Set up independent panel for TH-linked business complaints, govt urged

The government has been urged to set up an independent panel to investigate complaints from businesses affected by troubled Tabung Haji-linked ventures, and explore avenues for redress.

Ahmad Zaharuddin Sani Ahmad Sabri of Global Asia Consulting said scrutiny should extend beyond the pilgrim fund’s losses to how its partners, suppliers and creditors have been treated.

“My proposal is straightforward: establish a confidential, time-limited evidence submission process, protect credible complainants against retaliation, and publish the panel’s findings without compromising ongoing legal proceedings,” he told FMT.

He proposed a panel, preferably under parliamentary oversight, comprising specialists in forensic accounting, corporate law, insolvency and public-sector governance.

“If public institutions are expected to protect people’s savings, they must also be held accountable for how they exercise power over other people’s businesses.”

Zaharuddin said the review must distinguish ordinary commercial losses from contractual disputes, governance failures and possible criminal wrongdoing.

“Not every failed investment is corruption, but neither should every questionable transaction be conveniently dismissed as a business decision,” he said.

The call comes after former TH chief executive officer Johan Abdullah and former chief financial officer Rozaida Omar were charged on Oct 22 for allegedly using inflated property valuations to facilitate RM3.3 billion in hibah payments in 2017.

Both pleaded not guilty.

Separately, FGV reported in November 2019 that its accumulated share of losses from Trurich, its 50:50 plantation venture with TH, stood at approximately RM234 million.

Meanwhile, in July 2023, the High Court awarded Globalmariner Offshore Services (GMOS) RM288.7 million in damages against TH Heavy Engineering (THHE) for breaching their shareholders’ agreement.

TH’s stake in THHE was transferred to Urusharta Jamaah in 2018.

Syaza Shukri of International Islamic University Malaysia expressed support for wider scrutiny to establish whether the ventures pointed to broader governance problems and to identify measures that could prevent their recurrence.

“I think, yes, businesses should come forward because they should have confidence that their complaints would receive a fair hearing,” she said.

She said independent external experts could be tasked with assessing complaints, while the auditor-general and the Public Accounts Committee could also serve as avenues for further scrutiny.

Syaza said accountability must deliver practical remedies, warning that ineffective follow-through could undermine confidence in the system.

Zaharuddin proposed an independent audit of outstanding judgments and verified commercial claims, alongside a transparent process to identify recoverable assets.

He also called for a time-bound mechanism to resolve valid claims through enforcement, restructuring or negotiated settlements.

“Compensation must follow established legal liability, not political pressure,” he said.

“Ultimately, the success of accountability should not be measured by how many former executives are investigated, but by how much truth is uncovered, how much money is lawfully recovered, and how many legitimate claims are finally resolved.”

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