This article first appeared in The Edge Financial Daily on December 5, 2019

KUALA LUMPUR: A trust fund for Tunku Abdul Rahman University College (Taruc) operated by the Tunku Abdul Rahman Alumni Association (TAA) will receive RM40 million from the government, the finance ministry said.

In a statement yesterday, Finance Minister Lim Guan Eng said the allocation for this year will be handed over to TAA once the trust fund is set up.

The fund is expected to be approved this month and students of the institution could expect to benefit from the allocation by the end of the month.

The government had earlier promised that at least RM30 million will be allocated every year for the proposed trust fund starting this year, for the benefit of the institution linked to the opposition Malaysian Chinese Association  .

The trust fund board comprises members of TAA, a student representative and an official of the ministry of finance. TAA is made up of former Taruc students and includes professionals and business owners.

He said TAA believes in running Taruc as an educational institution that is independent from political parties and politicians.

“This RM40 million allocation will rebut once and for all lies by irresponsible elements that such an allocation is illegal,” Guan Eng said.

He had previously set conditions for allocating government funding for the institution.