Revolving fund committee chair moved from Malaysia to Singapore

Mr. Teo Eng Dih, Chief Executive of the Maritime and Port Authority of Singapore (MPA), attended a ceremony officially marking the transfer of management of the revolving fund committee from Malaysia to Singapore. Created in 1981 to combat oil pollution in the Straits of Malacca and Singapore, according to the MPA press release.

The Revolving Fund Committee (RFC) was established on February 11, 1981 by a Memorandum of Understanding signed between Indonesia, Malaysia, Singapore and the Malacca Straits Council (MSC) to combat oil pollution in the Straits of Malacca and Singapore (SOMS), and ensuring that one of the busiest waterways in the world remains safe and clean. The MSC contributed 400 million yen as the main sum of the revolving fund.

Serving as an effective mechanism for international cooperation in the maintenance of the straits, Malaysia, Indonesia or Singapore can draw cash advances from the Ship-source Oil Pollution Fund. The amount collected will be returned to the Fund when the State has recovered the cleaning costs from those responsible. Singapore will manage the revolving fund from April 2022 to March 2027

Under the terms of the MoU, each SOMS Riparian State – Indonesia, Malaysia and Singapore – will manage the Fund in turn 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, Deputy Managing Director (Operations), MPA, and supported by Ms Cindy Sim, Director (Finance, Procurement and Administration), MPA, as the RFC Authority.

MSC is a public organization established in 1969 in Japan with the financial support of the Nippon Foundation and related industries with the aim of carrying out cooperation with Littoral States for the improvement of navigation safety in the SOMS.

The Maritime and Ports Authority of Singapore (MPA) was established on February 2, 1996 with the mission to establish Singapore as a global hub and a leading international maritime center and to advance and protect strategic maritime interests from Singapore. In 2021, Singapore remained the world’s busiest transshipment hub with a container throughput of 37.5 million 20-foot equivalent units (TEUs).

Previous A new independent body is to oversee the hospitality industry
Next Inishowen community mental health project 'breaks the mould' - Donegal Daily