The PwC report, which was included in Tabung Haji's 2017 Financial Position Review, showed that there was no impairment of investment in THHE to the tune of RM326 million. There was also no impairment of investment in Pelikan International Corp Bhd (RM152 million), impairment of financing receivable from Marine 1 (L) Inc (RM25 million), and fair value losses in investment properties (RM77 million). This totals up to RM580 million.
KUALA LUMPUR (Dec 11): Lembaga Tabung Haji failed to recognise a total of RM549 million ($180.4 million) in impairment losses of investments in several associate companies and subsidiaries as well as fair value losses in investment properties and impairment of investment in available-for-sale (AFS) debt security, according to a report by PricewaterhouseCoopers (PwC) made available yesterday.
This comes days after the 2017 Auditor-General's Report revealed that the pilgrims fund board had failed to report an asset impairment totalling RM227.81 million from its investment in three subsidiaries and three associates, including a RM164.58 million investment in TH Heavy Engineering Bhd (THHE).
