‘Reading it made my blood boil’ — Syed Saddiq reveals seven TH investments suffered 100 per cent losses

He claimed that more than RM1.5 billion was paid upfront to Al-Rawda, which acted as an intermediary in the investment.

16 Aug 2026 01:33pm

Muar MP Syed Saddiq Syed Abdul Rahman said the investment in Al-Rawda recorded the largest loss at RM1.864 billion, with a substantial amount also paid to the company as an advance or “upfront” payment.

SHAH ALAM — “I have just received a written ministerial reply on seven Tabung Haji (TH) investments that suffered 100 per cent losses. The worst is the Al-Rawda Real Estates (Al-Rawda) investment. Reading it really made my blood boil.”

That was the reaction of Muar MP Syed Saddiq Syed Abdul Rahman after receiving a written reply in the Dewan Rakyat on seven TH investments that recorded total losses of RM2.581 billion, based on the investment values written down by 100 per cent.

The investment in Al-Rawda recorded the largest loss at RM1.864 billion, with a substantial amount also paid to the company as an advance or “upfront” payment.

Syed Saddiq claimed that more than RM1.5 billion was paid upfront to Al-Rawda, which acted as an intermediary in the investment.

“There was no bank guarantee. The due diligence was a mess. TH’s protection was merely a promissory note backed by a personal guarantee,” he said in a Facebook post on Sunday.

During the winding-up debate on the Royal Commission of Inquiry (RCI) report related to TH at a special Dewan Rakyat sitting last Tuesday, Finance Minister II Datuk Seri Amir Hamzah Azizan said seven of the 14 problematic investments made by TH had suffered 100 per cent losses.

He said TH was also forced to bear estimated losses of nearly RM13 billion from the 14 problematic investments, mainly due to financial and investment misconduct.

Syed Saddiq, who is also former Muda president further questioned the benefits of the investments to pilgrims, claiming that the accommodation facilities planned under the investments were not provided as intended.

He said rental income from the investments had also stopped for years.

“The accommodation benefits for pilgrims were not received as planned. Rental collections stopped for years.

“Billions of ringgit were paid, yet there are no returns to show. It is baffling,” Syed Saddiq said.

The written reply also listed six other investments that suffered 100 per cent losses: Trurich Resources Sdn Bhd (RM364.31 million), Putrajaya Perdana Berhad (RM193.49 million), Al-Fareeda Residential Fund (RM82 million), Abraj Sdn Bhd (RM40.23 million), Emrail Sdn Bhd (RM19.30 million) and Wellspring Worldwide Ltd (RM18 million).