Sabah Law Society to provide legal input on 40% federal grant claim and help draft framework for Sabah’s first sovereign wealth fund
KOTA KINABALU: Sabah Chief Minister Datuk Seri Hajiji Noor has enlisted the Sabah Law Society to strengthen the state’s claim to the 40% special grant from the federal government.
He requested detailed legal input from the society to be presented to the state Attorney-General’s Chambers and Finance Ministry.
“This input is crucial for strengthening the framework guiding Sabah’s ongoing engagement with the federal government,” Hajiji said in a statement.
The Chief Minister made the request following his meeting with SLS president Datuk Mohamed Nazim Maduarin and former president Datuk Roger Chin at his official residence.
His appeal comes after the October 17 High Court judgment ordering federal government discussions with Sabah within 90 days on the constitutional grant.
Hajiji also wants the legal society involved in formulating the framework for the Sabah Sovereign Wealth Fund.
The GRS chairman seeks SLS assistance in drafting the fund’s enactment as part of the state’s financial planning.
The sovereign wealth fund represents a core pledge in the Gabungan Rakyat Sabah election manifesto launched on November 17.
It aims to increase Sabah’s annual revenue to RM10 billion by 2030 through strategic financial management.
Initial capital will come from a portion of Sabah’s state reserves to ensure long-term financial stability.
A fixed percentage of the 40% special grant from Putrajaya will also be channelled into the fund annually.
The SSWF team will include government representatives alongside investment, finance and legal professionals.
Hajiji emphasised the importance of expert involvement in establishing Sabah’s first sovereign wealth fund. – Bernama
