7 Tabung Haji investments suffered total losses, Dewan Rakyat told
KUALA LUMPUR: Seven of 14 problematic investments identified by the Royal Commission of Inquiry (RCI) into Tabung Haji suffered total losses, with the institution and government forced to absorb billions of ringgit in losses, the Dewan Rakyat was told today.
KUALA LUMPUR: Seven out of 14 investments under scrutiny by the Royal Commission of Inquiry (RCI) regarding Tabung Haji incurred total losses, with the institution and government absorbing billions in financial losses, the Dewan Rakyat was informed today. Finance Minister II Datuk Seri Amir Hamzah Azizan revealed that the 14 identified investments resulted in an estimated RM13 billion in losses, of which RM10.2 billion was the government's 2018 bailout through Urusharta Jamaah Sdn Bhd (UJSB), and RM2.6 billion was Tabung Haji's net losses from 2018 to 2025.
Seven investments suffered 100% losses, with the root cause being financial and investment misconduct, including irregular investment processes, manipulation of suitability reports, misleading representations, concealment of information, and creative accounting practices, Amir stated as he concluded a special debate on the RCI report on Tabung Haji.
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