In order to provide greater credibility and show to the investors and the Malaysian public that TH is sincere, the Board of TH should recommend that the auditor of the org should be from a non govt agency ie change the auditor for the next financial year.

In Malaysia, section 365 of the CA 1965 allows dividends to be paid from current profits. Hence to ensure a high dividend payout classifying its financial investments as AFS allows for current profits to be unaffected by unrealised losses as they pass through reserves. This leads us to the possible scenario of negative reserves but high dividend payout. Hence depositors will not get paid in full theoretically if they withdraw enmasse. I see 2 weaknesses in our system here:

1. The possible loophole of reclassification of financial assets to AFS whenever there are significant unrealised losses in order to ensure depositors are happy with the bonus

2. Our CA 365 on dividends is inadequate and needs to be reviewed as IFRS developments has now created a situation where key stakeholders are not adequately protected

What do you think?

Tabung Haji is not a company hence not bound by Companies Act. It is bound by its own Tabung Haji Act.

However, yes the amendments in CA is really long due....

For example section 365 is as below, there is no mention on current (year) profit. Profit was not defined in Companies Act as such subject to a very wide interpretations...

365. (1) No dividend shall be payable to the shareholders of any
company except out of profits or pursuant to section 60.

In order to provide greater credibility and show to the investors and the Malaysian public that TH is sincere, the Board of TH should recommend that the auditor of the org should be from a non govt agency ie change the auditor for the next financial year.

don't waste the money to so called "independent auditor" because there are none independent audit firm available in the world.

ENRON was audited by the biggest independent audit firm in the world that time. And THAT shit happen.

Don't you know the rule "I pay you money, you pay me respect".

Unless you run a kacang putih company which the auditor has the power to go against you.

Tabung Haji’s active buying of Silverbird Group Berhad's (now known as Hi-5 Conglomerate Berhad) shares was prevalent between September and October 2007, which saw the soaring of the bread-making company's shares from 39 sen (early Sept 2007) to RM1.08 on Oct 16, 2007.

"Tabung Haji later emerged as the largest shareholder at the end of financial year that ended October 31, 2007," he said, adding that the pilgrims’ fund invested about RM98 million for 90.483 million shares, or 28.81% in the company.

Rafizi questioned if due diligence was done, because when Tabung Haji exited the investment in 2014, the share prices had dropped to between a RM0.07 and RM0.08 per share.

TH  plans to offer the London headquarters of law firm King & Wood Mallesons for sale, according to one of its investment managers.

Gatehouse Bank Plc, which manages some real estate investments on behalf of the Lembaga Tabung Haji, has hired broker Savills Plc to find a buyer for the office building at 10 Queen Street Place, the lender said. The building is expected to sell for about £200 million, according to two people with knowledge of the matter, asking not to be identified as the matter is private.

what TH trying to hide.

for god sake, it's already near ending of 2016, and yet 2015 report still not out

take so long time to "smooth" the figures & financials huh

I don't know, I only know in that 9.5 months,

Tabung Haji has a new CEO/MD

Bank Negara has a new governor

The depositors probably forgotten about the leaked letter and waiting for the bonus for 2016

In short.... life goes on, rakyat mudah lupa

9.5 months after financial year end finally they make a note on why is 2015 Annual Report still not out yet

The annual report for 2015 (current) cannot be viewed in public due to still awaiting presentation to Parliament.
http://www.tabunghaji.gov.my/th-annual-report

I'll continue to watch the space. Esp with the developments in TH Heavy Engineering

Wow,...need to present to Parliament first prior to letting the public see,... This is scary, this means TH needs Parliament to approve some info for dissemination,...otherwise, can't tell the public,...

A well researched piece

http://www.theedgemarkets.com/my/article/t...medium=facebook

2016 numbers seem even worse