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Tabung Haji Has Liability Strategies, Court Told

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KUALA LUMPUR – The Magistrate’s Court here was today told that Lembaga Tabung Haji (Tabung Haji) had a liability strategy should its depositors withdraw their money en masse.

Tabung Haji Group chief financial officer Datuk Rozaida Omar said although such situation was unlikely, the strategy would enable Tabung Haji to pay the depositors without having to sell all of its assets.

“Tabung Haji has a liability strategy in the event of en masse withdrawal; Tabung Haji has assets that can be liquidated to pay depositors.

“Based on 55 years’ profile of depositors, should the situation arise, the withdrawal will not reach panic level that may force Tabung Haji to sell all its assets; furthermore, there are also assets that can be returned to the government if necessary, if Tabung Haji cannot afford to pay depositors,” she said.

Rozaida, who was the third prosecution witness, said this during the re-examination by deputy public prosecutor (DPP) Mohd Abazafree Mohd Abas at the trial of Mohd Rafizi Ramli who is accused of posting a disparaging article against Tabung Haji in his Facebook account.

At the previous proceeding, Rozaida told the court that 3,954 depositors closed their accounts between January and February 2016, and of the number, 3,105 lost their turn in the waiting list to perform the haj.

Meanwhile, the witness under cross-examination by counsel Haijan Omar, disagreed that Mohd Rafizi posted the article on social media in the interest of the public, in his capacity as a member of parliament.

To another question from DPP, the witness said the article implied that Tabung Haji was poorly managed, causing many parties including depositors to lose faith in Tabung Haji.

“Tabung Haji had to take a number of steps to correct the situation such as calling up certain relevant parties and giving an explanation to Bank Negara but the negative article continued to be publicised,” she said.

Magistrate Umzarul An-Nur set June 27 for ruling after the prosecution closed its case at the end of Rozaida’s testimony.

Mohd Rafizi is accused of posting an article, ‘Analisa Kewangan Tabung Haji 2009-2015’ on Facebook on Feb 9, 2016, which allegedly tarnished the image of Tabung Haji.

He is charged with committing the offence on 18th Floor, Bangunan Tabung Haji, 201, Jalan Tun Razak here at 9 am on Feb 18, 2016, under Section 500 of the Penal Code which carries a jail term of up to two years or fine or both, on conviction . – BERNAMA


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