What was the total financial loss incurred by Tabung Haji between 2014 and 2020?

Question

Accepted Answer

Tabung Haji Incurred RM10 Billion in Losses Between 2014 and 2020

Lembaga Tabung Haji (TH) experienced a significant financial deficit totalling RM10 billion between the years 2014 and 2020. This substantial loss was primarily attributed to a failure to adhere to regulatory requirements, coupled with suboptimal investment decisions and a range of other underlying issues. The gravity of the situation was underscored by prior warnings from Bank Negara Malaysia that were reportedly disregarded.
Regulatory Non-Compliance and Poor Investments Cited

The RM10 billion loss suffered by Tabung Haji during the period of 2014 to 2020 stemmed from multiple factors, including a lack of adherence to established regulations and instances of poor investment performance. These issues contributed to the overall financial downturn experienced by the fund.
Bank Negara Malaysia Issued Ignored Warnings

Prior to the full extent of the losses becoming apparent, Bank Negara Malaysia had issued warnings to Tabung Haji regarding regulatory breaches. These communications, which occurred as early as 2014, were reportedly not acted upon by the relevant parties within the organisation.
Royal Commission of Inquiry Report Findings

The findings regarding these financial losses are detailed in the Royal Commission of Inquiry (RCI) report concerning Tabung Haji's operations from 2014 to 2020. This report has been declassified and made public, with plans for it to be debated in a special Dewan Rakyat sitting.
Commitment to Investigating and Prosecuting Those Responsible

Prime Minister Datuk Seri Anwar Ibrahim has stated that individuals found responsible for the losses, misappropriation, fraud, and abuse of power identified in the RCI report will face investigation and potential prosecution. Authorities including the Royal Malaysia Police, the Malaysian Anti-Corruption Commission, and Bank Negara Malaysia are tasked with conducting thorough inquiries into the matter.

Reading history

Hide →

This history is cleared when the page is closed.

What was the total financial loss incurred by Tabung Haji between 2014 and 2020?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends