The trust fund that will be set up to manage government funds for Tunku Abdul Rahman University College (TAR UC) is just a transitional solution said Finance Minister Lim Guan Eng.
Speaking at a press conference with the representative from the TARCian Alumni Association (TAA) - who will be running the trust fund - Lim stressed that funds will be chanelled directly to the varsity once MCA relinquishes control.
"Until MCA gives up control of TAR UC, the alumni association will manage and use the fund for the benefit of the students and also TAR UC.
"The money is not sitting there... Of course, there are some reports appear to state otherwise, so that report is not accurate, please make necessary correct reporting," he said.
Yesterday Lim announced that RM30 million would be allocated to the trust fund for TAR UC pending MCA letting go of control over the university.
In a Facebook post later, Lim condemned Sin Chew Daily over what he claimed to be a misleading headling and twisting his remarks by claiming that the allocation will only be kept to earn interest, and not used for the benefit of TAR UC or the students.
New trust to be set up within a month
Meanwhile, TAA president Yap Kuak Fong thanked the government for entrusting the grant to TAA.
"This in line with our call from the very beginning that we support the separation of education and politics.
"We have stated we'd like to be the bridge for the issue of grant allocations," Yap said.
He also announced that the association has appointed their legal adviser Kenny Ng to lead the formation of the public trust.
Ng told the press that they aim to set up the public trust within a month in the form of company limited by guarantees and that they will receive the allocation from the government immediately after setting it up.
The trust fund will be managed by a board of trustees, including representatives from the Finance Ministry, TAR UC students, and the alumni association, he said.
Ng said that all trustees will not belong to any political party, as the initial objective of setting up a new trust is to free TAR UC from any political control.
"In terms of the detail structure, we will look at it, but the underlining principle will be public accountability, transparency, and good corporate governance," he added.
After TAR College was upgraded to a private university college in 2013, the initial public TARC trust fund ceased operations and all assets were channelled to a new private company, TARC Education Foundation.
According to data provided by TAA, all the current trustees of TARC Education Foundation are MCA members, and the chairperson of the board is MCA president Wee Ka Siong.
Ng described this as a "technical breach" as the memorandum and articles of association of the fund stated that at least half of the trustees should not be from any political party.
"For now, we will use the fund to help the students directly, in the forms of scholarships or whatever."
"When TARC rectify this simple technical breach, our trust will become redundant and our job will be done."
"Ministry of Finance will directly channel a minimum RM30 million to TAR UC when it is free from political interference," he said. - Mkini
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