Pelaburan dalam Putrajaya Perdana heret TH dalam urus niaga 1MDB

Haji Tabung Perdana Menteri (TH) has been accused of investing in Putrajaya Perdana Bhd (PPB) and taking the TH chairperson as PPB's chairperson, which has caused TH to incur losses of RM145.3 million. Minister of Prime Minister's Department for Religious Affairs, Zulkifli Hasan, stated that among 14 problematic investments linked to TH's RM1 billion loss, as reported in the Royal Commission of Inquiry (RCI) Report on Tabung Haji (RCH), TH had also purchased land at Tun Razak Exchange (TRX) from 1MDB while the controversy was at its peak.

The chief executive officer of TH is also a member of the 1MDB board of directors, raising questions on whether the investment was for TH's benefit or to settle others' issues. Zulkifli said this during a ministerial briefing on the RCI report and the measures taken to recover the financial situation of the institution, at a special session of the Dewan Rakyat.

He further mentioned that FGV Holdings' announcement, which led to the national IPO with the largest collection of more than RM10 billion, also impacted TH after it faced losses of more than RM1 billion. With the stock price soaring, TH continued to hold the share despite its fall of more than 80% and only making adjustments downward to 'sink' and cover the losses.

Zulkifli stated that given TH's financial position is now stable, the institution is taking over the land at TRX sold at RM400 million in 2018, which TH then bought back at RM270 million based on the current market value. Additionally, TH also took over UJ Estates (Holdings) Sdn Bhd's oil palm plantation sold at RM800 million, which it bought back at RM695 million in the current market value (including cash of RM115 million, equivalent to an enterprise value of approximately RM580 million).

On July 29, a 211-page RCI report was made public, containing various findings related to the poor management and operation of the institution between 2014 and 2020. The report also proposed 25 improvement actions, 75% of which have been carried out by TH as of July 30. The government announced the establishment of the RCI in 2021, followed by the appointment of RCI members on January 20, 2022, and the report was subsequently presented to the Yang di-Pertuan Agong on August 30, 2022.