Malaysia's Tabung Haji lost RM10 billion due to regulatory breaches, investment errors since 2014

Lembaga Tabung Haji (TH), Malaysia's pilgrimage fund, has suffered a staggering RM10 billion loss stemming from a failure to adhere to regulations and misguided investments initiated in 2014. Prime Minister Anwar Ibrahim disclosed this significant financial shortfall to the Cabinet during a briefing by TH Chairman Tan Sri Rashid Hussain, who has prior experience with a Royal Commission of Inquiry. Anwar Ibrahim, who also serves as the Minister of Finance, explained that the issue was brought to light by the TH Chairman. He noted that in 2014, the Governor of Bank Negara Malaysia (BNM) had issued a warning to Tabung Haji regarding violations, but these concerns were reportedly disregarded, ultimately leading to the substantial losses. The Prime Minister emphasized that any individuals found responsible for the losses, fraud, or abuse of power will face thorough investigations by the relevant authorities. These agencies include the Royal Malaysia Police (PDRM), the Malaysian Anti-Corruption Commission (SPRM), Bank Negara Malaysia (BNM), and other bodies operating under the Anti-Money Laundering Act (AMLA). "Those responsible for causing losses, fraud, and abuse of power will be investigated by PDRM, SPRM, AMLA, and Bank Negara. All will be investigated," stated Ibrahim. He further affirmed that if evidence supports the allegations, legal proceedings will commence, leading to prosecution and potential imprisonment for those found guilty, in accordance with the nation's laws. The government, he stressed, will not make accusations but will allow the authorities to conduct their investigations independently. Ibrahim concluded by urging those in power to act responsibly and do their best to serve the people while they hold their positions.

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TH lost RM10 billion because regulations were not followed, investments were wrong, and there were many problems. This has been happening since 2014.