KUALA LUMPUR, Aug 1 — A day after Malaysia celebrated Warrior’s Day, the Dewan Rakyat passed the Armed Forces Fund (Amendment) Bill 2022 today.
The bill that contains 12 articles among others amends the Tabung Angkatan Tentera Act 1973 (Act 101) to expand the scope of the board’s investment and to provide the board with the power to incorporate companies as an addition to existing powers of establishing corporations.
The bill that was tabled by Deputy Defence Minister Datuk Seri Ikmal Hisham Abdul Aziz was passed after 15 MPs participated in the debate.
Ikmal Hisham said during the winding-up of the debate that the amendment’s main focus was to ensure that the contributions in the fund were secure, safe and protected.
“Armed forces personnel sacrifice their lives and energy to ensure the safety and peace of our country and at the same time, they, like civilians, want to ensure that when they retire they have savings that can ensure their living in the future.
“With the amendment to this act, armed forces personnel will be more willing in carrying out their duties knowing that their contributions for their future is safe and guaranteed under the LTAT as it is managed by an effective, wise and trusted management,” Ikmal Hisham said.
During the debate session, Opposition Leader Datuk Seri Anwar Ibrahim touched on the issue of LTAT management’s weakness that required attention and correction to ensure the welfare of contributors.
“IF LTAT and its corporations are governed transparently and with proper principles of governance, the will be more capable after this as they will not have to rely solely on contributions,” he said.
The Dewan Rakyat also passed the Federal Agricultural Marketing Authority (Amendment) Bill 2022 that among others, aimed to provide the Federal Agricultural Marketing Authority (FAMA) with the power to stablise the livestock commodity supply chain that directly impacts the capability of capital and markets, especially small and medium producers.
Meanwhile, Deputy Agriculture and Food Industry Minister Datuk Seri Ahmad Hamzah said when tabling the bill, the ministry aims to drive the development of the livestock sector with the expansion of FAMA’s powers to ensure national food security.
“Indirectly, it will boost the agro-food sector’s contribution to the Gross Domestic Product through the empowerment of small and semi commercial livestock breeders,” he added.