Malaysia
No decision yet on sale of TH Plantations’ subsidiaries, says minister following accusations of asset devaluation
Datuk Zulkifli Mohamad Al-Bakri delivers a speech at the Tuanku Mizan Zainal Abidin Mosque in Putrajaya December 3, 2020. u00e2u20acu201d Picture by Shafwan Zaidon

KUALA LUMPUR, Dec 8 — The government has not made any decision on the sale of Tabung Haji (TH) Plantations land to Tamaco Plantation Sdn Bhd, said Minister in the Prime Minister’s Department (Religious Affairs) Datuk Seri Zulkifli Mohamad Al-Bakri today.

He also said the government is still considering all the details of the proposed sale, and that any information on the matter currently being circulated in public surprised him.

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Zulkifli was replying to Baling MP and former Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim, who claimed to have documents proving that the government has approved the sale of TH Plantations’ land for RM170 million, instead of its market value of RM224 million.

Abdul Azeez then went on to accuse Tamaco Plantation of owing RM247 million in sukuk money and questioned the government’s motive of selling the land to the company.

"It's interesting how the MP for Baling seems to know more than us,” said Zulkifli in the Dewan Rakyat.

"As far as I know, we have not made any public announcement regarding this matter. However, we will look into it as best we can.”

TH Plantations had put up for sale its shares in Bumi Suria Ventures Sdn Bhd and Maju Warisan Sdn Bhd in December last year, citing financial constraints, to the tune of RM170 million.

The transaction would have involved the disposal of 6,513.9 hectares of oil palm plantation in Bintulu and Sibu in Sarawak to Tamaco Plantation whose directors are said to be mainly non-Malays.

TH Plantations had said that these companies were underperforming and it had to consistently inject funds to keep them afloat.

As for the establishment of a Royal Commission of Inquiry to look into TH affairs, Zulkifli said the government is still looking into it.

"We are aware of the need for a transparent agency to monitor TH. At the moment, we are working on finding the best way to handle the administrative and governance aspects, while ensuring there is common ground among all parties involved,” he told the Dewan Rakyat.

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