Thursday, January 28, 2016

Mujahid: AG’s appointment as director does TH no favours

Amanah vice-president says Lembaga Tabung Haji must explain to depositors how it decides on its investments.
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PETALING JAYA: Making Attorney-General Mohamed Apandi Ali a director of Lembaga Tabung Haji (TH) will not rid the negative perception currently attached to the pilgrim fund.
Instead, it would only lead to more speculation of there being a “conflict of interest”, Amanah vice-president Mujahid Yusof Rawa warned in a blog posting today.
“It seems as though they (TH) are trying to save themselves from legal action rather than tackle questions regarding their current (financial) position,” Mujahid said, stressing that TH must explain to its depositors how they made their investment decisions.
The former PAS leader also pointed out that TH had been paying more dividends than what they earned, which he noted totalled an average of 107 per cent every year since 2012.
“Dividend returns based on profits are meant for TH’s future investments. But how could TH invest when they are paying more than what they are earning?”
The Parit Buntar MP alleged that TH chairman Abdul Azeez even resorted to threatening whistleblowers in order to maintain the image of the pilgrim fund.
“It is as if they are trying to shift attention from the real issue that could affect its nine million Muslim depositors.
“Don’t shoot the messenger but look for the root of the problem so that TH will be respected by Muslims as the best pilgrim management institution in the world.”
TH made headlines recently after it was alleged that its reserve levels were in the negative and that the pilgrim fund board would not be able to pay its depositors their dividends unless it liquidated its assets soon.
The claims were allegedly based on a letter sent by Bank Negara Malaysia governor Zeti Akhtar Aziz to TH’s chairman last month.
A separate letter was also reported to have been sent by Zeti to Minister in the Prime Minister’s Department Jamil Khir Baharom, warning him of negative repercussions due to the fund’s dire financial state.
TH subsequently advised depositors to refrain from speculating, and reminded them that dividends were usually announced between January to March.

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