TH failures point to political complicity, say commentators
A Kadir Jasin says the scandal was deliberately concealed, while Ahmad Zaharuddin Sani Ahmad Sabri warns against dismissing repeated questionable investments as mere mismanagement.
Commentators are questioning if political influence played a role in the numerous failures at Tabung Haji (TH), Malaysia's pilgrimage savings organization. Experts argue the recurring financial missteps, involving significant sums, cannot be attributed solely to isolated mistakes. Analyst Ahmad Zaharuddin Sani Ahmad Sabri contends that if governance, risk assessment and approval processes are compromised, political interference must be investigated.
He emphasizes that the issue may extend beyond poor decision-making, suggesting it could indicate a broader institutional vulnerability. Former ACCA Malaysia Advisory Committee president Khalid Ahmad stresses the importance of a comprehensive audit of each troubled investment to determine the root causes and misconduct, particularly when dealing with funds entrusted by pilgrims.
The royal commission of inquiry (RCI) report, completed in July 2022, was only released on July 29 of this year, sparking questions about the four-year delay. Critics argue the government delayed the release to protect TH's reputation and depositor confidence, while the government claims it needed time for TH's recovery and restructuring.
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