Wednesday, July 27, 2016

Well done, Tabung Haji!

PETALING JAYA — July 26, 2016: Tabung Haji will not sell its Tun Razak Exchange land despite receiving a very high offer.
Chief Executive Officer Datuk Johan Abdullah said the decision was based on Tabung Haji’s expectations of its high value-added potential over the long term.
“From the start, the land was bought based on a commercial (consideration) and we’ve made an evaluation of its value in the long term.
“We’ve received a very high offer (for the land), but we don’t want to sell it as we believe in the long-term value creation of that investment,” said Johan.
He was met after the launch of the Tabung Haji Foundation by Prime Minister Datuk Seri Najib Razak.
Johan also said that currently Tabung Haji is in discussion with several architects’ firms on the development plan for the land measuring 0.631 hectare for which Tabung Haji paid RM188.8 million to 1Malaysia Development Berhad last year. — Bernama via The Mole
Puchong, 27 July 2016: Until this statement by Johan yesterday, we were never quite certain what Tabung Haji was going to do with the TRX land it bought from 1MDB last year. Now we are absolutely sure. And we - the few of us who have been campaigning on our blogs against the campaign to pressure TH into selling off the TRX property - salute the new CEO and the board of directors of the hajj pilgrims fund for doing the right thing. 

Personally, I take my hats off to Ismee Ismail (pic, right), Johan's predecessor, for his vision and for securing TH the deal.  Readers of this blog know that I have often been unkind to Ismee in my writings but credit where it's due (and in his case, overdue).

p.s Lesson to be learnt? Keep calm and be professional. Or calmly let the professionals run the show.

Some of my previous postings on TH's TRX land:

Read also:


  1. xnakdedak10:49 am

    Now that you're a fan of Bloomberg (they aren't a fan of yours, methinks)....

    "Concerns over “unpopular and unprofitable investments” made by Lembaga Tabung Haji (TH) may erode Muslim support for Prime Minister Najib Razak’s administration, Bloomberg said today.

    An article in the business magazine said the pilgrims fund issue could potentially do more damage than the string of probes over political funding that the Najib administration has had to endure recently.

    It also cited the controversy over the pilgrim fund’s purchase of land from 1MDB, as well as Bank Negara Malaysia’s warning to TH that its liabilities had exceeded its assets and its reserve levels were in the negative.

  2. xnakdedak10:51 am

    Oh wait, Komplot Zeti-Yahudi...

    "The near identical three page letters, both dated 23rd December 2015, were sent to the Chairman of the fund, Abdul Azeez Abdul Rahim and to a minister in the Prime Minister’s Department, Jamil Baharom, copied to the Prime Minister/Finance Minister, Najib Razak.

    In the two letters the BNM Governor, Zeti Akhtar Aziz, warned that the Tabung Haji fund now risks failing in its primary purpose:

    “......the worrying financial situation at Lembaga Tabung Haji… will make it difficult in the future for the LTH to play an effective role in helping Muslim pilgrims to perform their Haj” [translation]

    She goes on to warn that the fund’s obligations far exceed its assets and that the vast majority of the income invested in the fund is controlled by a small number of institutional investors, who might easily pull out if they cease to receive adequate returns, leaving the majority of small investors (would be pilgrims) high and dry."

    Must be the DOJ and Jews, I guess?

  3. xnakdedak10:54 am

    Tabung Haji Terus Berjaya!

    Alhamdulillah, Genting Terus Berjaya Jugak!


  4. drMpower2:21 pm

    this is way off the mark.

    actually someone say now TH making money since the land upshoot to .. some thousands over per square feet.

    that is wrong to be honest. since when land price goes up equal u make money? DID U SELL THE LAND? and eventually MAKE MONEY? since TH didnt sell the land, then actually THEY DIDNT MAKE MONEY.

    only when u sell something for more than u bought for, then the PROFIT is actually ZERO. yillek.

    thats number 1.

    number 2 is, someone say its good deal for TH since the price of the land shoot up.

    i tell u what, IF TH bought the land at the SAME PRICE one company bought which was RM 60 per square feet, then i am VERY SURE TH is making EVEN MORE money. and of course it would benefit even MORE.

    but one company paid RM 60 per square feet, and why TH bought the land at the same place, for .... some thousands per square feet. i can disclose the price because somebody may haul me up to jail for this, but lets just say thousands means 1,000RM

    so RM 60 vs RM 1000 for the same per square feet. the difference of .... RM 940 per square feet! they shud have let TH bought at RM 90 per square feet! or 100% more at RM 120 per square feet! much much bigger profit TH is making! hahahahaha

    so thats why, the issue sometime isnt about buying land. sometime, its about how u sell the land. people query.

  5. Well done Dato Rocky.

    You are supporting a Kleptocratic Government.

    When Najib is gone, nobody would believed what you wrote anymore. Just like that fugitive who once swore a SD that Rosmah was at the scene where Altantuya was C4ed. I hate him then, but now.....the murder of Ambank founder & empty-drum thing....I can understand his predicameent, including yours.

  6. Rocky

    My second cousin kirim salam. He got lots of free time for coffee.