MP asks how govt plans to honour RM27.5 billion sukuk to rescue Tabung Haji
KUALA LUMPUR: The government must provide clear assurances to 10 million depositors of Tabung Haji on how it plans to honour a RM27.5 billion sukuk issued by Urusharta Jamaah Sdn Bhd (UJSB), the Dewan Rakyat was told.
Dewan Rakyat was asked to provide assurance to Tabung Haji's 10 million depositors on how the RM27.5 billion sukuk issued by Urusharta Jamaah Sdn Bhd (UJSB) will be honored. Hassan Abdul Karim (PH-Pasir Gudang) highlighted the importance of this issue following the transfer of RM19.93 billion assets to UJSB in 2018 as part of Tabung Haji's restructuring.
He questioned the actual cash received by Tabung Haji from the transaction, pointing out that the Royal Commission of Inquiry (RCI) report found only RM500 million was received, compared to the RM19.93 billion in assets transferred. UJSB, a wholly-owned asset management company, issued two series of sukuk to replace the transferred assets, with a total obligation of RM27.5 billion.
Hassan sought clarification on the government's cash, shares, or asset contributions to Tabung Haji and preparations to meet the obligations of the second series maturing in 2036. The RM27.5 billion sukuk obligation is a significant long-term financial commitment arising from the restructuring. The government needs to provide depositors with confidence that their savings of more than RM90 billion are secure and that the obligations can be met when they withdraw their money.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
