Assets greater than liabilities, Tabung Haji assures depositors

Lembaga Tabung Haji (TH) today assured its depositors that it is in a financially sound position, with assets greater than liabilities.

The pilgrimage fund’s CEO Ismee Ismail said this when the fund’s investment portfolio of its subsidiaries is taken into account.

This comes after Bank Negara Malaysia reportedly sent a letter advising Tabung Haji on its slipping reserves, which the central bank said is worrying as it exposes the fund to a risk of mass-scale deposit withdrawals.

“The asset value earlier stated does not take into account the investment portfolio of subsidiaries or associated companies as well as our plantation and real estate assets.

“For the 2014 and 2015 financial years, the value of TH's assets was greater than its liabilities, taking into account the fair value of TH’s investment portfolio.

“Therefore, I would like to advise depositors to be careful in judging news spread through social media. TH is not facing financial difficulties,” he said in a statement.

[More to follow]

-Mkini