TH’s portfolio includes over 150 properties worldwide and stakes in over 100 listed companies.

“If we simply impair or cash out on our bad investments, depositors will start withdrawing,” the Singaporean daily quoted an unnamed official as saying.

But ST cautioned that such an exercise “will take years to bear fruit”.

A senior official also told the daily that TH had “faked last year’s accounts to justify its dividend payout” of up to 6.25% in February, a few months before the May 9 polls, which saw Pakatan Harapan wrest Putrajaya from Barisan Nasional.

This, ST reported, amounted to RM2.7 billion, just shy of a net profit of RM2.8 billion.

The fund, it added, has yet to present its audited 2017 accounts, following changes made to its top management and board after the 14th general election.

Just two days ago, TH lodged police reports against its former chairman, Abdul Azeez Abdul Rahim, former chief executive officers Ismee Ismail and Johan Abdullah, as well as senior management staff.

It said the reports lodged were the first following internal investigations into past transactions, spearheaded by the new management, since July 2018.

The senior staff in question are chief operating officer Adi Azuan Abdul Ghani, chief financial officer Rozaida Omar, legal adviser Hazlina Mohd Khalid and senior general manager for corporate services and real estate Rifina Md Ariff.

The first report involves Yayasan Tabung Haji’s (YTH) 2017 programme where funds totalling over RM22 million were disbursed for activities with political inclinations.

The second report against Ismee, Hazlinda and Rifina is related to alleged misrepresentations and withholding of material information involving TH’s 2012 sale of 95% shareholdings in PT TH Indo Plantations.