KOTA KINABALU: The Sabah Law Society (SLS) has been invited to give input on the state’s 40% grant entitlement and proposed Sovereign Wealth Fund.
Chief Minister Datuk Seri Hajiji Noor said the SLS’s input to reinforce Sabah’s claim to the 40% special grant from the Federal Government is to be presented to the Sabah Attorney General’s Chambers.
It is also to be presented to the State Finance Ministry, he said, explaining this is crucial for strengthening the framework guiding Sabah’s ongoing engagement with the Federal Government.
He said this after meeting SLS president Datuk Mohamed Nazim Maduarin and former president Datuk Roger Chin at his residence on Tuesday.
This comes following the Oct 17 High Court judgment, which ordered the Federal Government to hold discussions with the state government within 90 days on the constitutional grant.
“During the meeting, I listened to the views from SLS.
“I have asked them to provide detailed input and present it to the State Attorney General and the State Finance Ministry to further strengthen our case,” said Hajiji.
The Gabungan Rakyat Sabah (GRS) chairman wants the SLS to be part of the team formulating the Sabah Sovereign Wealth Fund (SSWF) framework, including drafting its enactment.
The establishment of Sabah’s first sovereign wealth fund, a core pledge under the GRS election manifesto launched on Nov 17, aims to raise the state’s annual revenue to RM10bil by 2030.
Initial capital for the SSWF will be drawn from a portion of Sabah’s state reserves, ensuring long-term financial stability for future generations, said Hajiji.
A fixed percentage of Sabah’s 40% special grant from Putrajaya will also be channelled into the fund annually.
He said that, besides government representatives, the SSWF team will also include professionals and experts in investment, finance and law.
Also present were Domestic Trade and Cost of Living Minister and GRS deputy secretary-general Datuk Armizan Mohd Ali and State Attorney General Datuk Brenndon Keith Soh.
