KUALA LUMPUR: A financial expert today described allegations that the RM10.9 billion deficit gap recorded by Lembaga Tabung Haji (TH) in 2018 resulted completely from Pakatan Harapan (PH) taking over the country’s administration as inaccurate.
Universiti Selangor (Unisel) Accounting and Finance Faculty Adjunct Professor Dr Zaharuddin Abd Rahman said TH’s deficit recorded prior to PH’s win in the May General Election last year stood at RM4.1 billion on Dec 31 2017.
“If we look at the change of government as the only reason for the impairment loss, then it’s not (true) because impairment loss takes into account a 12-month period, even before the PH government, and it’s already recorded as a loss,“ he said as a guest on the “Morning Ala Carte — Restructuring TH” programme on Bernama Radio today.
In fact, he said, shares, including FGV Holdings Bhd, held by TH had plunged since 2012, which among others resulted in TH having to bear losses and, thus, increase its liabilities.
However, Zaharuddin, who is also the Multaqa Asatizah and Du’at Organisation president, did not deny that the change of government administration contributed to the decline in the value of TH shares last year, saying it was normal.
“The change of government brought about changes to approach and policies, so there were investors who did not like these uncertainties. To save their stocks, they sell.
“Does it mean that when investors take these steps, it is the new government’s fault? The people changed the government, are the people guilty?” he said.
TH announced a 1.25% hibah (dividend) distribution involving a total of RM913 million to all its depositors for the financial year 2018. — Bernama