PETALING JAYA, July 30 – The Royal Commission of Inquiry (RCI) into Tabung Haji has uncovered irregular bonus payments made to selected members of the board and staff of TH Properties Sdn. Bhd., a wholly owned subsidiary of Lembaga Tabung Haji.
According to the report, bonuses amounting to RM1,148,400 in 2017 and RM1,045,000 in 2018 were awarded to 10 individuals, including two directors, two former directors, and six officers. The justification given was the financial contribution of the company’s Australian development project, The Bay Pavillion, which was completed in 2015 and sold entirely by 2016, generating AUD$11.6 million in returns.
Bonuses
The RCI noted that TH Properties recorded a pre-tax profit of RM34.84 million in 2017, which management cited as grounds for the bonus distribution. However, the commission concluded that the payments did not comply with established regulations and recommended efforts to recover the funds.
TH Properties, incorporated in 1980 under the Companies Act, was formerly known as Syarikat Pembinaan dan Perumahan Tabung Haji Sdn. Bhd. The RCI’s findings add weight to calls for greater transparency and accountability in Tabung Haji’s subsidiaries, reinforcing the government’s pledge to ensure no party is above the law. – Kosmo! Online
Table of Contents
Read More News on Latest Malaysia
Follow us on:
Read More News on Business News Malaysia
Read More News on SG Business News
Read More News on World Future TV
