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(The Star) - Tereng­ganu’s sovereign wealth fund will be given a boost when Deputy Prime Minister Datuk Seri Najib Tun Razak hands over RM400mil in oil royalties to the state government.

The money is the first part of the RM3bil oil royalties promised by the Federal Government to the state government.

Much of the royalties will be banked into the proposed Terengganu Investment Authority (TIA), which will be launched by the middle of next year.

State Commerce, Industries and Environment committee chairman Toh Chin Yaw said the TIA would manage prudently the oil royalties for the benefit of the state and the people.

“We have to look into the finer details before setting up the TIA. We have to check the legal aspects and also agree on how to manage the fund successfully on a long-term basis,” he said yesterday.

Toh said the state government would study which areas the RM10bil TIA fund should be invested in so that it could benefit the state.

This, he noted, is for the future when Terengganu’s oil runs out. He said the establishment of TIA was discussed for some time after the Federal Government agreed to hand over the management of the oil royalties to the state government in May.

Toh was commenting on a report in a news portal that the state government would set up the TIA which would be run solely by professionals.

The report said the proposal for a sovereign wealth fund was put forward by the Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin.

Under the TIA, the Sultan of Terengganu will be the chairman of the Board of Advisers. The Mentri Besar will also be represented on the board.

EDITOR'S NOTE: 

It is purely coincidental that this is being done close to the Kuala Terenggany by-election.

Comments (22)

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written by Hope4all, December 13, 2008 09:30:52

What election timing!

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written by lynn, December 13, 2008 09:34:54

Let's see how gullible and dumb the KT folks are. Will they stupidly vote umno?

Don't be a fcuking idiot. The money rightfully belongs to the people of Trengganu. What you are getting back is only a fraction of the stolen wealth taken from you. The money rightfully is YOUR MONEY> it doesn't belong to umno or the govt. Get this fact straighten out inside your heads!

If you feel thankful, thank the Opposition !!!

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written by ibabonma, December 13, 2008 09:39:32

EDITOR'S NOTE:

It is purely coincidental that this is being done close to the Kuala Terenggany by-election.
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Malaysians, in the kampungs especially are getting wiser by the day, yet they still talk cock. Aisay, this is the reason why UMNO often got kicked in the back and they never learn their lesson.

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written by cheekymate, December 13, 2008 09:40:09

Voters of Kuala Trengganu,
Najis is dangling the carrot to entice you. Reject him, his policies, his empty promises and last but not least the unanswered questions on the murder of Altantuya. Ask yourself, does he indeed have blood on his hands? Why does he shun and run away from standing on the witness stand? Is he indeed guilty of this hineous crime?

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written by Rashid, December 13, 2008 09:42:18

quote]Tereng­ganu’s sovereign wealth fund will be given a boost when Deputy Prime Minister Datuk Seri Najib Tun Razak hands over RM400mil in oil royalties to the state government.

Ha ha ha ! What's new here? Najis returning a little of the 2-3 billion looted from Terengganu before the KT by-election. Huh! You think the people of KT will buy this hoax? It is like how he has paid the Chinese Olympic player some RM300,000 and used state choppers to ferry him. It is like how he has paid thousands to all Permatang Pauh Imams during the campaign, it is like how he has paid some money to Chinese/Tamil schools. But what happened during the vote? Hehehe! The people laughed at Mr Scandal and voted with their conscience.

Sir, the money is our money and not yours. We are not begging you, therefore, if you think you will play with our conscience, if you think we will buy your "development" card as if we are using your father's money to get development, then you must be dreaming of the good nights you slept with Altantuya. Let's meet in KT. That's enough!

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written by ahmadneil, December 13, 2008 09:44:42

Dangling the carrot again.I say it's bull shit!You see if umno is defeated ,they will never bank in this money.Lots of excuses will be said.
My Trengganu friends,you see for yourself how this umno led gov't are treating you all.This is a insult to your interligent.When they needed you ,they will say we give you this and when they don't need you they will turn a blind eye.
Jangan undi ini telok rosak party,umno.Undi PAS! Yes,We can!

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written by justice6, December 13, 2008 09:44:43

stole RM10 from you and pay RM2 for your nasi lemak.... I am still consider a good person... rite? at least I pay for you nasi lemak else you will starve to death...imagine it's RM10 billion and I took out RM2 million to do charity...

