Tabung Haji’s Q1 profit: Only the starry-eyed and gullible will believe it

Another Brick in the Wall

Three strikes and the batter is out in a baseball game.

Allah is great! Currently on the third consecutive strike, but have not let up on fasting. With the neb on and fingers still able to pound away on the keyboard, Bursa Malaysia this week comes to mind.


CI plunged 30 points during the first hour on Monday morning only to recover back in the morning trade. Prior to the event, there was a barrage of negative reports on the Malaysian economyringgit, stock market, and investors by-passing Malaysia.

It turns out that Investment Bankers churning out these negative reports (and foreign media “viraling” them as news) went on a “house buy” to go against their own bearish reports. The gullible locals were selling into a bear trap.

Nevertheless, the market did not turn bullish but bearish, with one analyst giving a bottom target for CI at 1580 and one BFM mid-morning comment talking about 1600 as resistance, intended as support perhaps.

The market would not have been this blur had some smartass accountant and his hair splitting standards not handcuffed local institutions from sticking themselves out for the nation’s bourse.

With market conditions being the way they are, suddenly, Lembaga Tabung Haji (TH) found the need to announceits first quarter profit of RM440 million on the back of RM623 million in earnings. One can’t imagine how many out there will be gullible enough to believe this.

For more than a full quarter, TH was under a barrage of criticisms over the hibah announcement delay, fund restructuring, colossal loss from questionable impairment interpretations and figures and paltry 1.25% hibah. Then, this surprise.

Too good to be true.

Millionaires must be depositing for TH’s 1.25% hibah

Prior to that, Mujahid claimed TH had received RM1 billion in new deposits.

And before that, at the time depositors were taking out money from TH upon the bad hibah announcement, a poster of Dato Zaiton Hassan was viraling, claiming TH received 3,600 new depositers with RM307 million worth of deposits.

The quarterly announcement came with a claim that TH received more than 91,000 new accounts and deposits of RM4.3 billion.

The maths was done and the average amount deposited per account does not make sense. On the latest deposit claim, celebrity turned political activist, Ellie Suriaty, came up with RM42,000 per account.

Nevertheless, they did admit that there were RM4.6 billion withdrawals. When Mujahid made the RM1 billion claim, TH dared not acknowledge that withdrawals were believed to be RM3.8 billion!

The new depositors figure really does not make sense to have a per account deposit of such an amount. Talk in the market is TH depositors have been shifting their money out to other banks or into investment schemes.

The biggest beneficiary is Tan Sri Dr Zeti Akhtar Aziz’s PNB. Coincidently, it is as if it is in appreciation for Zeti pushing the names of Dato Zuki and Zaiton for key roles in TH over more credible alternatives.

The alternatives were more familiar and conversant with TH and the governing act. They would not have cost the government a total RM17.8 billion bailout and bear for Haj subsidy!

Memalukan!

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