KUCHING: The passing of the Sarawak Sovereign Wealth Future Fund Bill is described as the right move and will do the state a lot of good, especially for the future generations.

In pointing this out, political observer Datuk Peter Minos said the fund, if best managed would definitely make money for Sarawak as Singapore and Norway had shown.

“All sovereign funds in Norway, the United Kingdom, Singapore and others in the world proved to be of great benefit and success to the nations concerned.

“Well run and managed, a sovereign fund is a reflection of wealth of a nation as well as national investment for the future.

“The management team and officials of the fund must therefore be top class, proficient, able and must be absolutely clean and honest, this is the only way for the fund success,” he said in a statement today (Nov 23).

Adding on, he said the chief executive officer of the fund must be a man of exceptional ability and honesty with years of experience in international investment and banking.

“If got experience in sovereign fund handling, that is a bonus,” he said.

He also said it is wise that some funds from the state’s reserves to be put inside the fund as the initial amount and later through time, the fund will be increased, especially from oil and gas money.

“The fund will surely invest it better and more successfully.

“Well done to Sarawak and especially our Premier who thought of the fund from day one. He is in fact, the founder and the brain behind the fund,” said Minos, referring to Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.