I refer to Finance Minister Lim Guan Eng’s statement on the Tunku Abdul Rahman University College (TARUC). Apart from abusing his power to force MCA to let go guardianship of TARUC, he wants to penalise TARUC for its good management and strong balance sheet.

Below are my replies to his unreasonable demands:

1. Lim's suggestion for MCA to relinquish ownership of TARUC and let TARUC Alumni Association take over the management:

MCA initiated Tunku Abdul Rahman College (TARC) in the late 60s to offer tertiary education opportunities to low to middle income families. Since 1969, TARC (later upgraded to TARUC) has educated 200,000 alumni, with a current student population of 28,000.

This the historical background of TARUC and for Lim to suggest that TARUC cuts ties with its initiator is ridiculous. The performances and contribution of TARUC and Universiti Tunku Abdul Rahman (UTAR) are for all to see, chief of all is having trained countless of talents for the country, including politicians from both divides. UTAR is also the second highest-ranked institution in the Times Higher Education (THE) World University Rankings.

I’d also like to emphasise that MCA has not interfered in the operations of these institutions, which enjoy academic independence.

2. Lim used TARUC's 2017 accounts to prove his point that TAURC does not deserve matching grant from the government:

The accounts of TARUC are audited by professional firm and are duly submitted to the authority every year. Also, an analysis of an institution's financial situation must be reflective of the actual situation. The profit and loss statement, balance sheet and cash-flow statement must be examined together, instead of just plucking the figures or looking at just one of the three.

The account showed by YB Lim has included interests from fixed deposits (FD) of RM20.94mil in the operating income of TARUC. This is inappropriate as FD interests are merely preserving the real value of our reserve fund in the form of FDs. In other words, the FD interests help to beat inflation. It should be considered non-operating income. If TARUC spends its FD interests, it is essentially eating into the funds reserved for its future developments. This practice is unhealthy and will affect the financial standing of the institution in the long run.

Depreciation was added into the account as a form of profit in the account provided by YB Lim. Again, this is inappropriate. Depreciation must be considered as a form of expense. For instance, computer equipment in school labs will eventually become obsolete over time and will have to be replaced and upgraded.

3. MCA should support TARUC financially:

MCA has mobilised its members to raise funds nationwide for the establishment of TARC and its expansion over the years. The Chinese community and MCA grassroots united to raise funds for the institution. Such funds came mainly from MCA leaders, MCA members, well-wishers, philantrophists and the Chinese community in general. Where is DAP when MCA is working hard on the ground to build TARC up?

I’d like to suggest to YB Lim to focus on big national issues. Do not abuse his power and position in the government to victimise the opposition. Please focus on restoring investors’ confidence in Malaysia and help to bring in more revenue rather than creating chaos every now and then.

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