Rafizi Ramli has accused pilgrimage fund Lembaga Tabung Haji (LTH) today of risking its depositors’ funds with risky investments into the oil and gas industry.
The Pandan MP estimated that LTH have made a loss of RM700 million from depreciating stocks in four oil and gas firms: Perisai Petroleum Berhad, TH Heavy Engineering Berhad, Alam Maritim Berhad, and Reach Energy Berhad.
“While private investors are free to gamble their savings in such risky investments, is it fair for Tabung Haji that has been proven facing loss after loss continues to expose depositors’ cash to the risk of loss in high-risk sectors like oil and gas?
“If added to every investment of Tabung Haji in the oil and gas counter, I estimate the loss recorded in the financial statement has gone over RM700 million,” he said in a statement here.
Rafizi said LTH’s subsidiary TH Heavy Engineering’s stock has fallen from RM1.50 per unit in 2008 to just 16 sen per unit now, with LTH making a loss of RM549.2 million from its stake, the biggest out of the four firms mentioned.
Similarly, LTH had lost RM62.3 million from its Perisai Petroleum stocks, RM68.4 million from Alam Maritim, and RM3.1 million from Reach Energy, Rafizi said.
The PKR vice-president said LTH’s stakes in Perisai Petroleum and Reach Energy were acquired during the October to December 2014, and June to November 2016 periods, when the oil and gas industry was experiencing slowdown.
Furthermore, he claimed LTH had bought shares in Perisai Petroleum even when its subsidiary TH Heavy Engineering was already showing shades of financial trouble.
Rafizi said LTH also has made investments in other oil and gas firms, including a 8.89 per cent stake in Dayang Enterprise Holdings Berhad, Uzma Berhad (9.63 per cent) and Icon Offshore Berhad (8.43 per cent).
Yesterday, Rafizi had questioned why LTH did not dispose its shares in Perisai Petroleum even though the oil rig rental company’s share prices has been plummeting since end of 2014.
He claimed that LTH lost RM 64 million due to its investment in Perisai, comparing the share prices at the time of purchase, and the balance shares that they had sold in the final week of December last year.
Last week, Minister in the Prime Minister’s Department Datuk Seri Jamil Khir Baharom admited RM500 million in savings had been withdrawn by LTH depositors throughout last year as they were influenced by various allegations hurled by the Opposition against the agency.
Source : @ Malay Mail Online