PricewaterhouseCoopers Highlights Financial Misreporting at Lembaga Tabung Haji
A Royal Commission of Inquiry (RCI) has revealed that Lembaga Tabung Haji (TH), a Malaysian Islamic pilgrimage fund, should have reported a net loss of RM1.4 billion for the 2017 financial year instead of the RM3.4 billion profit it declared. The findings, which align with a financial review by PricewaterhouseCoopers (PwC), indicate that TH's financial position was critical due to a persistent deficit between assets and liabilities since 2014. PwC's review highlighted that TH failed to conduct necessary impairment assessments on various investments and did not comply with financial reporting standards. The RCI report also criticized TH's management for engaging in creative accounting practices to declare high profit distributions, known as hibah, which were beyond its financial capacity. 
