KUALA LUMPUR: The government has defended the decision to transfer underperforming Lembaga Tabung Haji (TH) assets to a special purpose vehicle (SPV),...
The government has defended the decision to transfer underperforming Lembaga Tabung Haji assets to a special purpose vehicle , saying the move has managed restore the pilgrims fund’s balance sheet.said the transfer of assets was the best option on table, in comparison with two other options — one being the government acting as a guarantor to TH and the other where the government injects more grants into the fund — which are considered riskier.
“When Pakatan Harapan took over as government, we wanted to save TH as its deficit continue increase. So we took the best option, that is to remove all underperforming assets. “What this means is we have managed to closed all holes that were caused by the previous administration,” he told the Dewan Rakyat, here, today, adding that TH would be announcing its latest dividend to depositors in the near future.
Previously, it was reported on Friday that the RM19.9 billion figure was double the book value of the assets, which stood only around RM10 billion.
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