Need to amend Public Trust Corporation Act 1995 — Amanahraya

KOTA KINABALU: Amanah Raya Bhd (Amanahraya) has suggested to the Sabah State Government to review the Public Trust Corporation Act 1995, specifically Section 17 and Section 18.

Its chairman, Tan Sri Sabbaruddin Chik, said with the review of Section 17 and Section 18, it would speed up the management of wills, assets and liabilities so as to reduce bureaucracy.

“In Sabah, Section 17 and Section 18 cannot be done in the state because of its own law, where wills, assets and liabilities will go to either Civil or Syariah Courts before it can proceed.

“In the other states, the enforcement of these particular sections will give Amanahraya the summary administration for assets amounting below RM600,000,” he said at the launching of the new office of Amanahraya Sabah, at the KWSP building yesterday by Chief Minister Tan Sri Musa Haji Aman.

According to senior manager of Amanahraya Sabah, Usman Hamid, many cases of wills, assets and liabilities from the deceased in Sabah were put on hold because of the act, which need to be reviewed for the benefits of the next-of-kin.

“We have people from all over Sabah facing the difficulties, where it should be done within a few months but prolonged to a few years because we need to deal with third parties.

“We are hoping the state government will be able to review the act, amend the particular sections so that we can speed up our work because it is already benefiting many people in Peninsular Malaysia,” he added.

Meanwhile, Amanahraya group managing director Adenan Md Yusof when talking to reporters after the event, said Amanahraya was currently collaborating with the Employees Provident Fund (EPF) where its members can nominate Amanahraya as the nominee, administrator or trustee of their EPF savings.

“Normally, most EPF contributors would want their immediate family members, especially their children to become the nominee.

“But sometimes, when they pass away at a very young age, their children are basically underage and they cannot become the nominee.

“The best thing to do is to avoid such a situation, instead of appointing their children as their nominee, they can appoint Amanahraya,” he added.