Investigate Tabung Hajis Investment Blunders

we am deeply concerned with Lembaga Tabung Haji's (LTH) a single after another missteps in a investment decisions affecting a 5.1 million depositors. Recently a investment in Silver Bird Group Bhd which has perceived most disastrous press from concerned quarters together with a Muslim Consumers Association Malaysia (PPIM) has come in to question.

Silver Bird Group Bhd was directed towards a PN17 standing (Practice Note 17 Financial Distress Status) since Feb 29, 2012 by Bursa Malaysia. Silver Bird's woes affects LTH as a latter is a single of a largest shareholders in a former (22.19%); withdrawal LTH exposed to Silver Bird's estimated RM111.5 million financial shortfall.

Pattern of Questionable Investment as good as Decision Making

This is not an removed case, as Ramunia Holdings Berhad, a association which is 25.17% owned by LTH, is likewise listed as a PN17 company. Needless to say, LTH's investments in various listed companies have been underneath most scrutiny in a final couple of years.

Besides a investment in Silver Bird Group Bhd as good as Ramunia Holdings Bhd, there is additionally a box of an astray proposal conducted for IT related plan declared "Queue Management System" -and finished up being awarded to less gifted individuals. Just final week, PPIM had urged a Malaysian Anti Corruption Commission (MACC) to examine a purported irregularities in relation to a pronounced plan tender. (PPIM, 14 Mac 2012)

Additionally, a newly allocated nonetheless remarkable resignation of LTHs Chief Investment Officer (CIO), Halim Alias after Petra Perdana's EGM upon Feb 4th 2010 further reinforces a notion which a LTH's preference creation as good as investment foray is in fact, problematic.

A inform with a MACC was add! itionall y lodged, leading to a investigations of 5 members of a syndicate, together with Tabung Haji officers, who have allegedly been offering "express haj" services to pilgrims.

Immediate Action Must be Taken

Former Chairman as good as General Director of TH, Tan Sri Hanafiah Ahmad pronounced which an independent review should be expedited because of a many activities by a board's investment row being questioned by depositors. (March 7, 2010 Utusan Malaysia). At a same time, a Secretary General of a Federation of Malaysian Consumer Associations (Fomca) Sha'ani Abdullah said: "accountability as good as transparency of LTH investment is not satisfactory." (February 27, 2010, StarBiz)

The settlement of consistent investment failures have led to a questioning upon a firmness investment preference creation made, especially a concern for all LTH depositors. Immediate as good as decisive movement must be taken to reduce depositors fear as good as doubts upon a viability of LTHs investments.

we thus titillate Datuk Jamil Khir Baharom, Minister in a Prime Minister Office, to appoint an independent auditor to examine in item a activities of all LTH investments as good as a subsidiaries to which a investment as good as account government preference creation is free from any allegations of fraud as good as wrongdoing.

we hope which a truth in these issues will be detected as good as disclosed, in a seductiveness of many Malaysians who have entrusted their assets as good as belief in Lembaga Tabung Haji.

Nurul Izzah Anwar
Lembah Pantai, M.P.
Vice President, Parti Keadilan Rakyat

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