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No News Is Bad News
> Certified Accountant Khalid: TH a diabolical Ponzi scheme; and
> TH funded 1MDB?!
KUALA LUMPUR, July 30, 2026: The 256-page Tabung Haji (TH) Royal Commission of Inquiry (RCI) Report was declassified by the Madani Unity Government (UG) yesterday. And economic and financial professionals are/already have digested its contents.
To the layman, they are likely to get lost in legal or financial jargon of the report.
What is so damning now?
> FORMER Association of Chartered Certified Accountants Malaysia advisory committee president Khalid Ahmad says the financial practices uncovered at Lembaga Tabung Haji (TH) amount to a massive and diabolical Ponzi scheme!;
> YOUR Hajj Savings Funded 1Malaysia Development Berhad (1MDB) and, now, the Bill is nearing due; and
> WHO are the polticians and their party that messed up TH financially.
And, is the TH management remorseful with the billions in losses?
Malay Mail published a report yesterday titled “Tabung Haji welcomes RCI report release, but says it has ‘already moved on’”.
Does that sound remorseful?
TH, please don’t insult the intelligence of Malaysians!
Tell us: Are those five senior officers responsible for making decisions that contributed in losses still in your employ?
And one of the five was even promoted! Why?
TH welcomes the RCI? Of course you have to! What else can you say?
Can TH defy the Government?
Please, TH, your intelligence may seem lacking but not the layman!
No News Is Bad News reproduces below a news report on what Khalid told the Free Nalaysia Today, a made-easy-to understand summary of the TH RCI Report and the Malay Mail’s “already moved on” moronic damage-control attempt by TH to sweep everything under the carpet:
TH scandal a ‘massive, diabolical Ponzi scheme’, says ex-ACCA chief
Khalid Ahmad says the board failed in its duty to protect depositors and uphold the Islamic principle of 'amanah'.
A royal commission of inquiry was established in 2021 to examine Lembaga Tabung Haji’s management, operations and asset-related issues from 2014 to 2020.
PETALING JAYA: The financial practices uncovered at Lembaga Tabung Haji (TH) amount to a massive and diabolical Ponzi scheme, says former Association of Chartered Certified Accountants Malaysia advisory committee president Khalid Ahmad.
Khalid said the matter was especially disturbing as TH was not an ordinary investment institution, but one with an “amanah” (responsibility) entrusted with the savings of millions of Muslims hoping to perform the haj.
Khalid Ahmad.
“It is diabolical in the sense that there was an intention to deceive, in other words, to scam. It was made to appear as though the institution was earning money.
“The magnitude (of the scandal) is different because of the Islamic factor. The consequences extend beyond the institution and affect the psyche of Malays, Muslims and the rest of the world,” he told FMT.
“This is something we have lost – not just our moral compass, but our ‘iman’ and Islamic compass.”
Khalid said TH directors must understand the meaning of “amanah”, warning that a breach of trust involving the savings of Muslims had wider repercussions for Islamic institutions.
“Trust, when not executed, requires the greatest punishment.”
He said the board could not distance itself from the management’s financial decisions as directors were responsible for demanding proper disclosure and challenging both management and the auditors when the figures did not add up.
Khalid said the losses should have been obvious once investments fell in value, particularly if assets, such as plantations, were acquired at prices far above comparable land nearby.
He said the board should have acted when auditors sought to impair the assets to their realistic value.
He also questioned what TH had achieved for Bumiputera economic development despite holding close to RM100 billion in deposits.
“Where are the big Malay companies? What is the point of having close to RM100 billion if the money is merely placed in other companies?
“We should not focus only on the amount of money, but on the number of great minds and well-developed organisations.”
The royal commission of inquiry was established in 2021 to examine TH’s management, operations and asset-related issues from 2014 to 2020. It completed its report in July 2022, before it was declassified and released last night.
The RCI found that TH faced a serious financial crisis in 2017 and used “creative accounting” to support high hibah payments.
It said TH should have reported a RM1.4 billion loss instead of a RM3.4 billion profit, while disciplinary penalties imposed on five senior officers were later reduced.
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Here is a very brief, summary of the entire 256-page RCI report. It’s designed so you can understand the full picture in less than 3 minutes without getting lost in legal or financial jargon.
KUALA LUMPUR — The Royal Commission of Inquiry (RCI) report on Tabung Haji—withheld for three years to prevent "public panic"—is finally set to be released. And when it is, the self-righteous might find that the mirror reflects a very uncomfortable truth.
Your money was used to bail out a scandal-plagued sovereign fund. Your savings bought overpriced land from politically connected cronies. Your trust was repaid with debt that all Malaysians—including those you look down upon—may have to bear.
The Great “Pious” Fund That Needed a Bailout
Tabung Haji was founded as a sacred trust. It was supposed to be the pride of the community—a place where modest folks could save ringgit by ringgit to fulfill their religious duty. It was built on public savings—nearly RM95 billion today, from about 9.6 million depositors.
