YOURSAY | ‘Why is there such deafening silence from those clamouring for dignity amongst their kind?’
Gov't to bear RM10.3b premium in Tabung Haji's restructuring plan
AnthonyChan: Despite the colossal losses of more than RM10 billion that were made over the years by pilgrims fund board Tabung Haji, no one has been charged for mismanagement, negligence of fiduciary duty, criminal breach of trust (CBT). Why?
What is more shocking is that none of the losses was revealed by Tabung Haji in their past financial statements, etc. How is this possible?
And why not claw back the dividends given to depositors that were wrongly declared in the past?
Good Governance: Yes, this is wrong. If the assets are loss-making, Tabung Haji should and could dispose of it on its own.
Let the board and the shareholders soak up the losses, just like any other regular investment fund.
Transferring an inflated amount to reduce the Tabung Haji’s losses by passing the burden to the Finance Ministry - and in turn, the taxpayers - is just wrong, especially to non-Muslims who have nothing to do Tabung Haji.
A Malaysian 1960: A fund for Muslims, managed by Muslims and allegedly looted wholesale by Muslims. And now the government has to step in to rescue it using huge sums of the money of all Malaysians.
Why is there such deafening silence from those clamouring for dignity amongst their kind?
Annonnymous 080: “The difference of RM10.3 billion between the consideration of RM19.90 billion and RM9.63 billion market value of assets is to be borne by the government to ensure that the financial health of Tabung Haji is restored.”
Why doesn't the government use the much-defended zakat money to bail out these corrupt-laden organisations?
Where is the dignity? Especially from those who attended and spoke at the recent Malay Dignity Congress?
Frankie: Taking away the non-performing assets from Tabung Haji at fair values are already a good deal for them, so why the need to inflate the price?
The extra would have been better off spent on education, skills training and healthcare.
Anonymous_a01a7b4a: Malaysians should ask former prime minister Najib Abdul Razak and the Umno politicians responsible for the Tabung Haji losses to pay back.
Where are the defenders of the Malay ‘maruah’ (dignity) when you have been robbed by your own kind?
Stand For Truth: I thought the majority of the Malay community love their Bossku and thinks he has done nothing wrong.
Why bail them out with government funds when there is no wrong, no losses, no one held accountable.
Another decision that makes no sense to taxpayers like me.
Anonymous_1cfb3ab6: Malays under Pakatan Harapan government still feeling the race under siege?
Has the Chinese, Indian, Iban and Kadazan all combined ever received specific government funds amounting to RM10 billion at one go, let alone any bailouts?
I don’t think so.
Sugar Glider: Who were the chief executive officer and board members at the time of the losses?
Let them pay. Publish their names and contact details and let the Tabung Haji contributors know that the government is not bailing out Tabung Haji and that they should collect from those responsible.
This will surely prevent something like this ever happening again. Otherwise, there's no end to this and the country will go down the drain.
Board members are paid well and they should do their job professionally. If the government appoint political supporters, you are obligated to bail them out.
This is a sad day for our beloved country.
Ghostwhowalks: What nonsense is this? The government itself has no money other than that derived from taxpayers’ money and natural resources oil and gas, predominantly from Sabah and Sarawak.
So, it's again the hard-working people who pay taxes who bail out Tabung Haji.
Kawak: Well, it is the same old story all these years.
The government has to cough out money to rescue government-linked funds, companies and institutions. All of which were run by either political appointees, cronies or incompetent people at the top.
Anonymous 2375491444207103: Taxpayer's hard-earned sweat-and-blood money used to bail out, without any remorse nor any shame, and not even a blink of the eye.
The point here is why nobody is held answerable? Indeed, what dignity is this?
VP Biden: This is a bailout using taxpayers’ money of all races. The government still does not know how to control this narrative and still support a certain race of their dignity.
Jay: This is a fantastic way to do business - losses borne by taxpayers while profits belong to the depositors.
Anonymous 2401191456463140: Does Zainal Kling and his Malay Unity Congress agreed to this kind of arrangement?
Because, in so doing, the Malays will lose all their dignity.
RM10.3 billion of rakyat's money which should have gone to repairing dilapidated school buildings, roads and infrastructure development is now diverted to rescuing Tabung Haji.
JusticeNow!: This is the result of emphasising ‘maruah’ above economics and due diligence and good governance.
Tabung Haji should be left in the red for a year or two so that the village folks will understand what supporting a kleptocrat like Najib and his gang means.
No amount of explanation will change their mindset, but one or two years of no dividend for their investments will be loud and clear for them.
The Finance Ministry acted too fast. Now the Umno goons are left off the hook without even having to explain or account for their mismanagement in Tabung Haji.
The Analyser: Once again, the Malaysian public have to underwrite the incompetence of Malay-run institutions.
That in itself is bad enough but when the institution is set up to help fund pilgrimages to Mecca, it doubles the insult.
The above is a selection of comments posted by Malaysiakini subscribers. Only paying subscribers can post comments. Over the past one year, Malaysiakinians have posted over 100,000 comments. Join the Malaysiakini community and help set the news agenda. Subscribe now.
These comments are compiled to reflect the views of Malaysiakini subscribers on matters of public interest. Malaysiakini does not intend to represent these views as fact.