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written by cheekymate, December 13, 2008 09:47:19

The last time I looked at the Malaysia $50 and $100 bills worth of RM400 million, they all have it boldly printed on them, SOLE PROPERTY OF THE UMNOPUTRAS.

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written by CPY, December 13, 2008 09:48:58

Aiyah, another gula-gula!

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written by ahmadneil, December 13, 2008 09:52:34

Dear Trengganu Brothers and Sisters,

Please,never be mislead by the last minute offer.This is a trap! With this seroius financial crises,the gov't couldn't find this amount of money to give you.This is their way of bluffing.For 51 years they have been doing this and this one is no exception.They are skin thick already and they can bluff without any blushing.
This is my sincere appeal which comes directly from my heart,not from my stomach which umno is famous for.
You can vote anyone EXCEPT umno!
May Allah guide you all to make this important decision and with his grace PAS will triumphant.

Heartfelt thanks....ahmdneil,poor but determine

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written by Kerajaan Rakyat, December 13, 2008 10:46:00

Cilaka punya Najib.
Lagi mau tipu Melayu.

http://kerajaanrakyat.com/

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written by DreamLady, December 13, 2008 10:50:50

Najib, if you are smarter and wiser, you would have done your charity gesture( taxpayers' money)in a subtle and consistent manner for a period of few years, instead of dangling the $400 millions to entice the rakyat of Trengganu when the by-election is just around the corner....

You can fool the two suspected men of Attantuya's killers with millions in their account by trading off their lives, dignity and reputation, YOU CANNOT fool the Rakyat of Trengganu that it is the CARROTS you are using right now to pancing undi.

of course, the rakyat know the $400 millions are in actual fact, their hard-earned money the government holds on to, for 'safe-keeping' till such time arises to be used for their selfish agenda...

The rakyat are not the rakyat decades ago, they are SMARTER AND WISER than you !!

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written by KTRaj, December 13, 2008 13:12:40

DON'T BE SO HAPPY RE_ACTING. 400 millions will eventually go back to the pockets of UMNO bosses.

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written by Wudan, December 13, 2008 14:32:31

Dear Najib,

Where is the Federal Government going to get the RM400 million from? The RM3 billion should be in the Federal account and parked somewhere but it has been all spent. Apart from the crystal mosque the BN Terengganu state government got nothing physical to show for. Have you spoken to 'topcat' lately regarding the oil royalty account?

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written by Wudan, December 13, 2008 14:39:51

Dear Najib,

Another matter, please don't ask EPF to subscribe another RM5 billion worth of bonds to be issue by the TIA RM10 billion fund. (Let see if the TIA will come into life in the first place). You just ask the Federal Government to guarantee 100% of the bonds waiting-to-be issue la.

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written by volkswagen, December 13, 2008 14:47:30

Come Jan 2009, the UMNO leaders will dislocate their shoulders explaining the affection they have for people of Terengganu, and the RM400 million for the development of Trengganu. You think the Terengganu people are that stupid ka? Please, for heaven sake, don't ever think that Terengganu people are so naive.

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written by Fuminari, December 13, 2008 15:01:38

Lim kit siang has been right all along,in this bolehland currently ruled by umno be end,a good MP is a dead MP in office!!!

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written by jjireh99, December 13, 2008 15:07:13

aiyah, what is RM400 million! His commission alone is RM500 MILLION! THIS IS PEANUTS!!!!! SHEESH.......

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written by Ken Liew, December 13, 2008 16:12:41

1st. Najis is using the PEOPLE's money to fill his FAT FACE......

2nd. This is not corruption, BUT money politic. ( same shit, different name BTW)

3rd. IF BN wins, the 400 mill will be return back 10 times more... (oil royalties promised have been delay for how long???) are you sure they will give all the $$ to the people, OR the BN members in Terengganu??

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written by mikewang, December 13, 2008 16:15:15

Out of the RM400million, I bet most, if not all, will flow into the pockets of those greedy politicians in contracts, kickbacks etc..etc..

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written by asguard, December 13, 2008 20:23:36

They are desperate and they willing to do any thing as long they win the seat just a seat! (UMNO!)

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written by Kunta Kinte, December 14, 2008 01:15:30

The did this during the GE, then again during the PP by-election and now again in KT. UMNO/BN just don't get it. Still thinks of the Rakyat as FOOLS. KT time to fire your C4!

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