SABAH LAW SOCIETY ENLISTED FOR INPUT ON 40 PCT GRANT, SOVEREIGN WEALTH FUND

KOTA KINABALU, Nov 26 (Bernama) -- Sabah Chief Minister Datuk Seri Hajiji Noor has called on the Sabah Law Society (SLS) to provide its input to reinforce the state's claim to the 40 per cent special grant from the federal government.

He said SLS's input, to be presented to the state Attorney-General’s Chambers and the state Finance Ministry, is crucial for strengthening the framework guiding Sabah’s ongoing engagement with the federal government.

“During the meeting, I listened to the SLS’s views. 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,” he said in a statement today.

The statement followed a meeting yesterday between Hajiji and SLS president Datuk Mohamed Nazim Maduarin, as well as former president Datuk Roger Chin, at the Chief Minister’s residence here.

The Chief Minister’s request follows 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.

Beyond the 40 per cent special grant, Hajiji, who is also Gabungan Rakyat Sabah (GRS) chairman, wants the SLS to be part of the team formulating the framework for the Sabah Sovereign Wealth Fund (SSWF), 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 increase the state’s annual revenue to RM10 billion 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.

A fixed percentage of Sabah’s 40 per cent special grant from Putrajaya will also be channelled into the fund annually.

The Chief Minister said the SSWF team will include not only government representatives but also professionals and experts in investment, finance and law.

-- BERNAMA