steadyaku47

Showing posts with label Tabung Haji. Show all posts
Showing posts with label Tabung Haji. Show all posts

Sunday, 11 February 2018

Btw, who is this Shankar anyway?

steadyaku47 comment : On the 8th of February I posted the following ES Shankar's piece on Tabung Haji. And below is a reply from Khairul Ashram Muhamad. Read both and make up your own mind as to the veracity of both. 



TABUNG HAJI
E.S. Shankar: The reserves of an entity are the accumulated profits less losses, dividends and write-offs of any biz entity from the time it started operations.
TH shows the reserves are negative. Basically it means the accumulated losses exceed profits by abt $3 billion.
Yet, they hv been consistently paying dividends? How is this possible? It cannot happen in a Plc or private limited company.
So, they must be using new deposits to pay dividends. TH has very peculiar way of calculating funds available for paying divs. It's not a prudent policy just to keep its depositors happy!
E.S. Shankar: You can also see the window dressing in TH bal sheet. $2.8 billion div is a liabilty coz its due to be paid. Yet its shown as part of depositors funds.
Normally, proposed dividends will be shown under accruals/other creditors and correspondingly deducted from reserves.
The way its presented, it boosts depositors funds (capital) and understates negative reserves!!! This is called window dressing to fool the masses & kampong mak ciks & pak ciks!


Reply
Bengap pegi share article bengap yang ditulis orang bengap, dan ramai bengap percaya . Benda tu clearly xbetul n sampah . It shows nothing except that it shows that fella is stupid and know nothing about accounting . I’m not sure whether u have read or not that article but i’m not gonna share that article because it’s not worth sharing . Anyway financial statement for 2017 still not released yet but this mangkok used 2016 financial statement . 

Answering his stupid allegation ; 

1 - “ TH shows the reserves are negative. Basically it accumulated losses exceed profits by about $3billion “

This stupid fella referring to the column “ other reserves “ under Fund Represented section . From where this number comes from ? This number comes from CHANGES IN FAIR VALUE OF SECURITIES AVAILABLE FOR SALE + FOREX LOSS FOR FOREIGN OPERATION . What does it mean ? It’s just a paper loss not real loss . That paper loss happen because of market for 2015-2016 is not really good and everyone know our currency depreciating . If incase TH have to realise the loss , it is already counted .

2 - “ You can also see the window dressing in TH balance sheet . $2.8billion dividend is a liability because it’s due to be paid . Yet its shown as part of the depositors fund . The way its presented, it boost depositor fund “ 

Aduhaii . There’s no window dressing or creative accounting la dol . First u have to understand TH account is not like normal company account , they have no shareholder . Who held the equity ? To make it easy to understand , depositor hold the “equity” . That’s why no equity section in TH financial statement but they used FUND REPRESENTED by section and that’s why “ non controlling fund “ is put under the same section ( Non controlling fund is the EQUITY of subsidiary not attributable directly or indirectly to TH ) . So if u understand this , u will know straight away there’s no window dressing activity . When TH paid dividend(HIBAH) , TH doesn’t issued any cheque or bank in to depositor normal saving account . TH MASUKKAN BALIK DALAM ACCOUNT TABUNG HAJI PENDEPOSIT . That’s why it’s shown in Fund Represented by section and obviously it will boost depositor fund . 

Nak sokong pembangkang tu hak korang , nak jadi bengap pon hak korang jgk tapi tolonglah jangan hasut orang utk jadi bengap sama .

Thanks Najib Saahari for this write up to answer all this bengap.

Btw, who is this Shankar anyway?
Manage
Reply7m




Thursday, 8 February 2018

TABUNG HAJI : AJAIB TAPI BENAR


TABUNG HAJI
E.S. Shankar: The reserves of an entity are the accumulated profits less losses, dividends and write-offs of any biz entity from the time it started operations.
TH shows the reserves are negative. Basically it means the accumulated losses exceed profits by abt $3 billion.
Yet, they hv been consistently paying dividends? How is this possible? It cannot happen in a Plc or private limited company.
So, they must be using new deposits to pay dividends. TH has very peculiar way of calculating funds available for paying divs. It's not a prudent policy just to keep its depositors happy!
E.S. Shankar: You can also see the window dressing in TH bal sheet. $2.8 billion div is a liabilty coz its due to be paid. Yet its shown as part of depositors funds.
Normally, proposed dividends will be shown under accruals/other creditors and correspondingly deducted from reserves.
The way its presented, it boosts depositors funds (capital) and understates negative reserves!!! This is called window dressing to fool the masses & kampong mak ciks & pak ciks!



