“Minister in the Prime Minister’s Department Jamil Khir Baharom and TH Chairman Abdul Azeez are responsible.”

It would be strange, said former New Straits Times Group Editor-in-Chief Kadir Jasin, if TH had not been given a warning (on the delay) as a non-bank financial institution governed by Bank Negara.

“Prime Minister Najib Abdul Razak and TH Chief Executive Officer Ismee Ismail will be held responsible if Tabung Haji runs into financial difficulties.”

Kadir recalled that TH, after GE13, paid dividend and bonus exceeding its profits, probably by dipping into its reserves. “The immediate worry is the effect of the economic downturn, the drastic fall in the stock market and TH’s exposure to the 1MDB scandal on its financial performance.”

Apart from the controversial purchase of land from 1MDB at the Tun Razak Exchange (TRX), the pilgrims’ savings fund also gave large loans to 1MDB through bond purchases, he added. “If something negative happens and threaten the interests of the depositors and their savings, it will affect confidence in the institution.”

The majority of TH depositors are from among the poor, noted Kadir, and all they wanted was to be able to go on the haj (pilgrimage) some day. If that objective is compromised, he said, it can be likened to economic sabotage.

Kadir was commenting on TH’s unusual delay in announcing dividend and bonus for the last year. “The announcement on the declaration of dividend and bonus for 2015 was to have been made on January 22.”

Last year, reminded Kadir, the announcement on the dividend and bonus declared on 2014 were made on January 22. “It was eight per cent.”

The latest that TH had announced the declaration of dividend and bonus was on 30 January 2014 for the year 2013 and on 7 February 2013 for the year 2012.