Royal Commission (RCI) Needs To Be Established Immediately To Investigate The Sale of 50% of TH's ABRAJ, At Just RM100,000.

The #PHancing government, led by Tun Mahathir for 22 months, sold many of the country’s assets at unreasonable deals.

To this day, the absurd sales made by Tun Mahathir have not been thoroughly investigated.

More recently, another case of Tabung Haji’s holding company has been uncovered.

Apparently not only Tun Mahathir and Guan Eng who loot the assets of the state, even the Minister of Religious Affairs also “double five”.

Royal Commission (RCI) Needs To Be Established Immediately To Investigate The Sale of 50% of TH’s ABRAJ (Valued RM300M), At Just RM100,000.

I quoted Abdul Rahim Hilmi Zakariya in his article entitled RM300 MILLION.

According to a confirmation letter from the Pilgrimage Fund dated February 28, 2020, Mujahit Yusof Rawa as Minister of Religion has approved the sale of 50% of TH’s holdings in Abraj Sdn Bhd to others for a mere RM100,000.

The sale of the holding in Abraj Sdn Bhd at RM100,000 is ridiculous.

I take this disclosure made by Abdul Rahim Hilmi to our attention because the “TRUTH” mismanagement of the assets of Muslims cannot be silenced.

The betrayal of the property of the Muslims had to be exposed to the worm hole.

Here are the results of the disclosure made by Abdul Rahim Hilmi:

1. Abraj is a special purpose company (SPV/SPE) jointly formed by TH and Amanah Raya Berhad (ARB) in 2010 with the aim of exploring new joint venture investments.
2. TH and ARB each have 40,225,000 units making the stock 50:50 respectively. TH has invested around RM45 million during the founding of Abraj Sdn Bhd.,
3. Abraj is the owner of 3 valuable buildings in Cyberjaya namely MKN Embassy Techzone Block A, MKN Embassy Techzone Block B and Mustapha Kamal Building.
4. The building of the MKN Embassy was erected on 4.1341 hectares with permanent holdings.
5. All of these buildings were already valued in December 2016 for around RM300 million.
6. Mujahid Yusof Rawa has approved the sale at a ridiculous price of RM100,000 for 50% stake in Abraj Sdn. Bhd.
7. In the event of cash flow problems, unfavorable rentals or financial difficulties, the most appropriate steps are corporate restructuring such as refinancing and interest rate negotiations with new lenders. Then followed by corporate branding and system change to suit the current industry.

The sale passed by Mujahid Yusof Rawa was considered a breach of trust.

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TH has responded to the allegation on June 30, 2020.

The first reason for the sale was, one of the 3 buildings owned by Abraj in Cyberjaya was vacant after the main tenant came out in 2015.

TH’s reasons for Abdul Rahim Hilmi’s disclosure were weak and suspicious. https://ift.tt/2NPAT2g

First, tenants for two of the three buildings have already signed a lease agreement for 3 years.

Second, if there is only one problematic building, why should all handles be released?

TH should have tried to find another way to allow the vacant building to be rented instead of selling the three buildings at an exorbitant price.

The second justification of sales is more unreasonable.

The valuation of Abraj’s assets as of December 2016 was approximately RM300 million, while the bank’s debt debt was RM192 million.

If the 50% stake is to be released to either party, a base value of RM300 million should be used.

Meaning: 50% x (RM300 million assets - RM192 million debt) = RM54 million.

This RM54 million payment is reasonable as the Tabung Haji has invested around RM45 million during the establishment of the company.

If this method of calculation was used, the minimum profit would be RM 9 million - RM10 million instead of just RM100,000.

It has not taken into account the RM45 million capital that TH has invested over the past 10 years.

The Royal Commission (RCI) needs to be established immediately to investigate this irregularity.

The responsibility of protecting the assets of Muslims rests on the shoulders of the governing government and all Muslims of this country.

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