PROOF TABUNG HAJI RESERVES IN THE NEGATIVE . YET THEY ARE CHARGING RAFIZI FOR EXPOSING SAME.




Wednesday, 11 May 2016

Lest We Forget : Saudara Anwar Ibrahim.


At about 3.23 AM Tuesday morning I got this message from a classmate:

"Latest...our Bro DSAI rushed to hospital due to unstable BP....let us all pray for his recovery..."

At 1: 34 PM in the afternoon much better news:

"DSAI situation has stabilised, alhamdullilah. Was told by DSWAWI that his BP was very high. Brought him to hospital....doc treated him but then BP went too low. How high was high & how low was low, I did'nt ask"

and later in the day .....
"Will be in hospital for a few days. Doctors want to observe him for the high BP issue and also treat".

Anwar Ibrahim is 70 this year. I am a few months behind and I know what being 70 feels like. I pace myself to make sure that I go through the day with the least amount of aggravation, stress and physical activity. Within these last two months I have been confirmed with gout,  and a Hernia and I am learning to live with these afflictions.  At 70 your body functions starts to shuts down - some quicker than others...vitamins, medications and excercise serves to slow the pace and at most, keeps at bay for a while what will surely inevitably come in the not too distant future. 

I have not done much work on this blog these last two weeks. It is getting harder to motivate my physical and mental self when age is my constant companion. I would have preferred to sit through this evening again doing nothing...but what I heard Rafizi say about Tabung Haji and FGV and that news last night about Anwar's condition touched a raw nerve within my inner self. And so now I sit at my desk and tell myself that I must write.

Write about my concern for the health of my brother Anwar Ibrahim and write about how every government controlled entity with money (Tabung Haji included) have been called upon to prop up the financial disasters perpetrated by Najib Razak, his cabinet, BN and Umno! 

Nothing is sacred anymore simply because what is required to feed the greed of these Umno politicians is beyond our ability to comprehend. I cannot begin to comprehend a billion ringgit....but these are the figures that FGV and 1MDB, among others, are bleeding with no hope on the horizon of any recovery. None what so ever! 


All we can do is watch...as we would watch bodies strewn all over the road with limbs missing, flesh and blood scattered all over the road after a horrific accident on the highway. Common sense will tell you that it is better to look away from the horror on the road...but something else within you will tell you to look. The same with what this BN government under Najib Razak is doing to our beloved Malaysia! There have been so many train wrecks in this Najib era. Each new wreck consuming more ringgits than the previous ones....with the mother of all train wrecks - 1MDB - about to realise that the light at the end of the tunnel is another runaway train heading towards their way at breakneck speed.    

As Rafizi says about Tabung Haji's "investment in FGV....... RM1.38 billion for a return of less than RM2 million a year for four years! You get better odds playing Blackjack in the Casino. And while all this is happening the Chairman of Tabung Haji - that Tamil call Aeeeez and Najib Razak stands before us with hands on their hearts telling us that all is well with FGV and with Tabung Haji. ........one headed by a convicted corrupt politician and the other a former car salesman with a questionable degree he obtained from parts unknown. Between these two and the complicity of Najib Razak billions belonging to the Rakyat are used to advance questionable commercial undertakings that would rival anythig anyone has done in any part of the world!

And if their financial greed is not enough....this insidious BN government under Najib Razak has imposed upon many Malaysians hardship and sufferings inflicted by PDRM and a Judiciary that takes their cue from their political masters. From that time when the IGP beat up a defenceless Anwar Ibrahim until today - the physical and mental sufferings of those in the custody of PDRM has not ceased. And the judiciary are complicit in inflicting further suffering upon these Malaysians by imposing upon them custodial sentences that sees Malaysian families separated from their loves ones...al to serve the selfish interest of a corrupt political entity that Najib Razak heads.

