Muar MP Syed Saddiq Syed Abdul Rahman has called for a multi-agency investigation into alleged investment losses and management weaknesses at Lembaga Tabung Haji (TH), following a special parliamentary debate on findings from the Royal Commission of Inquiry (RCI) into the pilgrimage fund.
In a statement summarising his questions to the Minister of Finance II in Parliament, Syed Saddiq said he had sought clarification on TH’s investments in companies allegedly linked to fugitive financier Low Taek Jho, better known as Jho Low, as well as the status of 14 investments highlighted in the RCI findings.
According to Syed Saddiq, the minister’s response indicated that an investment involving Putra Perdana had resulted in a 100% loss, with the amount involved estimated at around RM200 million.
“Bukan rugi kecil, tapi rugi 100%,” Syed Saddiq said in recounting the parliamentary response.
He alleged that hundreds of millions of ringgit had been invested in Putra Perdana, which he said was subsequently found to have been controlled by Jho Low.
Syed Saddiq also raised concerns over the 14 TH investments highlighted by the RCI, claiming that seven had ultimately suffered losses amounting to 100% of their investment value.
He said the cumulative losses from the investments amounted to billions of ringgit and attributed the problems highlighted by the RCI to weaknesses in integrity and management, as well as alleged political interference in TH’s investment decisions.
“These are not small losses,” Syed Saddiq said, stressing that the issue should be viewed from the perspective of protecting the interests of TH’s millions of depositors rather than through a political lens.
Following the parliamentary exchange, Syed Saddiq called for the establishment of a multi-agency task force involving the Malaysian Anti-Corruption Commission (MACC), Royal Malaysia Police (PDRM), Inland Revenue Board (LHDN) and Securities Commission Malaysia (SC).
He urged the agencies to conduct a comprehensive investigation into the issues raised in the RCI report and determine whether any further action should be taken.
“I demand that a multi-agency task force be established and investigate these revelations thoroughly,” he said.
Syed Saddiq said the matter was ultimately about the future of around 10 million TH depositors and the protection of their savings.
The parliamentary debate follows the government’s decision to declassify and release the RCI report on TH, which examined the fund’s management and governance during the period covered by the inquiry.
The report has renewed scrutiny of TH’s investment decisions, financial reporting, governance and the role of political influence in the institution’s affairs.
The government has said the RCI report contains recommendations aimed at strengthening TH, while enforcement investigations based on the findings are also expected to continue.
At the same time, the government and TH have maintained that the institution’s financial position has since been significantly strengthened.
In Parliament previously, the Minister in the Prime Minister’s Department (Religious Affairs) said TH’s deposits had increased from about RM69.4 billion in 2019 to more than RM95.1 billion by mid-June 2026. The minister also said TH’s profit distribution had risen to 3.5% for 2025, compared with 1.25% in 2018.
The government has also previously explained that Urusharta Jamaah Sdn Bhd was established to acquire problematic and underperforming TH assets as part of a restructuring exercise following concerns over the fund’s financial position.
The latest parliamentary exchange nevertheless highlights continuing calls for greater accountability over past investment decisions and management practices at the institution.
Syed Saddiq said the focus should now be on establishing the facts, determining responsibility where appropriate and ensuring that lessons from the RCI are acted upon to safeguard the interests of TH depositors.
