Mujahid: Lowest-ever Tabung Haji dividends due to poor administration under BN

The Lembaga Tabung Haji today announced a hibah (dividend) of 1.25 percent, amounting to a payout of RM913 million to its depositors for the 2018 financial year.

Minister in the Prime Minister's Department Mujahid Yusof said the dividend was the lowest in history because of problems left behind by the previous administration.

He claimed that the previous Tabung Haji administration had manipulated accounts to allow for higher dividend rates.

A restructuring plan had to be implemented to rescue Tabung Haji in the interests of its 9.3 million depositors, he said today.

Mujahid pointed to an asset surplus of RM1 billion for the financial year ended Dec 31, 2018, as part of a turnaround attempt.

“This demonstrates that its financial position has recovered compared with the deficit of RM4.1 billion incurred according to the audited financial report for 2017,” he said.

As at Dec 31, 2018, The Tabung Haji had recorded total assets of RM76.5 billion, higher than the total liabilities of RM75.5 billion, the minister said.

For comparison, as at Dec 31, 2017, the pilgrim fund's accounts showed total assets of RM70.3 billion, with total liabilities amounting to RM74.4 billion.