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Tabung Haji lost RM10 billion from 2014-2020 due to mismanagement, says chairman
🇲🇾 Malaysia /Economy & Trade

Tabung Haji lost RM10 billion from 2014-2020 due to mismanagement, says chairman

From Utusan Malaysia · () Malay

Translated from Malay, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Outcome reported
  • Tabung Haji (TH) incurred losses of approximately RM10 billion between 2014 and 2020 due to non-compliance with regulations, governance weaknesses, and investment errors.
  • Prime Minister Anwar Ibrahim stated that TH Chairman Tan Sri Rashid Hussain informed the Cabinet about these issues.
  • The losses were attributed to failures in adhering to regulations, poor governance, and flawed investment decisions during the specified period.

Lembaga Tabung Haji (TH), the Malaysian Hajj pilgrims fund, suffered substantial losses estimated at RM10 billion between 2014 and 2020. These financial setbacks stemmed from a combination of factors including a failure to comply with regulations, significant governance weaknesses, and poor investment decisions.

Tan Sri Rashid Hussain, the current Chairman of TH and a former member of the Royal Commission of Inquiry (RCI), disclosed these findings to the Cabinet. Prime Minister Datuk Seri Anwar Ibrahim confirmed the information, highlighting the gravity of the situation.

The period in question, 2014 to 2020, saw the fund grappling with internal issues that led to the erosion of its assets. The revelation underscores a critical period of mismanagement that impacted the financial health of an institution vital to Malaysian Muslims preparing for their pilgrimage.

DistantNews Editorial

Originally published by Utusan Malaysia in Malay. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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