But somewhere between the pilgrimage and the politics, the fund became a cash cow.
In 2018, the Auditor-General and Bank Negara revealed that Tabung Haji was in serious financial trouble. The institution faced an asset-liability deficit of RM10.9 billion. About RM6 billion had been withdrawn by panicked depositors within a short period following a crisis of confidence.
The management had been paying dividends it couldn't afford. It had bought assets at inflated prices. It had treated depositors' money like an interest-free loan to the government.
The government risked assuming liabilities of about RM74.5 billion if Tabung Haji collapsed, because deposits were fully guaranteed by the government.
The 43x Land Deal: Your Savings, Their Bailout
The most infamous example? The TRX land purchase.
In April 2015, Tabung Haji bought a plot of land in the Tun Razak Exchange from 1MDB for RM188.5 million. The price was reportedly 43 times higher than what 1MDB had paid for the same land just four years earlier.
The stated purpose was to develop it into a high-end residential tower. The real purpose, critics said, was to bail out a scandal-ridden sovereign fund that was in financial distress.
The then-Tabung Haji chairman, Datuk Seri Abdul Azeez Abdul Rahim, stated the decision was made on the advice of then-Prime Minister Najib Razak, who was also chairman of 1MDB's advisory board.
So your Hajj savings literally paid for the sins of 1MDB.
The “Rescue” That Wasn’t
When the new government found out about the mess, it didn't jail anyone. It did something far more Malaysian: it created a new company.
Urusharta Jamaah Sdn Bhd (UJSB) was established in December 2018 as a government-owned special purpose vehicle to take over Tabung Haji's underperforming assets. The transfer was a collective Cabinet decision.
UJSB took over assets worth about RM9.7 billion—including holdings in 106 listed companies, 29 properties, several hotels, and plantations. In return, UJSB paid Tabung Haji by issuing two large sukuk facilities worth RM19.6 billion, plus RM300 million in cash.
Here's the kicker: the government provided a financial guarantee for these sukuk. By the end of 2024, the government's guarantee commitment had grown to RM23.815 billion.
The assets transferred were worth RM9.7 billion. The sukuk issued were worth RM19.6 billion. The RM10 billion gap? That's a debt that someone—eventually—will have to pay.
The Debt That Keeps Getting Deferred
UJSB issued two sukuk facilities to Tabung Haji:
1️⃣First RM13.2B : Maturity May 29, 2026 Refinanced with new RM12.5 billion sukuk programme
2️⃣Second RM14.35B
Maturity May 30, 2029 Still outstanding
As of October 2025, only RM400 million—about 2% of the sukuk had been redeemed. The remaining RM19.2 billion was still outstanding, while UJSB's asset value stood at only about RM9.7 billion, creating a gap of RM9.5 billion.
The Pengkalan Chepa MP, Datuk Ahmad Marzuk Shaary, asked the question that should be on every depositor's mind:
“Dengan jurang sebesar ini, bagaimana UJSB akan menebus sukuk menjelang tempoh matang pada 2026 dan 2029? Persoalannya, siapa yang akan menaggung jurang ininanti - UJSB, Tabung Haji atau rakyat sebagain pembayar cukai?”
"With a gap this large, how will UJSB redeem the sukuk by their maturity in 2026 and 2029? The question is, who will bear this gap—UJSB, Tabung Haji, or the people as taxpayers?"
The MACC’s Grand Theater
The Malaysian Anti-Corruption Commission investigated. They arrested a senior officer for allegedly accepting a RM400,000 house renovation in return for awarding a RM15 million contract. They grilled the chairman, Abdul Azeez.
He was charged with bribery and money laundering involving RM5.2 million in bribes linked to road projects.
Then came the punchline: Abdul Azeez was acquitted by the High Court. The prosecution didn't object. His lawyer argued that the charges were brought in "bad faith."
The MACC's most public case ended with a whimper, not a bang.
The RCI Report: Withheld for Three Years
The RCI was established in 2021 to investigate the mismanagement of Tabung Haji. Its panel included a former Chief Justice and financial experts.
Then the report disappeared into the government's vault for three years.
The reason? To prevent a crisis of confidence.
Prime Minister Anwar Ibrahim explained: "Three years ago, we were not in a position to publish the report. Had we done so, the public could have lost confidence in Tabung Haji and withdrawn their savings".
Translation: The government hid the truth from the people because it was afraid depositors would panic.
The depositors who trusted their savings to the state were deliberately kept in the dark.
The Politics of Now
Fast forward to 2026. DS Anwar Ibrahim is Prime Minister. His coalition is in a tense, backstabbing marriage with UMNO/BN, who are openly contesting against them in state elections.
The RCI report is suddenly being dusted off for public release.
UMNO sees this as cheap politicking. And they're not entirely wrong. The report is being weaponized like a truth grenade, tossed into the middle of a political battlefield. It doesn't matter that it reveals the truth; what matters is who gets hit by the shrapnel.
