Rafizi rues Tabung Haji's RM700m 'misadventure' in oil industry

Lembaga Tabung Haji has been accused of incurring some RM700 million in losses due to its investments in the oil and gas industry.

PKR vice-president Rafizi Ramli said Tabung Haji had a substantial stake in Perisai Petroleum Teknologi Bhd (Perisai), TH Heavy Engineering Bhd, Alam Maritim Bhd and Reach Energy Bhd.

By comparing the current price of the shares with the price at which the shares were acquired, Rafizi said Tabung Haji's losses amounted to RM684.2 million.

At a press conference in Kuala Lumpur today, Rafizi said Tabung Haji had invested in Alam Maritim in 2008 at a time when the oil and gas sector was booming.

However, Tabung Haji acquired their stake in Perisai and Reach Energy in 2014 and 2016 when the oil and gas industry was on the down trend.

Apart from these four companies, Rafizi said Tabung Haji also has interest in other oil and gas related companies such as Dayang Enterprise Holdings Bhd, Uzma Bhd and Icon Offshore Bhd.

"If you add up all of Tabung Haji’s investments in the oil and gas companies, I estimate a loss of more than RM700 million," said the PKR lawmaker, who described the fund's foray in the oil and gas industry as a "misadventure".

Lessons not learnt

Rafizi claimed that Tabung Haji should not have invested in the volatile oil and gas industry because the funds came from hajj pilgrims, unlike other institutional investors.

"Tabung Haji's funds are guaranteed by the rakyat of which the money comes from poor hajj pilgrims.

"They can't say they can do whatever they like in terms of investment. There must be stricter and more careful rules on investment that must be followed," he added.

He said the situation would be acceptable if Tabung Haji had specialised in the oil and gas sector.

"I want (minister in the prime minister’s department) Jamil (Khir Baharom) to answer why this has happened and what are the plans to recover RM700 million which Tabung Haji lost," he added.

Yesterday, Rafizi questioned why Tabung Haji did not dispose its stake in Perisai earlier when it had the opportunity to do so.

After acquiring Perisai shares in 2014 at about 83 sen per share, Tabung Haji sold its stake in December last year at around 5 sen per share, incurring a RM15 million loss.

Rafizi said Tabung Haji should have learnt from their previous lessons with TH Heavy Engineering and other companies.

"Before Perisai, it has happened before, like déjà vu, with TH Heavy Engineering Bhd. It is as though the Tabung Haji management never learned from their mistakes," he claimed.- Mkini