Tabung Haji chief executive officer and managing director Datuk Seri Zukri Samat said on Tuesday that a Special Purpose Vehicle (SPV) under the Finance Ministry will take over an estimated RM19.9bil worth of Tabung Haji's (TH) underperforming assets.<br /><br />He said that in return, "the SPV will issue RM10bil sukuk and RM9.9bil of Islamic Redeemable Convertible Preference Shares".<br /><br />The pilgrimage savings fund has been rocked by revelations following the release of a report by Minister in the Prime Minister's Department Datuk Seri Dr Mujahid Yusof Rawa, who highlighted illegal dividend distributions since 2014, and assets shrinkage of 4.1bil ringgit.<br /><br />Read more at https://www.thestar.com.my/news/nation/2018/12/11/spv-under-mof-to-take-over-rm19_9bil-underperforming-assets-from-tabung-haji/
