{"id":36610,"date":"2018-12-11T11:33:08","date_gmt":"2018-12-11T03:33:08","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=36610"},"modified":"2018-12-11T11:33:08","modified_gmt":"2018-12-11T03:33:08","slug":"tabung-haji-found-illegally-paying-dividends","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/tabung-haji-found-illegally-paying-dividends","title":{"rendered":"Tabung Haji Found To Have Been Illegally Paying Out Dividends"},"content":{"rendered":"<p>A review of Tabung Haji&#8217;s finances has shown that the fund is in worse condition that was initially suspected. According to the report, it will be unable to distribute dividends, or <em>hibah<\/em>, for several years due to liabilities severely outstripping assets.<\/p>\n<p>Tabung Haji was found to be looking at losses totalling\u00a0RM10.2 billion from its equity investments as of October 2018. Liabilities also outstripped assets by RM9 billion.<\/p>\n<p>The report also highlighted a massive imbalance in depositors. Where some 50% of its deposits came from only 1.3% of its registered customers. One depositor was said to have left some RM190 million in the fund. Hoping to take advantage of the 8.5% dividends paid out over the last five years. Regular banking institutions were paying out an average of 3% dividends on average.<\/p>\n<p>Minister in the Prime Minister\u2019s Department Datuk Seri Dr Mujahid Yusof said that Tabung Haji had been illegally paying out <em>hibah\u00a0<\/em>since 2014. As the\u00a0Tabung Haji Act 1995 prevents the fund from paying out dividends if its liabilities are greater than its assets.<\/p>\n<p>A proposal to remedy the issue is for the government to set up a Special Purpose Vehicle to take over management of\u00a0Tabung Haji&#8217;s assets worth some RM20 billion. The idea is that this would relieve some pressure from the fund; giving it time to recover.<\/p>\n<p>Additionally, the plan called for Tabung Haji to take on a short term borrowing of RM10 billion from Bank Negara. It would also be placed under the supervision of BNM.<\/p>\n<p><a href=\"https:\/\/www.thestar.com.my\/news\/nation\/2018\/12\/11\/review-finds-tabung-haji-in-dire-straits-questionable-transactions-found-all-over-in-report-of-insti\/\" target=\"_blank\">[Source]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pilgrim&#8217;s fund is not allowed to declare dividends if its liabilities outstrip assets.<\/p>\n","protected":false},"author":36,"featured_media":36611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216],"tags":[342],"class_list":["post-36610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","tag-tabung-haji"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Review Shows Tabung Haji&#039;s Troubled Finances<\/title>\n<meta name=\"description\" content=\"A review of Tabung Haji&#039;s finances has shown that the fund is in worse condition that was initially suspected.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/tabung-haji-found-illegally-paying-dividends\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tabung Haji Found To Have Been Illegally Paying Out Dividends\" \/>\n<meta property=\"og:description\" content=\"A review of Tabung Haji&#039;s finances has shown that the fund is in worse condition that was initially suspected.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/tabung-haji-found-illegally-paying-dividends\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta 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