The real issue withTabung Haji

From the edge:

May 8): Datuk Saifuddin Abdullah today questioned the conflict of interest arising from revelations that a top executive of Lembaga Tabung Haji (TH) also sat on the board of state investment vehicle 1Malaysia Development Berhad (1MDB).

Weighing in on Tabung Haji's controversial purchase of a plot of land within the Tun Razak Exchange (TRX) project by 1MDB in the Kuala Lumpur city centre, the former Umno deputy minister said the wealthy pilgrims' fund was only supposed to invest in shariah compliant businesses.

"Isn't Tabung Haji CEO Tan Sri Ismee Ismail also on 1MDB's board: isn't that a conflict of interest here?" he wrote on his Facebook page today.

A check on 1MDB's website lists Ismee as one of the six people on its board of directors.

What is TH doing in investing money in property.  LTH is ONLY SUPPOSED TO INVEST IN SHARIAH COMPLIANT BUSINESSES.  It invested in Property.  That is a nono.  It doesn't matter whether the price was good or not.

This is like saying oh we are a bond fund and want to buy shares.  IT DOES NOT HAPPEN.  How would you like it if you invested in an equity fund and it suddenly bought bonds.  IT does not happen in the fund world.

The Directors failed in their duties to the clients.

When you fail to put the interests of your fund contributors to pander to the government.  You are dead meat.  You can be sued to hell and back honestly.

Good luck directors and CEOs and Directors of Tabung Haji.