{
  "id": 1216858,
  "title": "RM2.58bil wiped out in seven Tabung Haji investments",
  "url": "https://urgent.news/2026/08/16/rm2-58bil-wiped-out-in-seven-tabung-haji-investments",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-16T05:55:12.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/news/nation/2026/08/1512268/rm258bil-wiped-out-seven-tabung-haji-investments"
  },
  "original_language": "en",
  "account": "In a recent parliamentary reply, it was disclosed that seven investments made by the Royal Malaysian Fund (Tabung Haji) have suffered complete losses totaling RM2.581 billion. This information was provided in response to a question raised by Muar Member of Parliament Syed Saddiq Syed Abdul Rahman. Finance Minister II, Datuk Seri Amir Hamzah Azizan, summarized the special debate on the Royal Commission of Inquiry (RCI) report concerning Tabung Haji, stating that seven out of the 14 problematic investments targeted had incurred total losses.\n\nThe seven investments with losses were Putrajaya Perdana Bhd (PPB), amounting to RM193.49 million; Al-Rawda Real Estates, with RM1.864 billion; Trurich Resources Sdn Bhd, totaling RM364.31 million; Emrail Sdn Bhd, at RM19.30 million; Wellspring Worldwide Ltd, with RM18 million; Abraj Sdn Bhd, at RM40.23 million; and Al-Fareeda Residential Fund, with RM82 million. The largest loss was incurred by Al-Rawda Real Estates, which amounted to RM1.864 billion, followed by Trurich Resources and PPB.\n\nSyed Saddiq expressed his disappointment in the reply, emphasizing that the lack of due diligence had resulted in disastrous outcomes. The accommodation benefits for pilgrims were not delivered as planned, and rental collections ceased for several years. Despite paying billions of ringgit, there seems to be no tangible return on investment. The 211-page RCI report revealed governance weaknesses, including political interference in management and the distribution of profits without proper accounting for depreciation and declines in investment fair value. Furthermore, the report highlighted that Tabung Haji should have recorded a RM1.4 billion net loss in 2017, rather than the reported RM3.4 billion profit, if Malaysian Financial Reporting Standards (MFRS) had been fully implemented.",
  "summary": "KUALA LUMPUR: Seven Lembaga Tabung Haji (TH) investments suffered total losses of RM2.581 billion, with all seven written down by 100 per cent.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "MACC mulls roping in foreign forensic experts for TH probe",
        "url": "https://urgent.news/2026/08/13/macc-mulls-roping-in-foreign-forensic-experts-for-th-probe",
        "published": "2026-08-13T06:00:00.000Z"
      },
      {
        "outlet": "Malaysiakini",
        "title": "SNAPSHOT | MACC mulls foreign help with Tabung Haji probe; police nab 3 including cop over drugs",
        "url": "https://urgent.news/2026/08/13/snapshot-macc-mulls-foreign-help-with-tabung-haji-probe-police-nab-3",
        "published": "2026-08-13T06:00:28.000Z"
      },
      {
        "outlet": "Malay Mail",
        "title": "MACC detains seven in Tabung Haji RCI probe, including senior executives and shipping company CEO",
        "url": "https://urgent.news/2026/08/15/macc-detains-seven-in-tabung-haji-rci-probe-including-senior",
        "published": "2026-08-15T06:03:40.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}