Tabung Haji’s losses weren’t due to market slump, its stocks fell much harder, says Amir Hamzah
KUALA LUMPUR, Aug 12 — Claims that Tabung Haji (TH) suffered losses due to a stock market downturn are baseless, a...
Tabung Haji's financial losses are not attributable to a market slump, as its stocks declined more sharply than the overall market, according to Finance Minister II Datuk Seri Amir Hamzah Azizan. The stock market reached its highest level in 2018, while Tabung Haji's decline was approximately 6 percent that year. Hamzah emphasized that management changes and a restructured board of directors have bolstered controls and improved governance at the institution.
Despite writing down RM2.6 billion on its remaining holdings after 2018, Tabung Haji has continued to pay "hibah," with the amount increasing each year. The recommendation by the RCI for hibah declarations to be made only after financial statements have been audited, rather than on a pro forma basis, has addressed concerns over previous issues, according to Hamzah.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
