Malay NGO Calls for Inquiry on Transfer of Tabung Haji Assets

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The Penang Malay Association (Pemenang) has urged Putrajaya to establish a Royal Commission of Inquiry (RCI) on the rationalisation of Lembaga Tabung Haji (TH) assets.

Pemenang head Tan Sri Mohd Yussof Abdul Latiff said an RCI would be crucial to reestablish the confidence of depositors in TH following the transfer of its assets to the Finance Ministry’s special purpose vehicle (SPV).

Pemenang said it would soon send a memorandum to Prime Minister Tan Sri Muhyiddin Yassin on the matter.

“The RCI is also to carry out forensic accounting in search for truth and transparency in the SPV involved in the assets’ sales,” he said in a statement today.

Among the issues raised in the memorandum are the disposal of overall equity interest by TH Plantations Bhd (THP) and two companies – Bumi Suria Ventures Sdn Bhd (BSV) and Maju Warisanmas Sdn Bhd (MW) – to Tamaco Plantation Sdn Bhd.

Mohd Yusoff criticised the change of real estate valuer, which resulted in the reduction of the original offer price from RM380 million to RM170 million.

He also said that two real estates were sold to a non-Bumiputera company as part of the then Finance Minister’s asset sales strategy.

Another issue raised was the transfer of four TH hotels to the Finance Ministry’s SPV Urusharta Jamaah Sdn Bhd for RM19.9 billion.

Mohd Yussof alleged that it was seen as a form of a bailout by the then government.

“Is it true the hotels suffered losses? Are there any forms of misappropriation?

“This is why an RCI must be established to investigate all allegations of misconduct, corruption and scandal at TH as promised by the previous Pakatan Harapan government.”