For a moment, but only for a moment, we saw Razak Baginda go through what so many others have gone through only to be set free to enjoy his ill gotten gains.....but not Anwar Ibrahim. The havoc and consternation Anwar can cause and has caused to BN politicians has made it necessary for Najib and his hoons to prosecute, persecute Anwar and incarcerate Anwar Ibrahim. And since Anwar there have been many opposition politicians suffering the same fate.

I know that Rafizi will soon be the next one to go in. This is one Malaysian that many Malaysians have learned to trusts. Cakap serupa bikin. Listen to what he has to say. What he says exposes the evil that Najib and this BN government does in the name of government. He is clear and concise in his delivery and presents to us facts and figures in a narrative that draws you into the story that he is telling. You will listen to what he has to say and at the end of his narrative you know he speaks the truth.

And the truth harms Najib and his hoons. 

Each truth that Rafizi tell us makes Malaysians trust him more. Today he is the Malaysian that most Malaysians trust and his words are listened to by many and taken to heart by many Malaysians. Malaysians are grasping at straws in their quest to find leaders that they can follow...I assure you that Rafizi has substance and will walk the talk when the time comes for him to stand before Najib and give Najib the two finger salute...just as saudara Anwar have done before.             

Thursday, 11 February 2016

Chairman Lembaga Tabung Haji die standing!



Steadyaku47 comment : The following is Pak Arshad's comment to the story below in The Malaysian Insider questioning the ability of the Chairman of Tabung Haji to understand the intricacies of a financial reserve policy as raised by PKR Rafizi Ramli.....Yes the Chairman is that black Tamil with the songkok down there...click here for The Malaysian Insider article:

If truth be told I too would not be able to explain the financial reserve policy that Tabung Haji should adopt...but then I am NOT the Chairman of Tabung Haji!

Here you are......what can depositors expect from a Chairman who is better known for selling used cars (I was told) than manage a huge fund like LTH. I wonder if the Chairman knows how to formulate a financial reserve policy that was requested by BNM which was ignored, and the request was again repeated by BNM late last year. It is worthless telling the Chairman how to manage LTH fund because I have serious doubt that he has acquired enough financial acumen or 'financial wizardry' to even answer the question raised by BNM regarding the financial status of LTH. I don't expect the Chairman to even understand the questions raised by Rafizi as to "how does LTH handles reserves". This country is never short of personalities that are expert at managing huge fund, but why of all person appoint this Baling MP as LTH Chairman who may not even know how many zeroes are there in a billion. I think he could do better in managing a used car company.

Explain how you handle reserves, PKR tells Tabung Haji chairman

Tabung Haji has yet to come up with a proper policy on how it handles its reserves, and PKR wants the fund's chairman Datuk Abdul Azeez Abdul Rahim to explain. – The Malaysian Insider file pic, February 11, 2016.Tabung Haji has yet to come up with a proper policy on how it handles its reserves, and PKR wants the fund's chairman Datuk Abdul Azeez Abdul Rahim to explain. – The Malaysian Insider file pic, February 11, 2016.Lembaga Tabung Haji must explain to the public its financial reserves policy, follwing Bank Negara's request that the haj fund should come up with one, PKR's Rafizi Ramli said today.
Rafizi said throughout the debate on the fund's finances over the last month, many missed the fact that Bank Negara had actually written to it on December 19, 2014, advising Tabung Haji to come up with a comprehensive reserves policy.
"It goes to show that this issue was actually raised by Bank Negara more than a year ago but there was no concrete actions taken by Tabung Haji chairman Datuk Abdul Azeez Abdul Rahim.
- See more at: http://www.themalaysianinsider.com/malaysia/article/explain-how-you-handle-reserves-pkr-tells-tabung-haji-chairman#sthash.29j97cde.qVjoVaOV.dpuf


 
 
Lembaga Tabung Haji must explain to the public its financial reserves policy, follwing Bank Negara's request that the haj fund should come up with…
 
themalaysianinsider.com

Thursday, 31 December 2015

Tabung Haji : Liar, cheat, con artist, perjurer, phony, deceiver, fabricator, falsifier, fibber, trickster, deluder.

