THE assets of Lembaga Tabung Haji (TH) that were handed over to a special-purpose vehicle (SPV) in 2019 will be returned to its board, Prime Minister Anwar Ibrahim said.

He said the decision was now that the board has recovered and is “well managed”.

“I have been closely monitoring the developments. I told you from the beginning when I took over this position (as prime minister), that once Tabung Haji is well managed and convincing, the Finance Ministry will start discussions to hand over all the assets that are now entrusted to the SPV.

“When I look at the public confidence (in TH), its efficient management and integrity, I believe there is no reason why the Finance Ministry cannot discuss and hand back the assets to Tabung Haji,” he was quoted as saying today while launching the pilgrim fund’s 60th anniversary in the capital.

In December 2018,  the Finance Ministry via Urusharta Jamaah Sdn Bhd acquired TH’s underperforming properties and equities in exchange for RM10 billion in sukuk and RM9.9 billion in Islamic redeemable convertible preference shares.

TH transferred RM19.9 billion worth of underperforming assets at the end of last year to the SPV as part of its restructuring plan.

The fund has also reduced its exposure in equities by shifting its focus to fixed income to minimise risks. – September 29, 2023.