Chief Executive (CE) Fernando Chui Sai On announced today that the government decided to withdraw a controversial bill that would allow the creation of a Macau Investment Fund Company.
This month Macau SAR government proposed to allocate MOP60 billion (US$7.4 billion) from the revenue of the Macau SAR’s integrated regular budget of 2019 fiscal year to create this public company.
However, questions were raised by residents and the New Macau Association (NMA) that the CE could be nominated to head this public company after the end of his term in office this year.
In a press conference called today with the presence of the CE himself and the Secretary for Economic and Financial Affairs, Lionel Leong, and the Secretary for Administration and Justice, Sonia Chan, authorities announced they will shelve the proposal, which was scheduled to be debated in the AL on Wednesday.
The CE noted that “as a responsible government”, before the general discussion of the bill in the AL, further clarification and public consultation should be provided in order to dispel existing doubts.