Tabung Haji in process of selling TRX land, says Azeez



Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says today the pilgrims’ fund is in the midst of selling its Tun Razak Exchange land. – The Malaysian Insider pic by Kamal Ariffin, May 26, 2015.Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says today the pilgrims’ fund is in the midst of selling its Tun Razak Exchange land. – The Malaysian Insider pic by Kamal Ariffin, May 26, 2015.Lembaga Tabung Haji is in the process of selling the Tun Razak Exchange (TRX) land that it had bought from debt-ridden 1Malaysia Development Berhad (1MDB) for RM188.5 million after promising earlier this month to do so within a fortnight.
Its chairman, Datuk Seri Abdul Azeez Abdul Rahim, said the pilgrims' fund was in the process of sealing the sales and purchase agreement but did not elaborate further.
He also declined to reveal the potential buyer of the land, adding that the information would be revealed once the due process has been completed.

"Yes, we have a buyer. We will inform later (about it)," Azeez said when met by reporters at the Tabung Haji building in Kuala Lumpur today. "It is in the sales and purchase process, with a little pr
- See more at: http://www.themalaysianinsider.com/malaysia/article/tabung-haji-yet-to-sell-trx-land-says-azeez#sthash.XbveUCgI.dpuf

Tabung Haji in process of selling TRX land, says Azeez



Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says today the pilgrims’ fund is in the midst of selling its Tun Razak Exchange land. – The Malaysian Insider pic by Kamal Ariffin, May 26, 2015.Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says today the pilgrims’ fund is in the midst of selling its Tun Razak Exchange land. – The Malaysian Insider pic by Kamal Ariffin, May 26, 2015.Lembaga Tabung Haji is in the process of selling the Tun Razak Exchange (TRX) land that it had bought from debt-ridden 1Malaysia Development Berhad (1MDB) for RM188.5 million after promising earlier this month to do so within a fortnight.
Its chairman, Datuk Seri Abdul Azeez Abdul Rahim, said the pilgrims' fund was in the process of sealing the sales and purchase agreement but did not elaborate further.
He also declined to reveal the potential buyer of the land, adding that the information would be revealed once the due process has been completed.

"Yes, we have a buyer. We will inform later (about it)," Azeez said when met by reporters at the Tabung Haji building in Kuala Lumpur today. "It is in the sales and purchase process, with a little profit."
Tabung Haji has an RM920 million bond in 1MDB's real estate development Bandar Malaysia and last month bought 0.63ha from the TRX financial district, which is another 1MDB development.
Its purchase of the plot of land from 1MDB for RM188.5 million, or RM2,774 per sq ft (psf), for the purpose of building a residential tower has created uproar among its depositors, some of whom withdrew their savings.
Opposition politicians were quick to note that Tabung Haji was paying far more psf than what 1MDB had paid at RM64 psf when it first bought the land from the government, causing some to call the deal a "bailout" given 1MDB's massive debts.
Following widespread criticism and public outcry over the purchase of the land, Tabung Haji announced on May 9 that it was selling the plot to a buyer at a profit of at least RM5 million and that the deal would be concluded within the next few weeks.
Azeez, who is also Baling MP, said that Tabung Haji had received three offers from interested buyers for the prime land.
He said then that Prime Minister Datuk Seri Najib Razak had advised him to dispose of the land so that the fund's reputation was not "tarnished" due to its business transaction with 1MDB, and in order to respect the "sensitivity" of the depositors.
Najib is also finance minister and chairman of 1MDB's advisory board. – May 26, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/tabung-haji-yet-to-sell-trx-land-says-azeez#sthash.XbveUCgI.dpuf

Tabung Haji in process of selling TRX land, says Azeez



Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says today the pilgrims’ fund is in the midst of selling its Tun Razak Exchange land. – The Malaysian Insider pic by Kamal Ariffin, May 26, 2015.Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says today the pilgrims’ fund is in the midst of selling its Tun Razak Exchange land. – The Malaysian Insider pic by Kamal Ariffin, May 26, 2015.Lembaga Tabung Haji is in the process of selling the Tun Razak Exchange (TRX) land that it had bought from debt-ridden 1Malaysia Development Berhad (1MDB) for RM188.5 million after promising earlier this month to do so within a fortnight.
Its chairman, Datuk Seri Abdul Azeez Abdul Rahim, said the pilgrims' fund was in the process of sealing the sales and purchase agreement but did not elaborate further.
He also declined to reveal the potential buyer of the land, adding that the information would be revealed once the due process has been completed.

