KUALA LUMPUR: Strict financial guidelines locked in by Tunku Abdul Rahman University College (TAR UC) makes it impossible for MCA to dip into its funds to fill party coffers, says party publicity deputy chairman Mike Chong Yew Chuan.
TAR UC is solely owned by the TARC Education Foundation (TEF), which is under the purview of the government, he said, in slamming as misleading the insinuations by DAP that MCA is siphoning money from TAR UC.
In 2013, TAR College was approved to be upgraded to become a university college and to meet the requirements of the law, TEF was set up to manage TAR UC, said Chong.TEF is a company limited by guarantee, which is under the supervision of the Domestic Trade and Consumer Affairs Ministry via the Companies Commission of Malaysia.
The foundation, Chong further stressed, would have also been under the purview of the Education Ministry and Finance Ministry.
Chong added that TEF’s constitution stipulated strict financial guidelines, with audited accounts submitted to the Inland Revenue Board (LHDN).
The constitution, he added, even stated that at least half of the foundation’s trustees must be independent, third-party trustees with no links to the foundation or its founders. He questioned why the government did not take any action against the foundation if the constitution truly has not been adhered to.
“By its constitution, TAR UC could not have just channelled money to MCA. The party has not spent a single cent from the fund,” he said in a press conference in Wisma MCA near here yesterday.
Chong added that should TEF be dissolved, its property will be channelled to the government or donated to foundations approved by LHDN, and not to MCA.
On Friday, Finance Minister Lim Guan Eng said that at least RM30mil was approved to a trust fund for TAR UC and its students annually, provided that MCA relinquishes control of the institution.
Lim said the trust fund would be managed by Tarcian Alumni Association (TAA).
Chong questioned why the funds could not be channelled to TAR UC’s 14-member board of governors, one of whom is TAA president Datuk Yap Kuak Fong.
“Would TAA’s five-member committee be more transparent than TAR UC’s 14-member board of governors?
“Why is there a double standard by giving the funds to be managed by TAA alone? Why not give an allocation of RM1,000 each to the 28,000 TAR UC students?” he asked.
TAR UC is solely owned by the TARC Education Foundation (TEF), which is under the purview of the government, he said, in slamming as misleading the insinuations by DAP that MCA is siphoning money from TAR UC.
In 2013, TAR College was approved to be upgraded to become a university college and to meet the requirements of the law, TEF was set up to manage TAR UC, said Chong.TEF is a company limited by guarantee, which is under the supervision of the Domestic Trade and Consumer Affairs Ministry via the Companies Commission of Malaysia.
The foundation, Chong further stressed, would have also been under the purview of the Education Ministry and Finance Ministry.
Chong added that TEF’s constitution stipulated strict financial guidelines, with audited accounts submitted to the Inland Revenue Board (LHDN).
The constitution, he added, even stated that at least half of the foundation’s trustees must be independent, third-party trustees with no links to the foundation or its founders. He questioned why the government did not take any action against the foundation if the constitution truly has not been adhered to.
“By its constitution, TAR UC could not have just channelled money to MCA. The party has not spent a single cent from the fund,” he said in a press conference in Wisma MCA near here yesterday.
Chong added that should TEF be dissolved, its property will be channelled to the government or donated to foundations approved by LHDN, and not to MCA.
On Friday, Finance Minister Lim Guan Eng said that at least RM30mil was approved to a trust fund for TAR UC and its students annually, provided that MCA relinquishes control of the institution.
Lim said the trust fund would be managed by Tarcian Alumni Association (TAA).
Chong questioned why the funds could not be channelled to TAR UC’s 14-member board of governors, one of whom is TAA president Datuk Yap Kuak Fong.
“Would TAA’s five-member committee be more transparent than TAR UC’s 14-member board of governors?
“Why is there a double standard by giving the funds to be managed by TAA alone? Why not give an allocation of RM1,000 each to the 28,000 TAR UC students?” he asked.
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