THE trust fund for Tunku Abdul Rahman University College (TARUC) has been approved, the alumni association managing the fund said today.

TARCian Alumni Association (TAA) president Yap Kuak Fong said the Companies Commission of Malaysia has approved the application to register the trust fund.

The TAA Education Trust Fund (TAA-ETF) will hold and manage government funds on behalf of TAR UC and its students.

“With this approval, TAA will formally request the Ministry of Finance to channel the federal government grant intended for the benefits of TAR UC and its students to the TAA-ETF,” Yap said in a statement today.

“The operation of the trust fund will strictly focus on the interest of the public, uphold professionalism and (do so) in an apolitical manner.”

The trust fund was announced by Finance Minister Lim Guan Eng after Putrajaya refused to disburse government funds to the institution while it was in the control of MCA.

Lim had said that the annual allocation of RM30 million was ready to be disbursed but only to a trust fund set up and managed by the TAA. He later upped the amount to RM40 million.

He said it was a worldwide practice to not give public funds to entities controlled by political parties so as to prevent corruption, abuse of power and conflict of interest.

The issue has touched a nerve among the Chinese community as TARUC has provided scholarships for many students from low-income families. The government’s poor handling of funding for TARUC was cited by Chinese voters in the recent Tanjung Piai by-election as one reason for Pakatan Harapan’s defeat. – December 12, 2019.