WHY is Umno Youth demanding a royal commission of inquiry now into alleged wrongdoings in Tabung Haji when the problem cropped up during Barisan Nasional’s reign, Azmin Ali asked yesterday.

“I am perplexed as to why they (Umno Youth) did not ask for an RCI before May 2018,” the economic affairs minister said after attending a ceramah in Rantau.

Bank Negara tried to warn BN about misappropriation of funds but was admonished and ignored, Azmin said. 

“Misappropriation of funds in Tabung Haji was highlighted by Bank Negara… Why didn’t Umno Youth make noise and demand the setting up of the RCI then?

“When we (Pakatan Harapan) take a stand in the issue, they now want to champion the cause.” 

Azmin said the government wants to be honest with TH depositors about the problems which have devastated the pilgrims’ fund. 

For many years, its liabilities outstripped its assets yet the previous administration still paid out dividends, he said.

“This is in direct contravention of the Tabung Haji Act.

“Dividends should be paid only when profits are made. In this case, the TH management paid dividends when there was a decline in the value of assets,” he said after addressing a Chinese-majority crowd. 

“They could have used depositors’ money to pay dividends.”

The government has decided to be open and honest to protect and safeguard depositors, he said.

“The deposits are guaranteed fully by the government. But the dividends payout, we need to be honest, we cannot pay more than what is announced.” 

Umno Youth leader Dr Asyraf Wajdi Dusuki called for an RCI to investigate claims that TH’s losses amounted to RM10 billion, among others. – April 9, 2019.