Forensic audits done on TH investments, says minister

Religious affairs minister Zulkifli Hasan disclosed that forensic audits have commenced on the Tabung Haji (TH) investments highlighted in the royal commission of inquiry (RCI) report. The RCI report was not made public earlier due to the need to allow TH time to recuperate from a 2019 confidence crisis, during which roughly RM6 billion was swiftly withdrawn by depositors. Zulkifli made this statement as he concluded a special Dewan Rakyat session dedicated to the RCI report.

Addressing questions on forensic audits and a proposed multi-agency task force, Zulkifli revealed that audits have been carried out on the 14 investments mentioned in the RCI report. These investments encompass PT TH Indo Plantations, FGV Bhd, and TH Plantations Bhd. However, the minister did not disclose when the audits commenced, which investments were examined, who performed them, or their findings.

Additionally, Zulkifli mentioned that the government is contemplating the establishment of a multi-agency task force to investigate TH investments at risk of incurring losses. This task force would involve TH, Bank Negara Malaysia, and the Securities Commission Malaysia, aiming to review the oversight framework for TH's fund management and investments.

Regarding the delay in the RCI report's release, Zulkifli explained that the government opted to grant TH time to recover from the 2019 crisis. He emphasized that, after TH's current stronger position, the report has now been released to the public. He noted that 75% of the RCI's recommendations have been implemented. When asked why the report wasn't released after its completion in 2022, Zulkifli directed such inquiries towards the government led by Ismail Sabri Yaakob, the prime minister at the time.

Lastly, Zulkifli confirmed that the termination of TH CEO Nik Hasyudeen Yusoff and chairman Nor Yusof's contracts in 2021 was decided by the then religious affairs minister, Zulkifli Mohamad Al-Bakri. He revealed that no reason was provided by the minister for this decision.