KL orders probe into fund's losses

KL orders probe into fund's losses

MALAYSIA: Malaysia has ordered a probe into its pilgrims fund, which is one of the stock market's biggest investors, following reports that it had lost millions in a high-risk deal, the Bernama news agency said on Monday.

"I hope that those conducting the investigation will not hesitate to interview anyone that may be implicated in the investment which caused the losses," Deputy Prime Minister Abdullah Badawi was quoted as saying by the state news agency.

Tabung Haji, which collects monies from pilgrims in the mostly-Muslim country to perform their Haj in Mecca, was reported last week to have suffered up to 500 million ringgit (US$132 million) in losses after a bad deal with a local fund manager.

Details of that investment have not been publicly released, although officials said later that the losses were much lower than initially estimated, at only around 80 million ringgit. --Reuters