Mujahid: Asset transfer restored TH’s financial health
KUALA LUMPUR: Transferring Lembaga Tabung Haji’s ( TH) problematic assets to a special purpose vehicle ( SPV) has plugged the gap between its assets and liabilities, says Minister in the Prime Minister’s Department Datuk Seri Dr Mujahid Yusof Rawa.
He said the transferred assets, worth RM19.9 billion, have placed TH’s assets at RM76.5 billion compared to the RM75.5 billion in assets and deposits as of December 2018.
“This transfer is aimed at safeguarding the interests of depositors and allowing them to obtain hibah distribution under the Tabung Haji Act 1995, that is, the assets must exceed the liabilities if we we want to give dividends.
“Compared to before PH took over, the assets were lower than the liabilities but at the same time, the previous leadership paid dividends, which led to us inheriting a RM4.1 billion deficit, according to the December 2017 financial position,” he said at the Dewan Rakyat here yesterday.
He was replying to Datuk Salim Sharif ( BN- Jempol), who wanted to know whether the transfer of assets to the SPV would affect dividend payments to TH depositors.
Mujahid said the asset transfer would also not affect the payment of hibah, the rate of which will be announced soon.
To a supplementary question from Nik Nazmi Nik Ahmad ( PHSetiawangsa), he said the asset transfer to the SPV following former Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz’s expression of alarm over TH’s reserves.
Mujahid said this came about after TH’s uncontrolled hibah payments and inaccurate financial reporting had affected depositors wishing to perform the haj.
“Bank Negara raised alarms about this problem in 2014, but we were in the opposition then.
“So today, when we are the government, that is our priority by means of the SPV, and we have managed to revive TH,” he said. — Bernama