Lembaga Tabung Haji's (TH) dividend payouts last week is meant to pull the wool over the people's eyes on how 1MDB has impacted the local economy, claimed Pandan MP Rafizi Ramli.

"The 2014 financial year bonus (paid early 2015) is suspected to be motivated by the 1MDB crisis where those in power have to convince the people that 1MDB's financial problems did not have an effect on the local economy," he said in a statement today.

This, he said, is a repeat of what happened in 2013, when the 2012 dividend payouts exceeded TH's profits, possibly because it was an election year.

To back up his claims, Rafizi calculated that based on the number of depositors, and the total nett new depositors in 2015, TH's reserve deficit for 2015 would be up to RM3.195 billion.

This takes into account losses of up to RM3.14 billion suffered by TH due to fall in shares and securities that it holds.

Coupled with TH's deficit in 2014, Rafizi said the losses would have wiped out the RM3.53 billion profit in 2015 announced by Minister in the Prime Minister's Department Jamil Khir Baharom.

"It is very important that the people understand that the five percent annual bonus and the three percent haj bonus does not mean that TH's financial position is solid.

"This is especially because it is involved in several deposits which have caused major losses, and its recent involvement with 1MDB," Rafizi said.

The PKR lawmaker said he would continue to make analysis on TH's finances, and hopes it will spur the government to appoint a new chairperson who knows how to make good investments to head the fund.

Below is attached Rafizi's detailed analysis on TH's projected deficit for 2015.