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One must not lose sight that Kwan – Kumpulan Wang Amanah Negara – is a public trust fund. This means that it is established for public purposes by the government by way of legislation which creates the trust, sets out its legal terms, and assigns rights and duties to different persons or no parties.
Section 6 of the National Trust Fund Act (Act 339) sets out the purposes for which moneys standing to the credit of the fund can be applied or used before the recent amendment vide the Emergency (National Trust Fund) (Amendment) Ordinance 2021), the purposes were:
(a) any of the purposes of the Development Fund as specified in the First Schedule to the Development Funds Act 1966 [Act 406]; and