Govt’s over RM10b Tabung Haji bailout aimed at restoring finances, not taking over assets, says Zulkifli

KUALA LUMPUR, Aug 11 — The Malaysian government launched a bailout exceeding RM10 billion for Lembaga Tabung Haji (TH), which was necessary to restore the institution's financial health and not to acquire its assets, according to Zulkifli Hasan, Minister in the Prime Minister's Department (Religious Affairs). The bailout was enacted due to TH's mismanagement and embezzlement, which left the institution insolvent with a widening deficit gap between its assets and liabilities, standing at over RM10 billion in the fourth quarter of 2018.

Despite false claims by certain individuals, Zulkifli emphasized that no assets were sold to non-Muslims or Chinese, as they aimed to incite hatred and provoke the public. The assets remain under the ownership of Urusharta Jamaah, a wholly-owned company of the Finance Minister Incorporated. During the briefing session on the Royal Commission of Inquiry (RCI) Report on TH and the measures taken to restore its financial position, Zulkifli highlighted the critical situation TH was facing, with just three months left to find a solution.

The government's restructuring plan aimed to restore TH's financial stability and ensure its long-term sustainability.