KUALA LUMPUR: Putrajaya Perdana Bhd linked to fugitive financier Jho Low, was among the problematic investments identified from the Royal Commission of Inquiry (RCI) on Lembaga Tabung Haji’s (TH) investment, says Finance Minister II Datuk Seri Amir Hamzah Azizan (pic).
This is in connection to the purchase of a 30% stake by TH in Putrajaya Perdana in 2014.
He said the RCI also found seven out of 14 problematic investments suffered total losses, contributing to nearly RM13bil in losses and government bailout costs.
“On the losses incurred in the problematic investments, RM10.2bil was for a government bailout in 2018 through Urusharta Jamaah Sdn Bhd.
“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.
“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 said during the winding-up session on the RCI report on TH in the Dewan Rakyat yesterday.
On the link between Putrajaya Perdana and Jho Low that was raised, Amir Hamzah said this was 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 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.
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.
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, said the minister.
