TH pursuing 899 million Saudi Riyal Al-Rawda award through asset tracing
KUALA LUMPUR: Lembaga Tabung Haji (TH) is continuing efforts to recover an outstanding arbitration award of 899 million Saudi riyals from Saudi Arabia-based property developer and management firm Al-Rawda Real Estates Development & Project Management Co Ltd, including through asset tracing.
The Malaysian Hajj Fund (TH) is actively pursuing a 899 million Saudi riyal arbitration award against Saudi Arabian property developer Al-Rawda. TH has attempted enforcement measures, but Al-Rawda has shown no financial capacity to settle the debt. Following a failed settlement in November 2024, TH terminated it and resumed efforts to recover the outstanding amount.
The investment was among 14 problematic deals identified by the Royal Commission of Inquiry (RCI), which detailed TH's governance weaknesses, including political influence and risky investments.
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