Tabung Haji divests TH Heavy Engineering to MoF subsidiary

KUALA LUMPUR – TH Heavy Engineering Bhd (THHE) – which is linked to the issue of the delay in the delivery of offshore patrol vessels (OPVs) belonging to the Malaysian Maritime Enforcement Agency – is no longer a subsidiary or associate company under Lembaga Tabung Haji (TH).

In a statement today, TH said the agency’s interest in THHE was completely taken over by a subsidiary under the Finance Ministry, Urusharta Jamaah Sdn Bhd (UJSB), in 2018.

“UJSB is an asset management company tasked with managing assets transferred from government-linked investment companies. The transfer of THHE was done because of the company’s poor performance (which) did not give the expected returns to TH,” the statement read.

Yesterday, the media reported that Amanah vice-president Datuk Seri Mujahid Yusof Rawa had urged the Public Accounts Committee to investigate the delay in the delivery of the OPVs to avoid the case involving the littoral combat ships project from recurring.

Mujahid claimed that according to the contract, THHE, an associate company of TH, was supposed to deliver three OPVs in stages starting from 2020, but that has not happened until today. – Bernama, September 3, 2022