Wednesday, 4 August 2010
OCM Sets Up Trust Fund To Spur Sports Development
KUALA LUMPUR, Aug 3 (Bernama) -- The Olympic Council of Malaysia (OCM) will allocate RM10 million for its new Trust Fund which was established last year in order to spur national sports development.
OCM President Tunku Tan Sri Imran Tuanku Ja'afar said that since the money which the OCM had saved was derived from sports, under the ethics of International Olympics Committee (IOC), the money must go back to sports development.
He told reporters here Tuesday that all athletes, associations and sporting bodies were eligible to apply for financial assistance from the fund for various matters pertaining to sports but all applications would be monitored closely by the members of the Trust Fund Management Committee.
Tunku Imran said the committee members comprised Professor Dr Khaw Lake Tee, Datuk Krishnan Tan and Datuk Syed Moheeb Syed Kamarulzaman and representatives from a trust company, Perpetual Trustees Berhad.
The three members of the Trust Fund Management Committee from OCM are the President, the Deputy President and Honorary Treasurer, he said.