12.06.2014 - Norway fund RM2.15 TRILLION, Malaysia's RM12.67 billion: Nurul calls for set-up of transparency panel to oversee O&G wealth
The Prime Minister Should Adopt A Malaysian Extractive Industries Transparency Initiative (EITI) For Better Oversight and Governance Over Petroleum Revenues. For example, whilst 1 Malaysia Development Berhad (1MDB)s RM5.8 billion loan is guaranteed by the government, the fund formerly a sovereign wealth fund called the Terengganu Investment Authority set up in 2008 and backed by petroleum royalties due to the state from the Federal government - lacks the transparency and disclosure mechanisms necessary to generate and develop public confidence in its management. Norway is one such country, having set up the Government Pension Fund Global (previously known as The Petroleum Fund of Norway) in 1990 into which surplus wealth from petroleum income was to be deposited in order to counter the effects of an anticipated decline in income...............................................Full Article: Source