@rhuthrantrades: For those who like to read. The problems at Tabung Haji didn’t happen overnight. Around 2014, concerns started growing over the way Tabung Haji was being managed. Questions were raised about governance, politically connected appointments, investment decisions, and whether the fund was being managed in the best interests of depositors. Over the next few years, reports surfaced about expensive property purchases, investments that later became controversial, and accounting practices that were heavily criticised after the change of government in 2018. Critics argued that profits and hibah (dividends) had been declared despite concerns that liabilities had exceeded assets, something that would conflict with the Tabung Haji Act. In 2018, the new management commissioned reviews and announced that Tabung Haji faced a significant financial gap. A restructuring exercise followed, with underperforming assets transferred to a special-purpose vehicle (Urusharta Jamaah) so that Tabung Haji’s balance sheet could be repaired and future hibah payments would comply with the law. More recently, the Royal Commission of Inquiry (RCI) report covering the 2014–2020 period was declassified. The report identified governance weaknesses, recommended reforms, and prompted further investigations by enforcement agencies. Whatever your political views are, one lesson stands out: institutions that safeguard the savings of millions of Malaysians need strong governance, transparency, and accountability. Without those, even trusted institutions can face serious problems

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Tuesday 04 August 2026 15:39:04 GMT