Kerugian TH turut jejas perniagaan dan ekonomi, kata ahli ekonomi

Tabung Haji (TH) suffered a financial loss in the past, diminishing the funds available for new investments, according to economist Harridon Suffian. The economic impact of TH's loss extends beyond the investment sector, including reduced business projects, weaker supply chains, and missed opportunities for business development, Suffian stated.

TH's financial issues will surely reduce the income and profit margins of companies with business ties to the institution. With fewer investments and funding, local enterprises, suppliers, contractors, and small-scale businesses receive fewer projects and assignments. Many companies owned by Malays are affected. "The growth of local companies is hindered, and they miss various opportunities to grow, limiting their capacity to contribute more to national economic development," Suffian told FMT.

Harridon reviewed the Research and Survey Council (RCI) findings on TH's management and operations from 2014 to 2020, which caused investment uncertainty and poor financial reporting. The report highlighted the national audit chief's observation that TH's investment value declined by RM164.58 million in Heavy Engineering (THHE) for 2017, which was not recorded in TH's financial statements.

Other findings show the financial pressure on TH's business operations. For example, TH Plantations sold farmland to pay debts and cut operational expenses, contributing to the decline in oil palm output. The report also records steps to address issues, such as approving the dissolution of the investment subsidiary Trurich Resources Sdn Bhd and efforts to recover funds related to Putrajaya Perdana investment.

Reduced employment due to TH's financial problems will also reduce corporate income and profit margins, while declining purchasing power will harm subcontractors' ability to develop businesses. Lower corporate taxes further affect the government's revenue. At TH, Harridon said the funds needed to cover past losses reduced the capital available for new investments and future income generation.

He believes TH needs sufficient capital to continue investing and growing, but financial pressure hinders that. TH's use of taxpayer money to save itself also affects the economy because the money could be used to fund other economic projects. Further research is needed, even though the financial situation improves under Ahmad Zaharuddin Sani Ahmad Sabri.

Ahmad Zaharuddin Sani Ahmad Sabri from Global Asia Consulting said recovery should not stop research into how investments are approved and their impact on others. He emphasized the need to identify the impact on suppliers, businesses, contractors, and workers based on evidence, payment records, and other data. The RCI suggested forensic auditing of problematic investments and called for strong measures following the police report and complaints of misconduct.

Zaharuddin said investment risk needs to be distinguished from management failure, stressing that investment losses are not a crime. He urged those providing, studying, and approving investment plans to explain their actions to prevent accountability from becoming a blur among management, supervisory bodies, and those granting approvals.

He called for a free investigation and regular updates to Parliament on the progress of forensic audit, civil action, and efforts to recover funds. "Don't let financial recovery hide accountability issues," he advised.