Tabung Haji Rescue Fiasco - JoLo Paid RM75 psf, Tabung Haji paid RM 2,760 psf Now MOF / Guan Eng is paying RM 5,856 psf !!

KUALA LUMPUR (Bernama): 

govt will bear RM10.3bil premium to ensure Tabung Haji financial health  

Urusharta Jamaah Sdn Bhd (UJSB) announced Thurs (Nov 14).

UJSB, wholly-owned unit of Ministry of Finance (MoF) 

completed transfer of RM9.63b non-performing TH assets 

• transfer from TH to UJSB in exchange for RM19.90b
• two tranches sukuk totalling RM19.60b
• namely RM10b 7 year sukuk 
• RM9.9b convertible preference shares 
• RM300mil in cash payable to TH

difference of RM10.3b (RM19.90b minus RM9.63b) borne by govt 

to ensure financial health of TH  restored, UJSB said 

UJSB pointed if assets depreciates further, losses for govt higher than RM10.3b

assets transferred to UJSB include 0.63ha of land at (TRX).

1. 1MDB paid only RM75 psf   (RM5.1mil for 0.63ha)
2. (1MDB sold to) TH at RM2,760 psf (RM188.5mil) 
3. TH sold to UJSB at RM5,856 psf or RM400mil 

does not reflect actual market value of said land
purchase at significant premium (112.2%) to what TH paid in 2015 
(RM188.5mil or RM2,760 psf) it explained.

valuation March 2019 : market value only RM205m ! ! ! ! 

huge difference (95% premium over market value)
to ensure successful restructuring of TH

UJSB will bear significant losses - more than RM10bil for TH assets 
The TRX land itself result in impairment of RM195mill.

- Bernama

Read more at https://www.thestar.com.my/news/nation/2019/11/14/govt-to-borne-rm103bil-in-tabung-haji039s-rescue-and-restructuring-plan#OgFYlxYTwJQ8YqdL.99

My comments :

If the government does not bail out Tabung Haji, millions of Malay Muslims will be angry. That is a lot of Malay voters. 

Bernama says (bukan saya cakap tau, jangan marah saya ok) :

"UJSB will bear significant losses - more than RM10bil for TH assets"

We (the taxpayers) will lose RM10.0 billion !! 

Lets say the government takes that RM10 billion and uses it to settle one third of PLUS' RM30 billion  debt, it will immediately reduce PLUS' debt to RM20 billion.

PLUS is owned and controlled by the government - Khazanah 51% and EPF 49%. 

Then the toll can also be immediately reduced by 1/3. 

Instead of RM3.00 toll, we will pay RM2.00.

Instead of RM10.00 toll, we will pay RM7.00.

The whole country will benefit. 

Instead the taxpayers (you and I) have to bail out Tabung Haji for RM10 billion!

Banyak cantik. They joli with the money then we have to bail them out.

The whole lot of the previous Tabung Haji Board of Directros must go to jail.

The CEO, the senior executives should all go to jail.

They have only caught that mamak. 

The rest go scot free.

Now we are being robbed of another RM10.0 billion.