Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says there is no conflict in 1MDB's Tun Razak Exchange land deal, despite reports of the contrary. – The Malaysian Insider pic by Seth Akmal, May 9, 2015.Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim has insisted that there was no conflict in the land purchase because its group managing director Tan Sri Ismee Ismail – who is a director of 1Malaysia Development Berhad (1MDB) – stayed out of the negotiations.
He said it was Ismee's deputy, Datuk Johan Abdullah, who led the Tabung Haji team in the negotiations with 1MDB and therefore, it was done at arm's length.
Sorry Mr Chairman, we think you need a lesson in corporate governance.
Johan is conflicted because he is a director and chairman of Edra Global Energy Berhad, which is 100% owned by 1MDB. The conflict is clear.
Tan Sri Abdul Samad Alias and Tan Sri Mohd Irwan Serigar Abdullah – members of Tabung Haji's investment panel – are also conflicted as they are on 1MDB's advisory panel.
The only people, who appears to not be conflicted and who gave an independent view, were members of Tabung Haji's risk management committee.
The committee stated clearly that the purchase was a high risk – a point that the management, investment panel and advisory board chose to ignore.
If Azeez truly wants to make right what was obviously, a big wrong, he should rescind the deal and get the RM188.5 million back from 1MDB.
Unless of course, he is saying Tabung Haji cannot do so because 1MDB needs the money to service a debt payment that is due soon.
In that case, don't get upset Mr Chairman when the public says Tabung Haji is helping to bail out 1MDB.
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