Tabung Haji criticises bid to tarnish its name

KUALA LUMPUR: Continued attempts to implicate Tabung Haji (TH) in the recent arrest of a former chief executive officer (CEO) of TH Heavy Engineering (THHE) stems from a political agenda, TH said yesterday.

Reiterating that it would not compromise on corruption, misappropriation or abuse of power, TH said such matters were viewed seriously and that steps were taken to enhance its corporate governance and good business practices in its operations.

It also said TH would extend its full cooperation to the authorities in the investigations into the former CEO.

“On the matter of the allegation linking business challenges faced by THHE to the arrest of the former CEO, we believe this is misleading and an attempt to confuse the public,” it added.

TH said the issue of the arrest was based on investigations by the Malaysian Anti-Corruption Commission (MACC) against an individual.

“THHE is one of the many TH investment companies listed on Bursa Malaysia.

“As a public listed company, it has its own board of directors and (corporate) governance structure.

“THHE has issued a press statement that it will give its full cooperation to the investigation.”

TH said the performance and challenges faced by THHE was largely a result of languishing global crude oil prices since 2014, which impacted Malaysia’s oil and gas industry coupled with the economic situation, which led to slowdown of exploration and production activities.

“These impacted companies in the oil and gas industry, many of which were forced to grapple with the realities of downsizing, slashing of costs and restructuring of core activities.

“This situation put a strain on THHE’s finances, slowing its related business activities.”

TH said its focus had always been to achieve the best in business and investments, in accordance with Islamic principles and in the best interest of its depositors.

TH also said it welcomed investigations by the authorities to weed out any illegal and unacceptable practices, to ensure that transparency, accountability, integrity and good ethical business practices remain embedded in its operations, as part of its corporate governance.