Malaysia Lawmaker Urges Stricter Criteria for Tabung Haji Management Amidst Investment Concerns

Datuk Seri Nancy Shukri has called for the establishment of specific criteria and standards for the appointment of Lembaga Tabung Haji (TH) top management. This measure aims to prevent similar crises from recurring in the future.

Shukri, representing GPS-Santubong, stated that TH requires individuals with suitable qualifications and experience, even if they have political backgrounds. She stressed that political labels or positions should not substitute for 'fit and proper' requirements. "We cannot let political labels or positions replace fit and proper requirements," she said in the Dewan Rakyat.

“

We cannot let political labels or positions replace fit and proper requirements.

She further elaborated that setting clear criteria for board appointments, defining selection methods, and identifying necessary expertise are crucial steps. "If this principle is institutionalized, regardless of a candidate's background, the most important measure is: are they qualified? Are they suitable? Do they have expertise? And are they capable of fulfilling the trust? That is a better approach," she added.

“

If this principle is institutionalized, regardless of a candidate's background, the most important measure is: are they qualified? Are they suitable? Do they have expertise? And are they capable of fulfilling the trust? That is a better approach.

Meanwhile, Shukri highlighted the need for a serious review of TH's sale of 95% of its stake in PT TH Indo Plantations to PT Borneo Pacific. She noted several issues requiring clarification, including a reported reduction in the transaction price by $100 million, from $910 million to $810 million. The buyer also failed to make payments according to the agreed schedule. More curiously, TH reportedly had to provide an advance of $178.6 million to meet obligations that the buyer should have fulfilled.

"This is not just a question of whether an investment is profitable or not. It raises more fundamental questions about how the transaction decision was made, the considerations used, the protection of TH's interests, and accountability for every decision taken," she stated.

“

This is not just a question of whether an investment is profitable or not. It raises more fundamental questions about how the transaction decision was made, the considerations used, the protection of TH's interests, and accountability for every decision taken.