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