What Tabung Haji’s buyback numbers really told us

Tabung Haji had originally bought the TRX land from 1MDB in 2015 for RM188.5m. Urusharta Jamaah was never simply a warehouse holding Tabung Haji’s property in trust. Eight years of dedicated rehabilitation under a special purpose vehicle, and the bulk of the pool has still not earned its way back onto Tabung Haji’s books. The failure does not sit with Tabung Haji’s handling of the 2018 restructuring, nor with Urusharta Jamaah’s stewardship since. The royal commission report has now put much of the root cause of Tabung Haji’s troubles on record.