KUALA LUMPUR: Putrajaya Perdana Bhd linked to fugitive financier Jho Low, was among the problematic investments identified from the Royal Commission of Inquiry on Lembaga Tabung Haji’s (TH) investment, says Finance Minister II Datuk Seri Amir Hamzah Azizan.
This is in connection with the purchase of a 30% stake by TH in Putrajaya Perdana in 2014.
“Regarding the link between Putrajaya Perdana and Jho Low that was raised, I would like to clarify that this is based on two records, which are the court proceedings in the SRC International case, which concluded at the Federal Court in 2022, and a limited fact-finding assessment conducted in 2023.
“According to the sworn testimony of Datuk Rosman Abdullah, a director of Putrajaya Perdana, SRC International channelled RM170mil to Putrajaya Perdana’s subsidiaries in three tranches between July and August 2014.
“According to his testimony as recorded in court, until the sale of the company by Utama Banking Group (UBG) was completed, which only took place on April 13, 2015, Putrajaya Perdana remained under the control of Jho Low through UBG but he himself did not have the final say in the management of the company at the time.
“Therefore, I would like to clarify that the court did not make any finding regarding this ownership, and it remains sworn testimony on record,” he said during the winding-up session on the Royal Commission of Inquiry (RCI) report on TH in the Dewan Rakyat on Tuesday (Aug 11).
Amir Hamzah said that, based on the chronology, the investment panel approved the purchase on July 24, 2014, followed by the board on Aug 25 and the minister on Aug 27, while the sale and purchase agreement was signed on Dec 3, 2014.
“Each of these approval processes and the agreement fell within the period referred to in the testimony.
“Another point is that, based on the 2023 fact-finding assessment, it was found that on July 24, 2014, the TH investment panel had also asked management to identify the seller’s major shareholder.
“However, the assessment did not record any response from management, and the sale and purchase proceeded regardless.
“Based on the sworn testimony on record, Putrajaya Perdana was under Jho Low’s control at the time when the investment panel, board and minister approved the purchase and the sale and purchase agreement was signed,” he said.
Meanwhile, Amir Hamzah said seven out of the 14 problematic investments flagged by the RCI had suffered total losses.
“The RCI revealed 14 problematic investments. The estimated investment losses that had to be borne amounted to almost RM13bil, comprising RM10.2bil in a government bailout in 2018 through Urusharta Jamaah Sdn Bhd, while impairment losses amounting to RM2.6bil, or net losses borne directly by Tabung Haji, were recorded between 2018 and 2025,” said Amir Hamzah.
For investments that are still being managed, the situation is even more serious. Seven of the 14 investments suffered losses of 100%. Not a partial loss, but a total loss.”
This is the price that had to be paid to safeguard the savings of Muslims,” he added.
Amir Hamzah said this was not merely an accounting issue, adding that the financial statements only showed symptoms but the disease was the financial and investment misconduct.
These losses did not suddenly appear in the financial statements. Rather, they were the result of investment decisions made by the leadership at the time,” he added.
