by Ganesh Sahathevan
The Malaysian Reserve reported on 26 November 2020:
URUSHARTA Jamaah Sdn Bhd posted a net loss of RM9.95 billion for its financial period between Dec 14, 2018, and Dec 31, 2019, as a result of the transfer of Lembaga Tabung Haji’s (TH) non-performing assets in 2018.
Deputy Finance Minister II Mohd Shahar Abdullah (picture) told the Dewan Rakyat yesterday that the wholly owned unit of the Finance Ministry earned RM234 million during the period generated through dividend revenue and earnings from rentals of assets owned by the company.
“The small revenue earned could not cover the operating losses contributed by the fair value loss on equity instruments of RM7.57 billion and impairment loss of RM1.77 billion, which resulted in a total loss of RM9.95 billion.
“However, the situation was expected as the assets transferred from TH to Urusharta Jamaah were not made at a fair value of RM9.7 billion, but instead at a book value with a premium of RM19.9 billion,” he said.
Mohd Shahar added that the difference resulted in Urusharta Jamaah bearing an excess gap of liability against its assets of RM10.2 billion.
Note from the above that "non-performing" does not mean non-revenue generating. As reported previously on this blog, Tabung Haji depositors were given the impression that Urusharta Jamaah was taking over all Tabung Haji's assets (not just the "non-performing" ones).
Be that all as it may be, the status and ownership of the Australian assets remains a mystery.
TO BE READ WITH
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
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.
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, and former 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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