Tabung Haji Investment Losses Not All Due To Misconduct – Aminuddin
KUALA LUMPUR, Aug 11 (Bernama) -- Port Dickson Member of Parliament Datuk Seri Aminuddin Harun stated that discussions regarding investments by Lembaga Tabung Haji (TH) must be conducted fairly, as every investment carries risks, and not all losses incurred are due to misconduct.
The former Negeri Sembilan menteri besar said all parties should be able to distinguish between losses caused by market fluctuations and those arising from negligent decisions, conflicts of interest or failures in governance processes.
The Royal Commission of Inquiry (RCI) report also recommended forensic audits of 14 investments that had declined, he said during a special sitting on the RCI report on Tabung Haji in the Dewan Rakyat today.
Aminuddin also said the appointment of members of Tabung Haji’s board of directors and senior management should be based on specific criteria, including expertise and investment experience.
Aminuddin said Tabung Haji must be managed by qualified individuals rather than simply well-connected people.
“We need to change the culture of appointments to positions in Lembaga Tabung Haji. Such positions should not be regarded as rewards. They should not be used to give positions to people with political connections. They are not positions for building influence; they are a professional trust,” he said.
Aminuddin said the RCI had also recommended amendments to the Tabung Haji Act to prohibit active politicians from being appointed as chairman or members of the Tabung Haji board of directors and those of its subsidiaries.
“The RCI also recommended specific expertise criteria for the appointment of board members.
“I propose that we go further. Every board candidate must undergo screening based on integrity, experience in investment, Islamic finance, risk management, accounting and auditing, law, corporate governance and haj management. Conflicts of interest must be declared,” he said.
Meanwhile, Datuk Mohd Isam Mohd Isa (Tampin-BN) called for a new RCI to be established to cover the period from 2021 to 2025 to identify weaknesses in the management and operations of Tabung Haji during that duration.
“Overall, I find that there are still many matters that were overlooked by this RCI, including its limited timeframe from 2014 to 2020.
“Many important developments involving Tabung Haji took place after 2020. The timeframe of this RCI should have been extended to at least 2025,” he said.
As a member of the Public Accounts Committee (PAC), Mohd Isam also proposed that issues concerning Tabung Haji’s management and governance be referred to the PAC for more thorough and detailed scrutiny, particularly for the period from 2022 to 2026.
On July 29, the 211-page RCI report was made public, containing various findings on weaknesses in the institution's management and operations between 2014 and 2020.
The RCI report put forward 25 recommendations for improvements, 75 per cent of which had been implemented by Tabung Haji as of July 30.
The government announced the establishment of the RCI in 2021, followed by the appointment of its members on Jan 20, 2022. The RCI subsequently presented its report to the Yang di-Pertuan Agong on Aug 30, 2022.
-- BERNAMA