Inadvertently, Mujahid admitted “no hibah” for 2018
Another Brick in the Wall
On Thursday March 14th, Minister in charge of Islamic Affair at the Prime Minister’s Department, YB Dr Mujahid Yusof Rawa had inadvertently admitted that Lembaga Tabung Haji (TH) will not be announcing dividend for 2018.
He was replying to a request from a member of Parliment from Kuala Terengganu, YB Tuan Haji Ahmad Amzad bin Mohamed @ Hashim for the list of assets being transfered to the SPV under Ministery of Finance, Syarikat Urusharta Jamaah Sdn Bhd. [Full statement at end of posting].
In his reply, he told the assembly that the asset are being transferred at a value higher of RM19.9 billion than the current or book value of RM10 billion.
Since MFRS 9 is taken as the new accounting policy of TH and the sukuk and i-RCPS being exchanged for is “not guaranteed, not-traded and not rated“, the accepted practise under MFRS 9 is to impair the unguaranteed instruments.
In his effort to politically blame the previous government for not complying with Section 22(3)A of Tabung Haji Act 1995, which require asset must exceed liabilities by kitchen sinking the accounts and manipulating accounting policies, TH do not comply with 22(3)A to give out hibah for 2018.
Any announcement of hibah will be considered, in the terms used by Mujahid himself, as haram or illegal. The new Auditor General, Datuk Nik Azman will be considered as committing an unlawful act to give any exception to TH from making any impairment!
Noticeably, mainstream media did not provide any coverage to Mujahid answer. It could be at the behest of Tabung Haji’s paid public relation consultan Datin Norheyati. However, Malaysiakini and The Edge provided coverage HERE, and HERE.
The Edge TV summarised Mujahid’s reply in the video below:
