Speaking at a press conference today, Rafizi alleged that TH invested in FGV despite knowing that its shares were dropping.

He said the shares that TH bought for RM1.3 billion were now worth only RM454 million.

“Even though FGV shares were plunging, Tabung Haji did not take any action to protect depositors’ funds of RM1.3 billion which it invested in FGV,” he said.

He alleged that there was “clearly an instruction from the higher ups” for TH to keep the shares.

“TH’s action of keeping the FGV shares, making it lose RM933 million, was obviously related to FGV’s position as Prime Minister Najib Razak’s main initiative.”

TH holds 7.78% of FGV shares, making it the third largest shareholder in the company.

Rafizi called for an “immediate stop” to political interference to prevent further losses to TH.

“The first step to take in assuring the public that TH is free from political interference is to replace its current chairman,” he said, referring to Baling MP Abdul Azeez Rahim.

“I will repeat this again and again until the government replaces Azeez with someone more worthy. With all that is happening now, there is enough reason to remove him from TH.”