AUDITOR-GENERAL’S REPORT SHOWS ‘HANKY-PANKY’ IN TABUNG HAJI ASSETS – YET NAJIB BLEATS IT’S A PAKATAN PLOT TO SMEAR BN’S IMAGE

KUALA LUMPUR: The Auditor General’s Report 2017 Series 2 revealed Tabung Haji’s reporting on impairment of assets was inconsistent.

It said TH had failed to record an asset impairment of RM227.81 million in three subsidiary and three associate companies.

This was especially so for TH Heavy Engineering Bhd with an asset impairment of RM164.58 million.

The auditor general said TH’s policy on reporting the impairment of assets was inconsistent, having been changed every year while, in the financial year ending Dec 31, 2017, it was changed twice.

TH has entered the limelight of late after it lodged police reports with the Commercial Crime Investigation Department against a former chairman, two former chief executives and four senior management staff.

The first report involves Yayasan Tabung Haji’s (YTH) 2017 Programme, where funds totalling over RM22 million were alleged to have been disbursed for activities with political inclinations. This contravenes the Memorandum And Articles of Association of YTH.

YTH was set up in 2016 to undertake, among others, humanitarian aid and to contribute for the underprivileged, the poor and the needy. TH had contributed RM7.0 million to the programme.

The second report relates to misrepresentations and withholding of material information involving TH’s 2012 sale of 95 per cent shareholdings in PT TH Indo Plantations held by its two subsidiaries, namely TH Indopalms Sdn Bhd (THI) and TH Indo Industries Sdn Bhd (THII), to PT Borneo Pacific (PT Borneo) for US$910 million.

PT TH Indo Plantations own a total of 83,000 hectares of palm oil estates in Indonesia.

The reports lodged last Friday were the first following internal investigations into past transactions, spearheaded by the new management, since July 2018. – NST

Pakatan using Tabung Haji issue to smear BN, charges Najib

THE Pakatan Harapan government is using the Tabung Haji (TH) issue to show the previous administration in a bad light, said former prime minister Najib Razak.

He said this was evident in a Straits Times report on Sunday that TH should have RM64 billion in assets, but was found to be short of RM4 billion in deposits in 2016.

A senior government official was quoted by the Singapore daily as saying the TH management had faked last year’s accounts to justify its dividend payout of up to 6.25% just before the 14th general election.

“This newspaper quoted unnamed insiders on the RM4 billion shortfall. However, the accusation is not that the RM4 billion was stolen, but was the result of falsifying accounts so that TH could pay a higher dividend,” said Najib on Facebook.

“The fact is, the accusation is that TH allegedly paid a higher dividend to its members.”

He said he is dumbfounded by the sources’ solution to overcome the shortfall – that TH issue a lower dividend this year.

“We all know that our economy has been suffering since GE14. It is obvious that the dividend would be lower.

“But, I predict that the PH government will use the RM4 billion tale as an excuse to blame Barisan Nasional and declare a lower dividend.  

“TH, under the PH government, is forced to pay a lower dividend. BN previously paid a higher dividend. The easiest way to protect its reputation is to blame BN.”

Najib also touched on a police report lodged by TH on Friday, alleging that RM22 million from Yayasan Tabung Haji (YTH), a foundation for the underprivileged formed in 2016, meant for programmes last year was disbursed for activities linked to politics.

The report did not state that the RM22 million was stolen or swindled, but that it was used for political activities, he said.

The former Umno president said the RM22 million came from TH’s zakat fund (RM7 million), Umno’s contribution (RM8 million), and the federal government and private sector’s corporate social responsibility funds (RM7 million).

“The RM22 million was contributed to 100,000 poor recipients via three programmes. These events were held over several months, and were not a secret. In fact, they were widely reported in the media,” he said in a second Facebook post.

“Umno did not steal RM22 million from YTH. In fact, Umno contributed RM8 million to the foundation.

“I am disappointed that our good intentions have been turned into propaganda to defame Umno.”

Najib said he expects more attacks be made against TH in the coming days to distract Malays from the rally against the International Convention on the Elimination of All Forms of Racial Discrimination, due to be held in Kuala Lumpur on Saturday.  THE MALAYSIAN INSIGHT

NST / THE MALAYSIAN INSIGHT