GPS serious in upholding transparency and good governance in state sovereign wealth fund management
By:Alexandra Lorna
Date:
WhatsApp Image 2022-11-20 at 1.19.05 AM

By Goh Pei Pei & Alexandra Lorna

THE Gabungan Parti Sarawak (GPS) government will monitor the implementation and governance of the Sarawak Sovereign Wealth Future Fund (SSWFF) strictly; and will take any action to ensure the smooth and transparent management of the fund.

Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg has assured that his government was 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.

He said the SSWFF Ordinance does not operate in derogation of other laws while 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, he said, 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).

Abang Johari said this when delivering his winding speech at the state legislative assembly (DUN) sitting here today.

“My government will ensure strict and heavy penalty to be enforced on Board of Guardian if anyone found guilty of misappropriation of the fund or acting recklessly or negligently in the discharge of their fiduciary duties to the Board and its stakeholders,” he stressed.

On the establishment of the state’s own airline, Abang Johari said, it was to boost tourism industry and driving businesses in Sarawak.

He said the airline business model would not be profit motivated instead the outcome is the economic multiplying effect. The aim is to connect to international destinations like Singapore, Jakarta, Hong Kong, Japan and Bangkok, to name a few.

“This effort will be a catalyst towards bringing Sarawak to the next level with better connectivity and accessibility to the world.

“Improved air connectivity would not only boost tourism; it would facilitate and accelerate socioeconomic development, trade and e-commerce in Sarawak,” he explained.

In addition, he said, Sarawak government would be embarking on improvement to Miri Port Sungei Baram channel and Samalaju deep-sea port facilities in Bintulu.

“We are also exploring the development of new deep-sea ports for Lawas and Kuching, going forward. This is important for Sarawak to be part of the worldwide supply chain especially for food, energy, parts and components,” he said.

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