LEMBAGA Tabung Haji's (TH) losses from investments retained under its management are estimated at RM2.8 billion, while a further RM10.2 billion stems from the transfer of assets to Urusharta Jamaah Sdn Bhd (UJSB) at an uncompetitive premium, bringing the total financial impact to RM13 billion.
The Finance Ministry (MOF) said the overall figure comprised two components: the RM10.2 billion premium arising from TH's 2018 asset transfer to UJSB, involving assets valued at RM19.9 billion against their market value of RM9.7 billion, and net investment losses recorded between 2018 and 2025.
According to the Royal Commission of Inquiry (RCI) report, 14 TH investments were identified as problematic, with seven suffering total losses and being fully impaired, involving investments worth RM2.58 billion.
The seven investments were Putrajaya Perdana Bhd (RM193.49 million), Al-Rawda Real Estates (RM1.86 billion), Trurich Resources Sdn Bhd (RM364.31 million), Emrail Sdn Bhd (RM19.3 million), Wellspring Worldwide Ltd (RM18.4 million), Abraj Sdn Bhd (RM40.23 million) and Al-Fareeda Residential Fund (RM82 million).
"In addition, another investment, TH Marine Holding (L) Inc, recorded a loss of RM198.10 million following partial impairment, bringing TH's estimated total investment losses to RM2.8 billion.
"TH has also undertaken various recovery measures to protect depositors' interests and recover funds. Some investments have been successfully recovered, while recovery efforts involving others are ongoing," the ministry said in a written parliamentary reply published on Parliament's website last night.
The reply was in response to Datuk Dr Ahmad Marzuk Shaary (PN-Pengkalan Chepa), who sought details of losses incurred from each of the 14 troubled investments identified in the TH RCI report.
He also asked for a breakdown of proceeds from disposals, dividends and income generated by each investment from the date of the RCI report until now, following a statement by the Second Finance Minister that total losses were close to RM13 billion.
The ministry identified the six other problematic investments as PT TH Indo Plantations, Deru Semangat Sdn Bhd, TH Plantations Bhd, TH Properties Sdn Bhd, TH Hotel & Residences Sdn Bhd and shares in FGV Holdings Bhd.
It said the issues stemmed from serious governance weaknesses that resulted in flawed transactions, with depositors' interests sidelined to give preferential treatment to other parties involved.
"Regarding the request for a breakdown of losses, disposal proceeds, dividends and income for each investment since the RCI report, the figures need to be reconciled using consistent transaction periods and accounting bases.
"This is to prevent proceeds from earlier transactions, impairment reversals and cash receipts from being double-counted or treated as new income after the report," the ministry said.
The government remains focused on strengthening TH's governance, risk management and investment oversight to safeguard depositors' interests.
"Improvements are also being undertaken to ensure transparent and orderly investment governance, including amendments to the Tabung Haji Act 1955 (Act 535), to protect depositors' interests," it said. - November 12, 2026
