[wondering why th has not declared any dividend until now? record breaking dividen?] ...Tan Sri Zeti - Bank Negara's Silence Is Deafening
Someone sent me this link : http://tabunginsider.blogspot.my/
It is obviously some insider blog (or Deep Throat) from Tabung Haji who wish to expose the goings on in Tabung Haji.
These are screenshots from tabunginsider. My comments follow.
My comments : First of all to the guys behind tabunginsider it is better if you just upload what you have. Because I think the MCMC will most likely block off your blog as well.
Secondly I hope Bank Negara and Tan Sri Zeti will make some public statements about Tabung Haji.
This part of the revelation above is to be noted:
Tan Sri Zeti, they say that last year Tabung Haki made 'untung' of RM2.98 billion but they paid out dividends of RM3.3 Billion. How can you pay out dividends more than your untung? By dipping into your reserves.
Can Bank Negara - as the Regulator - assure the public that this is NOT like a pyramid scheme or a Ponzi scheme?
This is why in that letter that Bank Negara is said to have written (dated 23 December 2015) to the Minister in Charge of Tabung Haji you say that Tabung Haji has paid dividends at 107% of their untung.
Furthermore it is said that you have advised the Minister that since Tabung Haji's assets position is LESS THAN their liabilities, then by Law, under the Tabung Haji Act they CANNOT declare any dividends.
That is why the tabunginsider.blogspot.my says thus far (January 22, 2016 the time of their writing) no dividend has been declared by Tabung Haji.
Bank Negara Malaysia as the Regulator has a duty to advise the public, which has invested RM57.9 Billion in cash money with Tabung Haji, about the real situation inside Tabung Haji.
Also since all moneys deposited with Tabung Haji are guaranteed by the government, it means that all Malaysian taxpayers (Muslims as well as non Muslim) are ultimately burdened with any financial miscarriages that may happen in Tabung Haji.
So elegant silence is not an option for Bank Negara Malaysia.
I hope all Malaysians will start raising our concerns on this matter.
It is said that just 5% of depositors control 75% of that RM57.9 Billion funds in Tabung Haji. This means just 5% of depositors control RM 43.4 Billion of Tabung Haji's deposits.
These are big time investors, institutional investors, who are NOT saving money to perform the pilgrimage to Saudi Arabia. These institutional investors are looking for financial returns on their investments.
So if Tabung Haji cannot declare dividends or Tabung Haji has NO MONEY to pay dividends, then logically these institutional investors should withdraw their RM43.4 Billion from Tabung Haji. That means the deposited funds will shrink to only RM14.5 Billion.
If Tabung Haji does not have money to pay dividends this year, then will Tabung Haji have enough cash to refund RM43.4 Billion of the depositors money? (If they decide to take out their money).
And how will TH convince the remaining 95% of makciks and pakciks not to withdraw their balance RM14.5 Billion? If Tabung Haji has to liquidate assets (including selling shares) will it also not cause a panic across the Stock Market?
Plus many of the shares in which TH has invested are also held by other GLC funds like ASB, ASN, KWAP, EPF, LTAT etc.
So if TH sells its shareholdings in a hurry and prices plunge, then all the other GLC funds will also suffer loss in value of their assets.
This is a real mess that is happening.
Bank Negara has to say something. Please do not tai chi this to that same mamak. Ultimately he is also behind this problem.
Even if the new Governor of Bank Negara is going to be someone from Tabung Haji, it still does not solve this problem.