KOTA KINABALU: The Sabah Law Society has been enlisted for input on the state’s 40% grant entitlement and proposed sovereign wealth fund.
Chief Minister Datuk Seri Hajiji Noor said the SLS input will reinforce Sabah’s claim to the 40% special grant from the Federal Government.
He said it will be presented to the State Attorney General’s Chambers and the State Finance Ministry, adding it is crucial to strengthen the framework guiding Sabah’s engagement with the Federal Government.
He said this after meeting SLS president Datuk Mohamed Nazim Maduarin and former president Datuk Roger Chin on Tuesday (Nov 25).
The meeting that took place at his residence follows the October 17 High Court judgment on the constitutional grant.
It comes after the court ordered the Federal Government to hold discussions with the State Government within 90 days.
“During the meeting, I listened to the SLS views. I asked them to provide detailed input and present it to the State Attorney General and the State Finance Ministry,” said Hajiji.
He said this will further strengthen Sabah’s case.
The Gabungan Rakyat Sabah chairman wants the SLS on the team for the Sabah Sovereign Wealth Fund framework.
He said this includes drafting the enactment.
The wealth fund is a core pledge in the GRS manifesto launched on November 17.
It aims to raise the state’s annual revenue to RM10bil by 2030.
Hajiji said initial capital will be drawn from a portion of Sabah’s state reserves.
He said this ensures long term financial stability for future generations, adding a fixed percentage of Sabah’s 40% special grant from Putrajaya will be channelled to the fund annually.
He said the SSWF team will include government representatives and sector professionals, and experts in investment, finance and law will be involved.
Also present were Datuk Armizan Mohd Ali and Datuk Brenndon Keith Soh.
