Perbadanan Hal Ehwal Bekas Angkatan Tentera (PERHEBAT) was established through the order of Military Force Fund Board 1994, under the authority of Section 23 Military Force Fund Board Act 1993. The establishment of PERHEBAT was under the advice of Investment Panel sanctioned by Defense Minister and agreement given by Finance Minister. The order of Military Force Fund Board 1994 was gazetted on 25 August 1994 and became operational on 30 August 1994.