Penang seeks RM5bil for sovereign wealth fund


  • Nation
  • Tuesday, 26 May 2009

GEORGE TOWN: The state government has proposed that a similar investment vehicle like the Terengganu Investment Authority (TIA) be set up in Penang.

Chief Minister Lim Guan Eng said he had written to Prime Minister Datuk Seri Najib Tun Razak to approve a RM5bil federal guarantee to finance the investment body to be called Penang Investment Authority.

He saw no reasons why the re-quest would be rejected since the Federal Government could guarantee RM5bil for TIA.

TIA is the country’s first state-established sovereign wealth fund with an initial allocation of RM11bil.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Next In Nation

70kg of slipper lobsters seized by Maqis
Two students nabbed for using fake interstate travel permit
Bikers suffer serious burns after collision on Perak road
Two biz scams under probe
Scammers hunting for victims on social media
Melaka police gunning for fraudster ‘Datuk Wazir’
Scammers cash in on opportunity
MCA to organise ‘Rakyat United Scammer Defeated’ campaign
Domestic helpers to be covered under social security plan
Shattered records of a model state

Stories You'll Enjoy


Vouchers