Sovereign Wealth Future Fund Bill highlights session
By:Lee Shaw Wei
WhatsApp Image 2022-11-22 at 17.13.42

The highlight of the second day of the third session of the first term of the 19th Sarawak Legislative Assembly (DUN) sitting on Today (Nov 22) was none other than the tabling of the Sarawak Sovereign Wealth Future Fund Board Bill 2022 which was unanimously passed at 4.42pm.

The Bill was tabled by Finance and New Economy Minister Datuk Patinggi Tan Sri Abang Johari Tun Openg and seconded by Second Minister for Finance and New Economy Datuk Amar Douglas Uggah Embas.

Abang Johari, who is also the Premier of Sarawak, in his winding up speech said the Sarawak Sovereign Wealth Future Fund will be subjected to stringent check and balance to ensure there is no abuse of the fund.

The Bill seeks to establish a State Fund to be known as the ‘Sarawak Sovereign Wealth Future Fund’ in order to maximise returns from the state’s surplus capital reserves through investment.

Sovereign wealth funds will be placed under the management and custodianship of a body corporate under the Bill to be called the Sarawak Sovereign Wealth Future Fund Board.

Two other government bills were tabled yesterday – the Constitution of the State of Sarawak (Amendment) (No.2) Bill 2022, which was passed with members supporting and the Electronic Sarawak Government Activities Bill, which was unanimously passed.

The Constitution of the State of Sarawak (Amendment) (No.2) Bill 2022 was tabled by Deputy Minister in the Premier’s Department (Law, MA63, and State-Federal Relations) Datuk Sharifah Hasidah Sayeed Aman Ghazali.
The amendment is to prevent ‘party hopping’ among state assemblyman.

Meanwhile, the Electronic Sarawak Government Activities Bill sought to provide the necessary legal framework to become “e-enabled” without the need for further amendments to other state laws.

Utility and Telecommunication Minister Datuk Julaihi Narawi when tabling the Bill said the legislation would enable the government to move towards achieving its aspiration in providing 100 percent end-to-end digital government services.

New Sarawak Tribune e-Paper

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New Sarawak Tribune is a Sarawakian news portal that highlights Sarawak-centric news and other stories of relevance to Sarawak.

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