Claim That TH Suffered Losses Due To Stock Market Downturn Is Baseless - Amir Hamzah

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Aug 11 (Bernama) -- Claims that Tabung Haji (TH) suffered losses due to a stock market downturn are baseless, as the stock market remained strong and reached its highest level in 2018, while the decline that year was only about 6 per cent.

However, Finance Minister II Datuk Seri Amir Hamzah Azizan said TH’s stock holdings at the time fell significantly more than the overall market performance.

Meanwhile, Amir Hamzah said changes to TH’s management and board of directors had helped strengthen controls and improve the institution’s governance.

He said despite having to write down RM2.6 billion on its remaining holdings after 2018, TH was still able to pay “hibah,” with the amount increasing each year. “This is an example of what has been achieved through the changes made at Tabung Haji,” he added.

Amir Hamzah also noted the RCI’s recommendation that hibah declarations be made only after the financial statements have been audited, compared with the previous practice of making them on a pro forma basis. “Therefore, any concerns over issues that occurred previously have been addressed through the improvements implemented now,” he said.

-- BERNAMA