MAB president Tan Sri Tengku Azlan Sultan Abu Bakar said he was "extremely taken aback" by the accusations made against him and three other council members, by an organisation known as 'Solidarity for the Blind' (SOB).
"I have not made any decisions single-handedly and neither have my deputies done anything without the council's approval.
"We are all doing voluntary work. Activities for the members require a lot of funds.
"We depend on public goodwill, but these allegations have caused a negative impact on MAB's reputation," he said.
Among the allegations made are misuse of funds on a training centre in Taman Harapan and reduction of MAB fixed deposits.
MAB vice-president and legal advisor Datuk S. Kulasegaran said MAB would create a special committee to further investigate the allegations.
"If there are any genuine allegations or anything improper or illegal found, there will be no cover-up," he said.
Led by one of MAB's vice-presidents, Hasidi Hassan, the SOB group staged a demonstration on April 30, seeking the immediate resignation of the four exco members.
Addressing prior news reports on a demonstration by a 'Solidarity for the Blind' and claims made by the group, the association released a detailed statement verifying their use of funds.