THE Finance Ministry will allocate RM40 million for the proposed Tunku Abdul Rahman University College (TAR UC) trust fund, said Minister Lim Guan Eng.

He said the fund, to be managed by the Tunku Abdul Rahman Association (TAA), is expected to get approval at month-end.

The RM40 million is for this year. The government previously pledged to channel at least RM30 million a year into the fund starting 2019.

“Apart from TAA, the proposed board of trustees will also comprise a student representative from TAR UC and a representative from the Finance Ministry,” said Lim in a statement today.

He said TAA firmly believes that the varsity should be managed as a professional education institution free from political interference.

The RM40 million pledged will be made available as soon as the fund is established, he said.

He added that it is an opportunity for TAA to prove it is able to responsibly manage TAR UC’s money.

Lim hit out at those who said the allocation is not lawful.

“They did not explain how the RM40 million meant to benefit TAR UC students is not in accordance with the law. But the billions stolen from 1Malaysia Development Bhd are apparently not an issue.”

He said the accounts of current and former Barisan Nasional components Umno, MCA, MIC, Sarawak United Peoples’ Party and Gerakan, and MCA cooperative Koperasi Jayadiri Sdn Bhd have been frozen because they were beneficiaries of 1MDB funds. – December 4, 2019.