Prime Minister Datuk Seri Anwar Ibrahim has announced that the government will be returning assets amounting to RM19.9 billion from Lembaga Tabung Haji (TH) to the pilgrim fund. These assets were previously placed under a special purpose vehicle (SPV) of the Ministry of Finance (MOF).
Anwar, who also holds the position of finance minister, stated that this decision was made after being satisfied with the management, governance, and financial performance of TH, especially following the resolution of past challenges. Furthermore, Anwar emphasized that the return of TH's assets disproves allegations made by certain parties that these assets, held under the SPV, had already been transferred to non-Muslim ownership.
He clarified that such claims are entirely untrue. Anwar explained, "Since assuming this position, I have consistently stated that once TH is effectively managed and financially stable, MOF will initiate discussions to return the assets currently held by the SPV back to TH. This measure aims to put an end to the false accusations made against the former finance minister, suggesting that he had already transferred these assets to non-Muslims."
In December 2018, MOF, through its SPV, acquired underperforming properties and equities from the pilgrim fund, worth RM19.9 billion, in exchange for RM10 billion in sukuk (fixed income) and RM9.9 billion in Islamic redeemable convertible preference shares (RCPS-i). The assets obtained comprised 80% equities and 20% properties. The SPV acquired properties with a yield of less than 2% and equities that had experienced impairments exceeding 20% at their book value.
Additionally, the then-group managing director and chief executive officer of TH, Datuk Seri Zukri Samat, disclosed that the exercise did not involve any cash transactions or government guarantees. Instead, the SPV issued a non-tradable sukuk with a maturity of seven years, which would be entirely subscribed by TH, alongside the RCPS-i, which had no set maturity or dividend. This recent decision to return TH's assets demonstrates the government's confidence in TH's improved management and financial stability.
It also aims to address the slanderous accusations made against the former finance minister regarding the alleged transfer of these assets to non-Muslims. The government's actions reflect its commitment to upholding the integrity and sanctity of the pilgrim fund while dispelling any false narratives surrounding the SPV's involvement in the transfer of TH's assets.
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