TH expected to post higher profit


TH is expected to see the departure of Zukri)pic) as its chief executive ahead of his two-year contract due to health reasons. Sources said that the government has agreed to Zukri’s request, but has asked him to stay until the fund finds a replacement.

PETALING JAYA: Lembaga Tabung Haji (TH), which has been on a transformation programme in the last 13 months under the stewardship of Datuk Seri Zukri Samat(pic), is expected to post a higher profit this year.

A source close to the matter pointed out that TH has completed its kitchen-sinking exercise, including a huge impairment last year.

“TH’s financial position has been restored with the completion of the restructuring plan.

“Barring any major circumstances, the fund would be able to record a net profit of at least RM2bil this year, ” a source said.

Additionally, TH is expected to see the departure of Zukri as its chief executive ahead of his two-year contract due to health reasons. Sources said that the government has agreed to Zukri’s request, but has asked him to stay until the fund finds a replacement.

“He is expected to leave next month, staying on until the fund finds a suitable candidate to replace him.

“Zukri has tendered and has informed the government of his intention for early termination from his contract since Hari Raya due to health reasons, ” a source close to Zukri said. It has been reported that the frontrunner to take over the CEO’s position is Nik Mohd Hasyudeen Yusoff, a non-executive director of Bank Islam Malaysia Bhd.

Zukri, 61, was appointed to steer the turnaround of the beleaguered pilgrimage fund in July last year.

Prior to his stint in TH, Zukri was the managing director (MD) of Bank Islam for 12 years up until June 2017.

Prior to joining Bank Islam, he was executive director of Khazanah Nasional Bhd. He also served as MD of Pengurusan Danaharta Nasional Bhd, a national asset-management company set up by the government after the 1997/1998 Asian financial crisis.

Before his stint at Danaharta, he had served at various banking and financial institutions, including Credit Agricole Indosuez Labuan, Commerce International Merchant Bankers and PUBLIC BANK BHD.

Recall, Zukri was called in at a time when TH needed a reboot from its previous management that had allegedly manipulated the fund’s accounts and had been paying illegal hibah (dividends) to its depositors since 2014.

Under the Tabung Haji Act 1995, the fund should not have been allowed to pay dividends if its liabilities had exceeded assets.


   

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