KL orders probe into fund's losses<\/p>\n
MALAYSIA: Malaysia has ordered a probe into its pilgrims fund,
\nwhich is one of the stock market's biggest investors, following
\nreports that it had lost millions in a high-risk deal, the
\nBernama news agency said on Monday.<\/p>\n
"I hope that those conducting the investigation will not
\nhesitate to interview anyone that may be implicated in the
\ninvestment which caused the losses," Deputy Prime Minister
\nAbdullah Badawi was quoted as saying by the state news agency.<\/p>\n
Tabung Haji, which collects monies from pilgrims in the
\nmostly-Muslim country to perform their Haj in Mecca, was reported
\nlast week to have suffered up to 500 million ringgit (US$132
\nmillion) in losses after a bad deal with a local fund manager.<\/p>\n
Details of that investment have not been publicly released,
\nalthough officials said later that the losses were much lower
\nthan initially estimated, at only around 80 million ringgit.
\n--Reuters<\/p>",
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