Account committee will decide on THM donations to pay government’s debts

Lim Guan Eng- Pic by theedgemarkets.com

KUALA LUMPUR MAR 12: Tabung Harapan Malaysia (THM) that received RM202,716,775.10  from public donations until January 14, 2019 was formed to pay national debts that was alleged caused by 1MDB scandal.

Finance Minister Lim Guan Eng said, to ensure the operational management of the Trust Account of THM is done systematically, transparent, with integrity and following the law, the fund is bonded to the directives of the trust deed.

“The trust deed is a binding letter that describes details like the objectives of THM’s formation, its functions and the roles of Account Committee that administers the account, source of finance and the financial use in the account.

“It is formed based on the provisions under sub-section 9(1) Financial Procedure Act 1957 (Act 61) and is bonded to the Trust Directive effective on November 17th 2018 (first amendment),” he said at the questions and answers section of the 14th Parliamentary session here today.

Guan Eng was answering to the question raised by Khairy Jamaluddin Abu Bakar, Member of Parliament for Rembau about the procedure details in THM (trust deed) and what is the government’s decision on the money collected.

He stressed that trust deed of trust account is only to be used by the Account Committee and the administrator and not to be announced to the public. 

Guan Eng also added, the Ministry of Finance on 7th February 2019 in its media release has announced that an Account Committee that is chaired by the Chief Secretary to the Treasury will decide the use of the money collected for THM.

“The use of THM will follow the procedures stipulated in the trust directive that is to be used for the payment of Federal Government debts and the payment that should be made for the purpose of the trust account only,” Guan Eng reiterated. –Malaysia World News

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