Economists flag risk after RCI finds Tabung Haji used RM4b in management estimates
By Shaidathul Suhana Ros KUALA LUMPUR, Aug 18 -- The Royal Commission of Inquiry report’s disclosure that RM4.044 billion of Lembaga Tabung Haji’s property…
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Summary
By Shaidathul Suhana Ros KUALA LUMPUR, Aug 18 (Bernama) -- The Royal Commission of Inquiry (RCI) report’s disclosure that RM4.044 billion of Lembaga Tabung Haji’s (TH) property asset valuations for 2017 was based solely on management estimates posed a significant risk to the institution’s financial position, according to economists. The 252-page RCI report was made public on July 29 and debated at a special sitting of the Dewan Rakyat on Aug 11. — Bernama. Ahmed Razman said the level of scrutiny should have been higher because RAV was used to determine compliance with Section 22 of the Tabung Haji Act 1995, directly affecting depositors.
Furthermore, Instead, it used RAV to meet the requirements of the Tabung Haji Act 1995. The RCI’s findings on TH’s management and operations from 2014 to 2020 showed that only RM556 million of the RM4.6 billion total valuation was supported by professional valuers’ reports. The RCI also revealed that RM2.294 billion relating to TH Plantations Berhad had been included in the RAV calculation based on the RM4.6 billion property asset valuation.
In addition, According to a PricewaterhouseCoopers (PwC) audit report cited by the RCI, the RAV calculations were based on management estimates rather than market prices for listed shares or independent professional valuations of properties. Barjoyai said this could potentially allow hibah, or dividend, distributions above prudent levels. Malanjum possesses both these traits,” Kow said.
Cross-referenced from 3 sources.
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By Shaidathul Suhana Ros KUALA LUMPUR, Aug 18 (Bernama) -- The Royal Commission of Inquiry (RCI) report’s disclosure that RM4.044 billion of Lembaga Tabung Haji’s (TH) property asset valuations for 2017 was based solely on management estimates posed a significant risk to the institution’s financial position, according to economists.
reliability moderate2/2 sourcesThe 252-page RCI report was made public on July 29 and debated at a special sitting of the Dewan Rakyat on Aug 11. — Bernama
reliability moderate2/2 sourcesAhmed Razman said the level of scrutiny should have been higher because RAV was used to determine compliance with Section 22 of the Tabung Haji Act 1995, directly affecting depositors.
reliability moderate2/2 sourcesInstead, it used RAV to meet the requirements of the Tabung Haji Act 1995.
reliability moderate2/2 sourcesThe RCI’s findings on TH’s management and operations from 2014 to 2020 showed that only RM556 million of the RM4.6 billion total valuation was supported by professional valuers’ reports.
reliability moderate2/2 sourcesThe RCI also revealed that RM2.294 billion relating to TH Plantations Berhad had been included in the RAV calculation based on the RM4.6 billion property asset valuation.
reliability moderate2/2 sourcesAccording to a PricewaterhouseCoopers (PwC) audit report cited by the RCI, the RAV calculations were based on management estimates rather than market prices for listed shares or independent professional valuations of properties.
reliability moderate2/2 sourcesBarjoyai said this could potentially allow hibah, or dividend, distributions above prudent levels.
reliability moderate2/2 sources
Reported detailssecondary facts, each attributed to its source
Malanjum possesses both these traits,” Kow said.
according to Malay Mail
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