Sarawak sovereign fund does not operate in derogation of other laws

Abang Johari delivering his ministerial winding-up speech at the DUN sitting on Dec 1, 2022.

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By Lian Cheng

KUCHING, Dec 1: The Sarawak Sovereign Wealth Future Fund (SSWFF) Ordinance does not operate in derogation of other laws, says Sarawak Premier Datuk Patinggi Abang Johari Openg.

He expressed relief that all Sarawak lawmakers understood the intention, concept and the rationale behind the establishment of this investment fund through the SSWFF Ordinance and acknowledged the constructive suggestions and concerns raised on the governance and the structure of the fund including the penalties imposed under the Ordinance. 

“I wish to highlight that the SSWFF Ordinance does not operate in derogation of other laws.

“The penalties under the Ordinance is intended to punish those who are negligent in the management of the fund as well as for non-compliance of any requirements under the Ordinance.

“For any other serious breach, offenders would not only be punished under the ordinance but will also be subjected to other laws relating to criminal offences such as the Penal Code (Act 574) and the Anti-Corruption Commission Act 2009 (Act 694).

“My GPS (Gabungan Parti Sarawak) government will ensure strict and heavy penalties are enforced on the Board of Guardians if they are found guilty of misappropriation of fund, or acting recklessly or negligently in the discharge of their fiduciary duties to the Board and its stakeholders,” said Abang Johari who is also the Minister of Finance and New Economy when delivering his ministerial winding-up speech at the Sarawak Legislative Assembly (DUN) sitting here today.

Additionally, he said the Sarawak government will strictly monitor the implementation and governance of the fund and will take any action to ensure the smooth and transparent management of the fund.  

“Rest assured, the government is serious in its intentions to manage this fund in accordance with the Santiago Principles and to uphold transparency and good governance in the management of this fund,” said Abang Johari. — DayakDaily