Putrajaya Perdana investment dragged TH into 1MDB transactions, minister says

Religious Affairs Minister Zulkifli Hasan revealed that Tabung Haji (TH) invested in Putrajaya Perdana Bhd (PPB), inadvertently bringing the pilgrims fund into 1MDB's transactions. This investment, along with the appointment of TH's former chairman as PPB chairman, led to TH's RM145.3 million loss. The royal commission of inquiry (RCI) report identified 14 problematic investments totaling billions of ringgit that contributed to TH's financial woes.

Moreover, TH purchased land at the Tun Razak Exchange (TRX) from 1MDB during the height of the controversy. Notably, TH's CEO was also a member of 1MDB's board of directors, raising questions about the investment's motivations. The listing of FGV Holdings, which raised over RM10 billion, also impacted TH's fortunes. Despite subsequent share price drops, TH retained the shares, leading to a loss of over RM1 billion when their value plummeted by more than 80%.

TH has since repurchased the TRX land, which it sold in 2018 for RM400 million, at RM270 million based on current market value. Additionally, TH acquired UJ Estates' (Holdings) oil palm plantation, sold for RM800 million, at a current market value of RM695 million.