KUALA LUMPUR: The National Trust Fund (KWAN) Bill 2026, tabled by Deputy Finance Minister Liew Chin Tong, was passed with a majority of votes after being debated by 15 Members of Parliament in the Dewan Rakyat on Thursday (July 16).
In winding up the debate, Liew said the KWAN group assets amounted to RM22.43bil as at the end of 2024, with Petronas remaining the only voluntary contributor, amounting to RM13.5bil after almost four decades since KWAN was established in 1988.
During the same period, the experience of administering the fund, including the RM5bil withdrawal episode in 2021 that received public attention, showed that the existing framework needed to be improved, with contributions being entirely discretionary, with no withdrawal limits, and with a general purpose of use.
"This bill is enacted to strengthen the framework through statutory contributions, withdrawal discipline and modern governance," said Liew.
He said the contribution rate of 0.1%t that was set was a minimum rate and that the obligation to contribute to inter-generational savings must remain strong across fiscal cycles and successive governments.
Liew added that the rate can only be changed by Parliament itself through an amendment Act and any government that wants to change it must return to the Dewan Rakyat. – Bernama
