7 of TH’s 14 troubled investments ended in total losses

 Finance minister II Amir Hamzah Azizan says the 14 investments cost Tabung Haji and the government nearly RM13 billion.

Finance minister II Amir Hamzah Azizan during his winding-up speech at a special sitting on the RCI report on Tabung Haji at the Dewan Rakyat today. (Bernama pic)

KUALA LUMPUR:

Seven of the 14 troubled investments identified by the royal commission of inquiry (RCI) into Tabung Haji’s financial management ended in total losses, finance minister II Amir Hamzah Azizan told the Dewan Rakyat.

The RCI examined the management of the pilgrims’ fund from 2014 to 2020. Amir said the 14 investments resulted in losses of nearly RM13 billion. The government covered RM10.2 billion in a 2018 rescue exercise, while TH absorbed another RM2.6 billion between 2018 and 2025.

“Seven of the 14 investments were total losses,” he said during his winding-up speech at a special sitting on the RCI report.

Amir said the losses were not simply due to market conditions, with some deals proceeding despite inadequate due diligence, weak safeguards and warnings from TH’s own officers.  - FMT

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