Abang Johari is scheduled to announce the formation and line-up of Board of Guardians for Sarawak Sovereign Wealth Fund tomorrow. — Bernama photo

KUCHING (Aug 13): Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg is scheduled to announce the formation and line-up of the Board of Guardians for Sarawak Sovereign Wealth Fund tomorrow.

According to a media invite from the Premier’s office, the announcement will be made during a press conference at 10am at Wisma Bapa Malaysia here.

Abang Johari will be revealing the names of those appointed to the the Board who will be managing the Fund.

During the Sarawak Public Communications Unit (Ukas) 5th Anniversary Dinner on Aug 1, Abang Johari had told reporters that he will hold a special press conference soon regarding the formation of a board to manage the fund.

Abang Johari in his speech during the dinner had said the Sovereign Wealth Fund will commence operations in 2024, making it the first state/region in Malaysia to have such entity.

On May 23, Bernama reported that Sarawak state government will form a Board of Guardians comprising eight finance and investment experts and professionals to provide professional management for the Sarawak Sovereign Wealth Fund.

Abang Johari was quoted as saying the state government is looking for guardians who can act both professionally and transparently to make sure that the fund is well-protected.

“We have to check the personality, integrity and background of our professionals to be on the board. (They are) not (only) Sarawakian and not only Malaysians.

“It (the board) is multinational and (comprises) people who have experience in investment in the capital market and as well as multiply seed capital,” he told reporters at the Fifth Malaysian Banking and Finance Summit 2023 in Kuala Lumpur on May 23.

It has been previously reported Sarawak is setting up a sovereign wealth fund with an initial amount of RM8 billion to strengthen the state’s financial sustainability.

On Nov 22 last year, the Sarawak Legislative Assembly unanimously passed the Sovereign Wealth Future Fund Board Bill, 2022.