PETALING JAYA: The money and the interest gained by the TARC Education Foundation (TEF) saved in bank accounts are only for TAR UC's operations and cannot be used by MCA in any way, said Datuk Seri Yew Teong Look.
"TEF is an independent body; MCA has never, and in fact, cannot draw even a single sen from the foundation. Hence, the RM24mil in the bank is just an accorded decision by the professional members of TEF to be used for development and operational expenditure," said Yew in a statement on Dec 14.
He added that it is "absurd" for Keranji state assemblyman Chong Zhemin to accuse MCA of “investing TEF’s money into banks for RM24mil interest”.
"Without a proper grasp of TAR UC’s operations, Chong is simply sowing confusion and twisting the facts surrounding the issue," said the MCA vice president
He added that Chong should read Clause 12 of the Memorandum and Articles of Association of TARC Education Foundation.
Yew said that Clause 12 states that the foundation’s property shall be given to the government or donated to organisations similar to the TEF after approval by the Inland Revenue Board (IRB) in the event the TEF is wound up
He added that TAR UC is currently operating at a net loss, with operational expenditures of RM11mil.
"Since the revocation of the operation grant by the Pakatan Harapan government, TAR UC could only tap into its interest reserves," said Yew.
He added that the total revenue from tuition fees must take into account the salaries of lecturers and the maintenance of infrastructure as TAR UC has aged.
Thus, these combined factors of operating losses and revoked operation grants have become the bane of TAR UC," said Yew.
"Malaysia has so many universities, why doesn't DAP representatives get familiar with their operations? That would be much more constructive than picking on the Chinese-majority haven which has been sheltering those unable to enter public universities and those from families unable to afford expensive tuition fees," he added.
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