Rafizi: TH bonus announcement not reflective of actual financial status

PETALING JAYA: The recent 5% annual dividend and 3% hajj bonus announcement by Lembaga Tabung Haji (TH) does not reflect the actual financial status of the company, said PKR secretary-general Rafizi Ramli.
He said TH’s reserves deficit for the 2015 financial year could be as much as RM3.195 billion, which would translate to the company not being capable of returning all of its depositors’ savings if they were claimed simultaneously.
Rafizi said this following an analysis he did on TH’s 2009 to 2014 financial statements, while taking into account the bonus and profit announcement made by Minister in the Prime Minister’s Department Datuk Seri Jamil Khir Baharom last week.
“TH’s reserves status is projected to be negative for the financial year ending Dec 31, 2015, which makes it two years in a row that the reserves are facing deficits.
“It is extremely important for depositors and the rakyat to know that the recent announcement made by TH does not mean its financial status is strong,” he said in a statement yesterday.
Rafizi said Jamil Khir’s announcement of a RM3.53 net profit recorded by the company also did not take into account the losses due to falling share prices and securities held by TH as investment.
He said considering Bursa Kuala Lumpur’s declining performance in 2015, the losses made by TH could be as much as RM3.14 billion.
“If the losses due to the fall in share prices reaches that level, it could eliminate the profits that was announced by Jamil Khir,” he said.