Zahid Hamidi, BN chairman, said: "I hope this issue is not politicised during the Negri Sembilan election. It should be viewed professionally".
But when the report has been sitting on a shelf for three years and is suddenly released during an election campaign, the political calculation is obvious.
The Bitter Irony
This is where the satire becomes dark.
For decades, many Malays have pointed fingers at Chinese and Indian Malaysians as "corrupt" or "untrustworthy." They have wrapped themselves in self-righteousness, believing their money was safe because it was managed by Muslims for Muslims.
Now look at what happened:
Your money was used to bail out 1MDB.
Your savings were used to buy overpriced land from politically connected cronies.
Your trust was repaid with debt that the government is guaranteeing.
Your leaders walked free.
The truth was hidden from you for three years.
Where is the moral high ground now?
The Hard Question
When the sukuk mature in 2026 and 2029, who will pay?
If UJSB can't repay, the government guarantee kicks in—meaning taxpayers (all races) will cover the shortfall.
If the government has to cover it, non-Muslim taxpayers will be helping to pay off the debt.
Meanwhile, Tabung Haji depositors (overwhelmingly Malay-Muslim) have already suffered through lower returns.
The Pengkalan Chepa MP put it bluntly:
"UJSB bukan isu teknikal semata-mata. Ia adalah ujian kejujuran dalam meguruskan harta umat. Jangan sembunyikan beban sebenar di bawah angka cantik atas kertas.”
"UJSB is not merely a technical issue. It is a test of honesty in managing the community's assets. Don't hide the real burden under beautiful numbers on paper".
Conclusion
The Tabung Haji saga is not just a financial scandal; it's a mirror held up to the national psyche. It shows that when power and money are at stake, the sacred becomes secular, the trustworthy become thieves, and the self-righteous become hypocrites.
If there is any lesson to be learned, it is this: Corruption is color-blind, and it loves no race or religion.
It loves the powerful. And the powerful, regardless of their creed, will always find a way to make the poor and the trusting pay the price.
So before you cast the next stone at your Chinese or Indian neighbor, remember: your Hajj savings might just be helping to pay off a debt that your neighbor is also funding.
The RCI report is coming. When it does, the truth will be laid bare.
Who will you condemn then?
Author's Note: This article is a work of satirical commentary based on public records and news reports. The views expressed are intended to provoke thought on governance, accountability, and the dangers of racial self-righteousness in a multiracial nation.
Tabung Haji welcomes RCI report release, but says it has ‘already moved on’
A depositor waits at a counter inside Menara Tabung Haji on Jalan Tun Razak in Kuala Lumpur on April 28, 2023. — Malay Mail pic
Summary
· Lembaga Tabung Haji (TH) has supported the government's decision to publish the Royal Commission of Inquiry (RCI) report, indicating that it has already acted upon 75% of the commission's recommendations to improve governance and depositor safeguards.
· In response to the report's declassification, the government has initiated investigations to address findings of wrongdoing.
· Despite past concerns of destabilization, TH asserts its financial recovery is evidenced by a 3.5% profit distribution rate for 2025, its highest in eight years, and maintains its commitment to depositor protection and institutional integrity amidst scrutiny of its strategic asset sales.
By Malay Mail
First Published: Wednesday, 29 Jul 2026 4:59 PM MYT
KUALA LUMPUR, July 29 — Lembaga Tabung Haji (TH) has embraced the government’s decision to release the Royal Commission of Inquiry (RCI) report to the public, asserting that it has already addressed the commission’s findings on events prior to 2018 and has “since moved on.”
In a statement issued today, the pilgrims’ fund board revealed that it has already implemented 75 per cent of the RCI’s recommendations. These measures were designed to overhaul governance and safeguard the wellbeing of depositors, with the remaining recommendations currently being finalised.
The response follows an announcement by Communications Minister Datuk Seri Fahmi Fadzil that the Cabinet has agreed to declassify the report and table it for debate in a special sitting of the Dewan Rakyat.
Crucially, the government has also ordered enforcement agencies to launch immediate investigations into the report’s findings to ensure any lawbreakers are brought to justice.
The release of the report ends a period of strategic secrecy. Prime Minister Datuk Seri Anwar Ibrahim explained last week that the previous administration had withheld the findings to prevent a potential crisis of confidence, fearing that public panic could trigger mass withdrawals and destabilise the fund.
However, TH maintains that it has since fortified its balance sheet and rebuilt its reserves. This financial recovery is highlighted by a profit distribution rate of 3.5 per cent for the 2025 financial year, the fund’s highest payout in eight years. The Cabinet noted that this rate is a clear indicator of TH’s improved financial standing.
Today, TH also noted that it has managed to cap the cost of performing haj at RM33,300 per person for three consecutive years.
As the RCI report is expected to shed light on long-standing allegations regarding the sale of TH’s strategic assets, the fund reiterated its commitment to protecting depositors’ interests and operating with absolute integrity and responsibility.
