Shamim Adam
Bloomberg
March 10, 2016
For Malaysia’s 18 million Muslims, the ultimate in holy duty is to travel to Mecca, a pilgrimage that can require decades of saving. Now the fund that holds much of their money is under a cloud, a fresh challenge for a scandal-hit government.
Concerns over unpopular and unprofitable investments at the government-linked fund may erode loyalty to Prime Minister Najib Razak among his main supporters — rural-based ethnic Malays — and potentially do more damage than a clutch of political funding probes that have been running for months.
The premier has so far weathered the fallout from a $681 million donation investigation and alleged financial impropriety at state investment company 1Malaysia Development Bhd. But controversy over the Hajj fund known as Lembaga Tabung Haji — a statutory agency under the Prime Minister’s Department — cuts to the heart of religion in the secular Muslim nation, and the fund has almost 9 million depositors. Continue reading “Fears Over Malaysia Mecca Fund Test Najib’s Main Support Base”