Hornbill Unleashed

January 26, 2017

Rafizi: Tabung Haji’s RM700m down the drain from risky oil and gas investments

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

PKR MP Rafizi Ramli estimated that LTH have made a loss of RM700 million from depreciating stocks in four oil and gas firms. — Picture by Saw Siow FengRafizi 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


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4 Comments »

  1. The petrol price has gone up by another RM0-20 sen to RM2.30 per litre under the Barang Naik Government headed by the corrupted MO1 while our Ringgit continue to weaken against US$ at RM4.80:US$1. What has Singapore leaders been doing right for their country whilst Malaysia under that corrupted fella has been doing wrong.Each time when you see MO1 face on 8pm TV 107 prime news,you start to puke and when he shamelessly advise the Government employees to be clean and not steal money which do not belong to them,you cringe.What a Gong Xi Fa Cai gift from BN leaders to Malaysians to kick-off 2017.

    Comment by Jalil KM — January 31, 2017 @ 9:35 PM | Reply

  2. Funny…?? their mighty god dah lupa helping them..???

    Comment by tiuniamah — January 27, 2017 @ 3:08 PM | Reply

  3. Is the SPRM giving some attention to this dismal pilgrimage fund or will it wait for the ‘retired brigadier’ and the ex car salesman(?) to fall out of favour first before moving in ? Or perhaps their losses so far is lesser than that racked up by sister GLC, FELDA, or could it be due to the presence of a certain board member ? Shades of conflict of interest perhaps…?

    Comment by Taosuo — January 26, 2017 @ 9:44 PM | Reply

  4. Sad to say, utusan, berita harian, nst, bernama, rtm, tv3 have long lost their professionalism and ethics and not worthy of respect. Without shame and guilt they cheat and lie the publuc mostly from kampungs, feldas and ignorant, stupid umno members. They and their family will pay a heavy price for their deliberate sins. It is better to beg than to lelong ones dignity and integrity. Poor souls.

    Comment by maimunah — January 26, 2017 @ 4:44 PM | Reply


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