Minister of Economic Affairs Rafizi Ramli questioned how Muhyiddin used the National Trust Fund (Kwan), which was kept aside for the future generation. “No one has touched this money. The PN is only good at taking money and spending it. They spend, spend, spend, and spend. Malaysians get angry, and we must take on the burden of the huge debts.”
Rafizi’s query can be viewed in a 4.49-minute video which has gone viral on social media.
The National Trust Fund Act 1988, or Kumpulan Wang Amanah Negara (Kwan), was passed by the Dewan Rakyat in 1987. The subsequent year saw Petroliam Nasional (Petronas), as required by law, contributing RM100 million as the fund's start-up capital.
The law states that Petronas is to contribute to the fund, as are the states that derive any form of royalty from exploiting petroleum or other depleting resources.
“Muhyiddin, please answer, what did you do with the Kwan or the National Trust Fund? When I was MP from 2013 to 2018, I estimate the KWAN money had reached RM 7 to 8 billion. It goes up every year. His reply to my question may be that he used to save people's lives during COVID. But KWAN money has been used by the Muhyiddin administration for 18 months until our debt soared to the highest level,” said Rafizi.
Sadly, the money meant to be inherited by our children in future has been used. The other funds spent during Muhyiddn include Jana Wiwaba, KWAP and the Employees Provident Fund.
“I understand why PN wants to take over Penang, Negeri Sembilan and Selangor. Because these three states are the richest with many reserves, the people’s money will be lost if Perikatan Nasional takes over. But, this country, this government is not owned by politicians,” Rafizi said in an election campaign speech.
“During our PH leadership, we want to leave a good legacy and results for the next government to take over. We are like a company. A good CEO leaves the company in a good financial position, good cash flow, good reserves, and good growth revenue.”
Freelance Writer M. Krishnamoorthy (www.imkrishna.net) is a media coach, associate professor and undercover journalist. He has freelanced with Bernama, NST, The Star, and Malaysiakini. He also freelances as a fixer/coordinator for CNN, BBC, German and Australian Television networks and the New York Times. As an undercover journalist, he has highlighted society's concerns going undercover as a beggar, security guard, blind man, disabled salesman and Member of Parliament.
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