POLICE are investigating a police report lodged by Trurich Resources Sdn Bhd against former officials of Tabung Haji and its subsidiary TH Plantations Bhd.

Bukit Aman Internal Security and Public Order director Acryl Sani Abdullah Sani confirmed receiving the report on Thursday.

“Yes, the police have received a report from Trurich Resources and it is now being investigated by the Commercial Crimes Investigation Department,” Acryl said.

Acting CCID director Saiful Azly Kamarudin told The Malaysian Insight that the case is now being probed under Section 420 of the Penal Code for cheating.

Saiful however said that the investigation is still at its early stages.

“We have yet to receive the full set of documents and we will call the individuals involved to have their statement recorded,” Saiful said.

Trurich said in a statement it paid US$12.25 million (RM51.27 million) for Kaltara PTS, which owns 30,000ha of oil palm plantations in Indonesia, and US$45.77 million (RM191.59 million) to Kalteng PTS for 12,833ha of oil palm plantations and a 60-metric tonne palm oil mill.

The 2008 acquisitions were approved by Tabung Haji, which fully owned Trurich at the time.

“Trurich was used as a vehicle to acquire shares in the companies which owned the plantations, collectively referred to as Kaltara PTS and Kalteng PTS,” Trurich said. 

Trurich said Tabung Haji had deliberately withheld information and made various representations that had caused it to overpay for these assets.

“The misrepresentations and withholding of material information were to the detriment of Trurich, which was misled into overpaying for both the Kaltara and Kalteng lands, as well as buying back shares it had already paid for,” said Trurich. 

Trurich named in its police report then TH chief executive officer Ismee Ismail, then TH Plantation Bhd CEOs Zainal Azwar and Rashidi Omar, and two Indonesians Rajasa Abdurachman and Badai Sakti Daniel as being involved in the deals.

Tabung Haji currently has a 52% stake in Trurich, while the other owner is FGV holdings Bhd. The two are reported to have paid RM600 million in total for Trurich.

Tabung Haji recently underwent an audit after it was revealed that it had inflated its profit figures so as to justify paying dividends in the last five years.

Its former chairman, Abdul Azeez Abdul Rahim, has been accused of using more than RM20 million of Tabung Haji’s money to fund “political activities”. – December 15, 2018.