Which seven Tabung Haji investments out of 14 resulted in total losses?

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Seven Tabung Haji Investments Out of 14 Identified as Total Losses

Seven of the 14 troubled investments involving Tabung Haji, as identified by the Royal Commission of Inquiry (RCI), have resulted in total losses. Among these, investments linked to the Saudi Arabia-based firm Al-Rawda Real Estates Development incurred the most significant financial detriment.
Al-Rawda Real Estates Development Deal

The investment associated with Al-Rawda Real Estates Development led to the largest losses among the seven troubled investments. Between 2015 and 2017, Tabung Haji disbursed RM1.5 billion as part of a lease agreement with Al-Rawda for four hotels in Madinah.
Lack of Due Diligence in Al-Rawda Agreement

Tabung Haji proceeded with the agreement with Al-Rawda despite the firm not furnishing a bank guarantee or completing its due diligence process. The decision to enter the lease deal was reportedly based solely on an individual's personal note, a detail that raises concerns regarding the transaction's governance.
Default and Accumulated Losses from Al-Rawda

Al-Rawda began failing to meet its rental obligations to Tabung Haji from the first quarter of 2019. This default has culminated in accumulated losses amounting to RM1.86 billion as of 2024, underscoring the substantial financial impact of this specific investment.
Limited Disclosure on Other Troubled Investments

While the Finance Minister II confirmed that seven out of the 14 identified investments led to total losses, the specific details or names of the other six investments that resulted in complete financial write-offs were not provided in the disclosed information. The focus of the announcement was primarily on the extent of the losses and the details of the Al-Rawda deal.

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Which seven Tabung Haji investments out of 14 resulted in total losses?

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