The Chua Chor Teck Memorial Fund was established in 1986 with donations from his family, friends, colleagues, members of the public and corporations in remembrance of the late Mr Chua.
A sum of $350,000 was raised and the interests earned were for the annual Chua Chor Teck Memorial Lecture on marine and marine-related industries, especially in the fields of marine engineering, naval architecture, shipbuilding, ship repairing, offshore technology, shipping and related management topics, and for scholarships, research grants and any other projects.
Annual memorial lectures were held every year since 1986. It has benefited more than 5,000 people, mainly from the marine industry.
Scholarships are given to polytechnic and university students with condition that they work for any company in the marine industry first before moving to other industries. This is in line with Mr Chua's urging that we must attract talents to our industry. Recipients are not required to sign a bond.
Projects undertaken or funded included the collation of good ideas put forth by shipyard improvement teams. The ideas were published and then disseminated to workers who would be encouraged to adopt the ideas and to initiate new ones that would improve their safety and productively. The Fund was also used to co-fund marine-related seminars and development of an expertise website with SNAMES.
The Fund is "parked" with Singapore Polytechnic where donations attract no tax as it is an institution of public character. The Fund is managed by a five-member Trustee Committee comprising representatives from SNAMES, the Singapore Polytechnic and Mr Chua's family.