will be laid before the Sarawak state assembly, and its annual budget will be approved by the state Cabinet," he added.

Edited ByIsabelle Francis
      Text Size