Tabung Haji's assets transferred to SPV at double their worth

This was done so that it can pay out dividends to depositors, says PM's Department.

The government has detailed the assets Lembaga Tabung Haji transferred to a special purpose vehicle for RM19.9 billion even though the book value of those assets is only around RM10 billion.

Tabung Haji is statutorily disallowed from issuing dividends if its liabilities exceed assets. Putrajaya had accused the previous government of cooking Tabung Haji's books to circumvent this rule. "The government intent on restoring Tabung Haji's financial position by taking over its losses so as to close its deficit.

"For Felda Global Ventures Holdings Bhd shares, they were transferred at RM4.62 a share, which is Tabung Haji's original cost. It is higher than the market value of 72 sen a share at the end of 2018."

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