KUALA LUMPUR (Jan 30): The Sarawak government plans to inject around RM400 million to RM600 million annually into its newly set-up sovereign wealth fund, said Sarawak premier Tan Sri Abang Johari Openg.
The fund, which has been officially set up on Jan 1, has an initial seed funding of RM8 billion by the state.
The state is looking for investment opportunities with additional funds that the state government has obtained over the years, the premier said in his special address.
The annual injection also doubles as a means for the state government to save the fund, he said.
“It is actually for savings. I believe in savings for the future. Revenue that Sarawak gets, we must keep. Our reserves are not bad, so we place our reserves somewhere for future generations.
“We won't touch that money for the next 20 years. Whoever takes over the government also cannot touch [the fund] by law, unless it is necessary,” he said at a press conference after the special address.
The fund consists of nine board members, according to reports, with the board chaired by former Federal Court judge Tan Sri Sulong Matjeraie.
Other board members comprise 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.