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Sunday, February 28, 2016

TH lodges police report against Rafizi over RM963m guarantee claim

Lembaga Tabung Haji (TH) has lodged a police report against PKR vice-president Rafizi Ramli for alleging that the fund had made almost RM1 billion in corporate guarantees to troubled associate company TH Heavy Engineering Bhd (THHE).
The alleged guarantee is significant as Rafizi claimed a leak risk assessment by TH's management department warned that the fund risks losing up to RM1.4 billion if THHE fails to deliver on its obligations.
Rafizi had on Friday released a Finance Ministry letter which revealed TH received approval for the corporate guarantee after the fund denied the allegation.
However, TH today reiterated its denial that it never provided any corporate guarantee to THHE.
The fund also challenged Rafizi to name the bank involved if it had really provided a corporate guarantee to THHE.
"Tabung Haji regrets the arbitrary circulation of documents (about the corporate guarantee) on social media and baseless accusations which are defamatory.
'"The claims impacted Tabung Haji negatively and affects the interest of its depositors.
"Therefore, Tabung Haji lodged a polie report against the Pandan MP over his allegations and the documents he circulated," it said.
It said the move was to safeguard Tabung Haji's reputation as an Islamic institution as well as its depositors.
Tabung Haji said it will assist the authorities to ensure a swift investigation.
Rafizi, who on Friday revealed the letter on the corporate guarantee contradicting TH's denial, had also said that the fund may have later used a less controversial means to inject the US$228.2 million (RM963 million) into THHE.
He said this could be done through increased shareholding, loan and other financial instruments which he would still pose the same risk to TH. -Mkini

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