RM1.5 bil trustee scheme under increasing attack
The MCA proposal to set up a Central Board of Trustees (CBOT) to manage the assets of one of the nation’s richest political parties appears to have been made with good intentions.
The MCA proposal to set up a Central Board of Trustees (CBOT) to manage the assets of one of the nation’s richest political parties appears to have been made with good intentions.
On paper, this is to professionalise the management of the party’s growing assets, estimated at between RM1.5 billion and RM1.6 billion. Among MCA’s cash cows is
Star
, the nation’s best-selling English-language daily.
However, the hasty move by the outgoing party leadership to set up the trustee scheme has raised eyebrows.
The proposal, which will be decided by MCA’s 25-member central committee two days before the party elects a new team on Saturday, raises questions on the rush to set up the powerful board.
“May we remind them that they need to remember that the present CC (central commitee) becomes a caretaker CC once the nominations have taken place, and thus any contract which will affect the party that is signed during this period is totally invalid,” three top party leaders from Perak said in a statement today.
Ipoh Timur division chief Thong Fah Chong
(left),
deputy chief Yap Yit Thong
(right)
and Batu Gajah division adviser Chan Kam pointed out that the outgoing central committee will meet on Thursday to discuss the trustee proposal.
As the date falls three days after nominations (being held today) and two days before the polls, any decision made by the committee would be questionable.
“We hope the outgoing CC members will use their wisdom to defer this matter to the incoming CC,” they said.
‘Leave it to incoming members’
Last week, a group calling itself the Save the Party Committee, had objected to the move, arguing that such an important decision should be left to incoming leaders.
There are widespread rumours alleging that a certain top leader - said to be outgoing president Ong Ka Ting - of being interested in the CBOT chairperson’s job, which would give him control over the party’s enormous assets.
It was earlier reported that MCA Youth has tacitly backed the proposed establishment of the board.
“There is no reason for the Youth wing to oppose the proposal,” said the wing’s secretary-general Wee Ka Siong, who is vying to take over the Youth section this weekend.
