By Ashley Sim
KUCHING, Nov 22: Pelagus assemblyman Wilson Nyabong Ijang has proposed that the Sarawak Sovereign Wealth Fund (SWF) must identify the exact sources of income for the funds, be managed by a team comprised solely of financial and investment professionals, with no political interference, and provide regular reports to the State Legislative Assembly (DUN).
Nyabong stated this during his debate on the Sarawak Sovereign Wealth Future Fund Board Bill, 2022, which was tabled by the Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg, at the State Legislative Assembly (DUN) sitting here today.
“I would like to propose that the SWF identify the exact source of income for the funds in order to safeguard and maintain the sanctity of this fund in accordance with the Premier’s wishes and vision.
“For example, O&G (oil and gas) surpluses, surplus from power generation, surplus from other mineral sales or even from a portion of State Sales Tax (if suggested later),” he said.
He went on to say that the SWF must also be managed by a team comprised solely of financial and investment professionals from around the world, with the sole goal of growing the SWF.
“There should also be no political interference and they should work without fear or favour of political masters.
“The fund management team only reports to the DUN on a regular basis,” he added.
Nyabong continued: “The suggestions may seem a little overboard but I feel that it is imperative that we do this so as to maintain its integrity and also allow the SWF to achieve its goals for Sarawak.
“On another note, I also wish to broach the subject of asking the fund management team to divest some of its funds for the purpose of research and development and implementation of some future, emerging areas.”
He emphasised that the establishment of the SWF in the State at this time is a clever and important move by the Gabungan Parti Sarawak (GPS) government, the learned legislators, to ensure the State’s financial future is accumulative and sustainable.
Nyabong also stated his full support for the SWF bill.
The Sarawak Sovereign Wealth Future Fund Board Bill, 2022 was passed in DUN today. — DayakDaily
