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Tabung Haji CEO hasn’t seen spike in withdrawals by depositors

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KUALA LUMPUR — Dec. 11, 2018: There has been no spike in withdrawals from Lembaga Tabung Haji (TH) amid the commencement of its rehabilitation and restructuring plan.

According to Group Managing Director and Chief Executive Officer Datuk Seri Zukri Samat, the agency was still receiving support from depositors despite revelations from Minister in the Prime Minister’s Department Datuk Seri Dr Mujahid Yusof Rawa that TH will be placed under Bank Negara Malaysia’s supervision from January to improve its governance.

“Business as usual for us. We don’t see a spike in withdrawals and people are still supporting us. Even today, I was told that we have about 170 people opening accounts with us.

“TH welcomes the government’s decision to put TH under the supervision of Bank Negara Malaysia as the central bank has a very robust risk management and liquidity framework, which institutions under its supervision must comply and therefore enhance confidence of depositors,” Zukri told a press conference here today.

The agency is also in the process of instituting a risk management framework to ensure that future investment policies will be suited to their new business model.

It is looking at areas where it could reduce the cost of haj operations to contain the cost of performing the haj. Cost-cutting measures have been initiated to reduce overheads.

Responding to former TH chairman Datuk Seri Abdul Azeez Rahim who today denied allegations on misconduct involving RM22 million belonging to Yayasan Tabung Haji, Zukri simply said the case is still under police investigation.

“I’m not in a position to comment, let the police investigate and come out with the conclusion. We hope the report can be completed as soon as possible,” he said.

TH will also make an official announcement following Azeez’s statement claiming that TH did not take into account the Ernst and Young audit report that had evaluated the asset value of all TH companies. — Bernama

 

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.