Headline Mujahid says SPV is best option for Tabung Haji MediaTitle The Malaysian Reserve Date 19 Mar 2019 Color Full Color Section Corporate Malaysia Circulation 12,000 Page No 6 Readership 36,000 Language English ArticleSize 386 cm² Journalist ALIFAH ZAINUDDIN & DASHVEENJITKAUR AdValue RM 3,571 Frequency Daily PR Value RM 10,714 Mujahid says SPV is best option for Tabung Haji According to minister, plementary question from Datuk Salim Sharif (Barisan we managed to plug Nasional-Jempol) who asked if all the holes caused by the transfer of assets had any the previous govt impact on its depositors. Mujahid said the pilgrim fund will make an announce- IN PARLIAMENT ment on its dividends soon. The transfer of assets to by ALIFAH ZAINUDDIN & Urusharta Jamaah, a company DASHVEENJITKAUR wholly owned by the Ministry of Finance, involved 29 real LEMBAGA Tabung Haji (TH) estates, one unlisted company has managed to restore its and 106 domestic security balance sheet following the assets for RM19.9 billion. transfer of its underperfor- The ministry recently ming assets to special-purpose released a detailed breakdown vehicle (SPV) Urusharta Jamaah of the RM19.9 billion figure, Sdn Bhd, said Minister in the which revealed that the trans- Prime Minister's Department fers of both equities and pro- for Religious Affairs Datuk Seri perties were done at 120% Dr Mujahid Yusof Rawa. above the market value. Mujahid said the govern- However, the state-owned Pic by Ismail Che Rus ment had considered two other Mujahid says the pilgrim fund will make an announcement on its dividends soon fund with about RM72 billion options to help the troubled .deposits warned that it is fund — one being the govern- liabilities of RM75.5 billion as The bylaw that governs the "Through the transfer of still not out of the woods and ment acting as a guarantor to of December 2018, compared to fund prohibits dividend and assets, we have restored TH's its over nine million deposi- TH; and the other involving assets and liabilities of RM70.3 bonus payments, if the assets balance sheet, where the tors should not expect a hefty the injection of more govern- billion and RM74.4 billion slide lower than its liabilities. assets are now valued higher dividend. ment grants into the fund. respectively in 2017 — a hole of "When Pakatan Harapan than its liability. What this Last year, Mujahid issued a However, he said the govern- RM4.1 billion. took over the administration, means is we have managed to damning report on TH, high- ment found the SPV option as The restored balance sheet we wanted to save TH as its plug all the holes that were lighting illegal dividend distri- the best solution on the matter. effectively puts the fund in a deficit continued to widen. So, caused by the previous gov- butions since 2014, assets Mujahid added that follo- legal position to pay hibah (divi- we took the best option, which ernment," Mujahid told the shrinkage and claims of wing the transfer, TH's assets dends) this year as stipulated was to remove all underper- Dewan Rakyat yesterday. accounting irregularities to stood at RM76.5 billion against in the TH Act 1995. forming assets. He was responding to a sup- mask a higher profit. .