"Yes, we have a buyer. We will inform later (about it)," Azeez said when met by reporters at the Tabung Haji building in Kuala Lumpur today. "It is in the sales and purchase process, with a little profit."
Tabung Haji has an RM920 million bond in 1MDB's real estate development Bandar Malaysia and last month bought 0.63ha from the TRX financial district, which is another 1MDB development.
Its purchase of the plot of land from 1MDB for RM188.5 million, or RM2,774 per sq ft (psf), for the purpose of building a residential tower has created uproar among its depositors, some of whom withdrew their savings.
Opposition politicians were quick to note that Tabung Haji was paying far more psf than what 1MDB had paid at RM64 psf when it first bought the land from the government, causing some to call the deal a "bailout" given 1MDB's massive debts.
Following widespread criticism and public outcry over the purchase of the land, Tabung Haji announced on May 9 that it was selling the plot to a buyer at a profit of at least RM5 million and that the deal would be concluded within the next few weeks.
Azeez, who is also Baling MP, said that Tabung Haji had received three offers from interested buyers for the prime land.
He said then that Prime Minister Datuk Seri Najib Razak had advised him to dispose of the land so that the fund's reputation was not "tarnished" due to its business transaction with 1MDB, and in order to respect the "sensitivity" of the depositors.
Najib is also finance minister and chairman of 1MDB's advisory board. – May 26, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/tabung-haji-yet-to-sell-trx-land-says-azeez#sthash.XbveUCgI.dpuf


3. Tabung Haji flip-flop over purchase
Amazingly, Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim had first denied the contents of the blog that revealed the fund's purchase. He admitted to a miscommunication after his officials confirmed they bought land for a condominium tower.
Also amazing considering that Tabung Haji's managing director Tan Sri Ismee Ismail also sits on the 1MDB board. Was there any conflict of interest declared, or did Ismee refrain from
taking part in the Tabung Haji purchase decision?
Would a company chairman not be told of a RM188.5 million purchase, or for that matter any other big purchase? By his managing director who is on the 1MDB board?
Or was this such a deep dark secret on a need-to-know basis within Tabung Haji? What does it say of other Tabung Haji purchases then, considering that it is funded by savings made by would-be pilgrims?
To be fair, it would appear that Tabung Haji did get a good price for the TRX land but it is not as good as what 1MDB paid for the land, that is, at RM64 per square feet against the RM2,773 per square feet in the Tabung Haji purchase.
That is a lot of money for what was a few years ago was just government land for civil servants. – May 8, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/3-lessons-from-1mdbs-trx-land-sale-to-tabung-haji#sthash.qr52UoCx.dpuf


KUALA LUMPUR, Dec 29 — It would be unwise for Lembaga Tabung Haji (LTH) to sell off its plot of land in the Tun Razak Exchange (TRX) as it is a great investment with promising returns, Minister in the Prime Minister’s Department Datuk Seri Jamil Khir Baharom said. 
According to Malaysiakini, the minister said this in a parliamentary reply on December 3 when explaining the delay behind the fund’s plan in May to sell the 1.56-acre plot.
LTH had purchased the land from 1Malaysia Development Berhad (1MDB) for RM188.5 million in April but was subjected to much scrutiny from various parties for allegedly using public funds to bail out the state investor. 
The pilgrimage fund made a decision to immediately sell off the land soon after but Prime Minister Datuk Seri Najib Razak insisted in August that LTH was making a mistake by doing so. 
LTH has yet to sell off the land despite promising to do so by end of May.

steadyaku47 comment:
 
Chairman Tabung Haji in the above video tells us " Yang Amat Berhormat Perdana Menteri ....menasihat kami untuk menjual tanah ini". 

Jamil, Minister in the PM's Department then said that Prime Minister Datuk Seri Najib Razak insisted in August that LTH was making a mistake by doing so.

So who do we believe?