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Old 26-06-2016, 11:03 AM
ipohan ipohan is offline
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Unhappy Rafizi: TH lost over RM90m from poor investment

PETALING JAYA: In yet another exposé on Lembaga Tabung Haji, PKR Secretary-General Rafizi Ramli has claimed that the pilgrim’s fund lost more than RM90 million from its investment in a bread manufacturing business in 2007. Rafizi said the poor decision to invest in the company then known as Silverbird Group Berhad was done without due diligence. Silverbird is now a part of the Hi-5 Conglomerate Berhad.

“In a period of under a month between September and October 2007, Tabung Haji aggressively bought about 30 per cent of the company, sinking in RM98 million, causing its share price to go up from RM0.39 to RM1.09 on October 16, 2007,” he told a press conference today.

“However the company ran into trouble and Tabung Haji lost its investment as the company was de-listed, re-listed and became no longer Syariah compliant.

“If Tabung Haji had done its due diligence, it would have found out the possibility of this happening. Clearly this was not done.”
Rafizi provided journalists a copy of Silverbird’s 2007 annual report that showed Tabung Haji owned more than 90 million shares, or 28.81 per cent of the company.

Hi-5 Conglomerate shares are now traded at RM0.04 per unit.
Rafizi said the 2011 de-listing of the Silverbird group was caused by several factors, including a charge of Criminal Breach of Trust (CBT) against three of its directors.

“First, three senior management figures were dragged to court for embezzling RM167 million of the company’s money,” he said.

“Then, in 2015, the same company was dragged to court by the Malaysian Anti-Corruption Commission (MACC) for embezzlement with regard to a Koperasi Permodalan Felda (KPF) Malaysia contract.”

Rafizi now wants Tabung Haji to explain its decision to invest in the company.

When the pilgrim’s fund exited Silverbird and sold off its shares in mid-2014, the price had already plummeted to between RM0.07 and RM0.08.

“Why did Tabung Haji cleverly invest in a company like this?” he asked. “It not only invested, but became the majority shareholder.”

Source: FMT
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