GSD seeks answers over Sovereign Wealth Fund

The GSD says it will press the Government for more details about Gibraltar’s new Sovereign Wealth Fund at next week’s meeting of Parliament.

Shadow Minister for Public Finance Roy Clinton has tabled 35 questions on the subject.

The Sovereign Wealth Fund was first announced by the Chief Minister in his New Year’s message, with further details set out during this year’s Budget.

Fabian Picardo said the fund will invest in long-term UK property assets and is aimed at generating substantial returns over the next thirty years without requiring upfront funding from the taxpayer. 

He said it was designed to bolster  "rainy day" reserves and provide hundreds of millions of pounds for future generations of  Gibraltarians. 

But Roy Clinton says he believes the structure is complex and is seeking clarity over how the fund is legally structured, who controls it and what financial reporting and auditing arrangements are in place.

He’s also questioning the Government’s involvement in financing linked to the purchase of UK care homes.

Mr Clinton says his 35 parliamentary questions will seek detailed information on the fund’s structure, management, transparency, potential conflicts of interest and accountability.