AIBCT must build corpus to manage funds effectively, says Kennett

Former Victorian premier Jeff Kennett recently launched the Australian Indian Benevolent and Charitable Trust (AIBCT) at an elegant function held at Green Acres Golf club in Kew. The Trust will be administered and managed by a group of renowned members from the Indian community led by former Honorary Consul General of India, Dr T Janardhana Rao. The current trustees are Mr Arun Sharma, Mrs Jaya Sharma, Dr Virendra Berera, Dr Jayant Bapat, Mr Deepak Sanghvi and Dr Raman Marar. The AIBCT has support from various community leaders including Ms Anita Nayar, current Consul General of India in Melbourne.

According to the AIBCT, their objectives are to use the held funds to relieve poverty and assist persons in need generally, and to care for the sick and needy of the community. They intend to provide scholarship and educational advancement as well as meeting places and instructional and recreational facilities by acquiring and managing appropriate premises. They also aim to provide financial assistance in settlement of migrants and refugees in Australia, and to carry out the last rites and funeral ceremonies of the underprivileged and persons in need. They plan to utilize the funds for the advancement and celebration of spiritual and religious knowledge, values and events of cultural importance.

At the launch, prominent retired Liberal politician Jeff Kennett said in his speech, “While the objectives of AIBCT trust are them.” He suggested that AIBCT trustees revisit the objectives and focus on how all the capital they have is not expended. “Your concept is excellent,” he said. “But you need to ensure that you build money and use that corpus as your income. Your corpus needs to be millions of dollars to operate effectively, so lift your sights higher and make sure you raise enough funds from the community to meet your objectives, like securing a large building for the proposed half house,” he suggested with his characteristic frankness. “Don’t use the word ‘trust’ lightly. For all those who have worked hard for this trust by delivering their time, best of luck!” he

The event was well received and attended by many people, including representatives from the Indian media. Some community members dug generously into their pockets and offered donations at the launch, while others donated exclusive items to be auctioned to raise funds. DJ Richi Madan added rhythm and spice to the proceedings, while the dance troupe Zhoom Bollywood got guests involved in fun and dancing. Curries and cuisine, provided by Sarosh, kept the winter chill at bay.

MC Dr Jayant Bapat kept the audience interested with his witty remarks. Dr Virendra Berera who has won several awards for his work within the community and Mrs Jaya Sharma, a very well known radio personality who has worked for many years with SBS Hindi, also addressed the audience. They were unanimous in thanking all the trustees especially Mr Arun Sharma, for the untiring efforts towards establishing the trust. Dr T Janardhana Rao was unable to attend the launch as he had to travel to India on a personal matter. Dr. Rao has faced some controversy and allegations in relation to this trust; however, that, according to trustees, has not deterred him or them from pursuing their objectives in the interest of the community.