Sunday, March 1, 2020

Tabung Haji Australian investments still with Tabung Haji, not transferred to Urusharta Jamaah SB ? :Malaysia's Tabung Haji scandal an Australian problem for ASIC and the AFP, and may be linked to 1MDB (which Australia continues to ignore)


Sunday, March 1, 2020

Tabung Haji Australian investments still with Tabung Haji, not transferred to Urusharta Jamaah SB ? :Malaysia's Tabung Haji scandal an Australian problem for ASIC and the AFP, and may be linked to 1MDB (which Australia continues to ignore)

by Ganesh Sahathevan


ASIC records for THP Piety Capital Pty Ltd (now known as Piety  THP Capital Pty Ltd) ) which is incorporated in Australia have been obtained and they reveal intriguing story.

Readers will recall that THP Piety Capital and its related companies in Australia are Tabung Haji assets in Australia held via its wholly-owned subsidiary TH Properties SB. 

Malaysian taxpayers and in particular Tabung Haji depositors were given the impression that TH and Tabung Haji assets were meant to be transferred to the Ministry of Finance's wholly-owned subsidiary Urusharta Jamaah in a cash (or interest bearing bond) for land and other fixed asset swap which is designed to bail out Tabung Haji.

However, Tabung Haji's TH Property directors, and none from the Ministry  or Urusharta Jamaah, are still directors of THP Piety Capital.

                                               Click to enlarge 

In addition, the PietyTHP website shows that former TH Property CEO Roszali remains part of PIetyTHP's management team, even if no longer a director.PietyTHP appears to be the business name and trademark for the THP Piety ventures.There does not appear to have been any change in shareholding in favour of Urusharta.

Tabung Haji officers remain in charge of the strategic parts of Tabung Haji's Australian structures, even if there have been changes further up in the structures. Worse a former director, an dformer CEO of TH Properties , Dato Roszali, appears to be actively involved in day to day operations of a main operating company.

Tabung Haji was involved at various stages in the 1MDB affair, and is now embroiled in a scandal of its own, which has required the government bail-out.

The above transactions have occurred in Australia and involve Australian incorporated companies controlled by Tabung Haji. It is hard to see why these would not be matters for ASIC and the AFP, as is 1MDB,which Australian regulators continue to ignore.

END 

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