TABUNG HAJI SHOCKER – FRAUD IN RM3.8 BILLION DEAL REVEALED: AFTER 8 YEARS, PILGRIMS FUND YET TO GET FULL PAYMENT FOR SALE OF 95% STAKE IN PLANTATION TO INDONESIAN TYCOON

KUALA LUMPUR – Tabung Haji (TH) has yet to receive the full payment of US$910 million (RM3.8 billion) from the sale of its 95 per cent stake in Indonesian company PT TH Indo Plantations (THIP) to PT Borneo Pacific in 2012.

The Edge today quoting sources reported that TH obtained “far less” than what it should have from PT Borneo — an unlisted company controlled by Indonesian businessman Alexander Thaslim at the time — even after giving discounts.

On November 30, TH lodged two police reports against its former chairman Datuk Seri Abdul Azeez Abdul Rahim, former chief executive officer, Tan Sri Ismee Ismail and Datuk Seri Johan Abdullah as well as four other senior management personnel alleging misconduct on their part pertaining to TH’s financial affairs.

The senior staff were Datuk Adi Azuan (Chief Operating Officer) and Datuk Rozaida Omar (Chief Financial Officer), Hazlina Mohd Khalid (Legal Adviser) and Rifina Md Ariff (Senior General Manager, Corporate Services and Real Estate).

“Firstly TH alleges that Ismee had concealed from the TH board on a number of occasion — TH’s authority to terminate the conditional sales and purchase agreement (CSPA) and forfeit PT Borneo’s deposit of US$18.2 million (RM75.8 million) whenever an extension period for payment was decided.

“Despite the extensions, the rest of the purchase price were not paid,” The Edge Malaysia said after it sighted a copy of the police report.

It said TH also claimed that Ismee had recommended that the TH board transfer all of THIP’s shares to a nominee of PT Borneo, PT Nusa Prima Energi during a board meeting on February 10, 2014.

“Ismee, Rifina and Hazlina were alleged to not have disclose that doing so would relinquish TH’s rights over THIP’s shares and the shares were subsequently transferred.

“This caused TH Indopalms Sdn Bhd and TH Indo Industries Sdn Bhd — to suffer losses “amounting to the earnest deposit of US$18.2 million (RM75.8 million),” it said.

In the police report, TH also claimed it had paid a redemption sum to Maybank Islamic Bhd after TH said its board was notified by Ismee that TH would have to ratify the advance of US$178.6 million (RM 744 million) given to THIP for the redemption on behalf of PT Borneo.

“Legally and under the CSPA, PT Borneo should be the one paying the sum under a financial agreement dated March 25, 2011 and there was no prior approval by TH for the advance.

“There was concealment of material information in which failure by PT Borneo to redeem would have been tantamount to material breach of the CSPA, subsequently entitling TH to terminate the agreement,” it said.

The final allegation was that TH claimed there was false representation of a deadline payment after Ismee had told TH that the payment of US$81.8 million (RM 34.1 million) could be paid on March 31, 2013 when it was contractually due on December 14, 2012.

“The CSPA obliged PT Borneo to pay the sum on Dec 14, the failure of which would entitle TH to forfeit the earnest deposit of US$18.2 million (RM75.8 million).

“Separately on April 9, 2014, Ismee had stated that a sum of US$280 million (RM1.2 billion) had been paid to THIP when there was no confirmation such sum was received,” it said.

Meanwhile TH had also alleged that excess funds from Yayasan Tabung Haji’s welfare programmes was found to have been handed over to “representatives of a political party”.

“The foundation’s management had instructed the excess funds to be returned to its bank accounts but found out later several TH branches failed to do so,” it said.

On December 3, former chairman Abdul Azeez claimed the two police reports that were lodged against him over the alleged misuse of a charity fund’s money totalling over RM22.0 million for politically-linked activities were made with bad intentions.

MALAY MAIL

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