Chairmanship of Revolving Fund Committee handed over from Malaysia to Singapore
Mr Teo Eng Dih, Chief Executive, Maritime and Port Authority of Singapore (MPA) witnessed a ceremony to officially mark the handover of management of the Revolving Fund Committee from Malaysia to Singapore. Established in 1981 to combat oil pollution in the Straits of Malacca and Singapore, according to MPA's release.
The Revolving Fund Committee (RFC) was established on 11 February 1981 through a memorandum of understanding (MOU) signed between Indonesia, Malaysia, Singapore and the Malacca Strait Council (MSC) to combat oil pollution in the Straits of Malacca and Singapore (SOMS), and ensure that one of the world’s busiest waterways remain safe and clean. The MSC contributed 400 million yen as the principal sum of the Revolving Fund.
Serving as an effective mechanism for international co-operation in the maintenance of the Straits, Malaysia, Indonesia, or Singapore can draw cash advance from the Fund for use in combating oil pollution caused by ships. The amount drawn will be repaid to the Fund when the State recovers the clean-up costs from the parties responsible. Singapore to manage the Revolving Fund from April 2022 to March 2027
Under the MOU, each littoral State of the SOMS – Indonesia, Malaysia and Singapore – will manage the Fund on a rotational basis for a period of five years each. Singapore has taken over the chairmanship of the RFC from April 2022 and will manage the Revolving Fund until March 2027.
The RFC will be chaired by Captain M Segar, Assistant Chief Executive (Operations), MPA, and supported by Ms Cindy Sim, Director (Finance, Procurement & Admin), MPA, as the RFC Authority.
MSC is a public organisation established in 1969 in Japan with funding support by the Nippon Foundation and related industries for the purpose of conducting the cooperation to the Littoral States for the enhancement of the safety of navigation in the SOMS.
Maritime and Port Authority of Singapore (MPA) was established on 2 February 1996 with the mission to develop Singapore as a premier global hub port and international maritime centre, and to advance and safeguard Singapore’s strategic maritime interests. In 2021, Singapore remained as the world’s busiest transhipment hub with a container throughput of 37.5 million 20-foot equivalent units (TEUs).
