THP denies allegation of involvement in money laundering

KUALA LUMPUR: TH Properties Sdn Bhd (THP), the wholly-owned property development arm of Lembaga Tabung Haji (TH), yesterday denied any allegation of involvement in money laundering.

This is based on an unsubstantiated allegation that has been made by a blogger that TH must be assumed to have had a role in laundering money owned by Prince Al-Waleed bin Talal, THP said in a statement.

The allegation seems to be based on a March 2017 news report that Crestmount Capital, a Middle Eastern Fund run by Prince Khaled, son of Prince Al-Waleed bin Talal,  had closed a A$100 million investment into Piety investments, a Sydney residential developer.

“The allegation that TH and its subsidiary are involved in money laundering is false and baseless.

‘’TH and its subsidiary reserves all rights in this matter,” said the statement. TH has several investments with the Piety Group in developing residential projects in Sydney.

All investments were made directly by THP from internal funds, under no circumstances that THP has in the past or at any material point of time, sought or secured funds from Crestmount Capital or other external investors,” THP explained.

THP also said it has obtained all required regulatory approvals in Malaysia and Australia for its projects in Sydney.

“THP is not privy to any dealings (if any) between Crestmount Capital and Piety Group. The insinuation that Crestmount Capital funds are tainted has been made by the blogger alone, for which he or she must bear sole responsibility,” THP said.

As an organisation with responsibility to its depositors, TH Group said it was concerned about wild and inaccurate allegations made against the group that may adversely affect its reputation and create unwarranted anxiety among depositors.

“TH Group, has, to its level best, ensured that its business and investments are carried out effectively in accordance with Islamic principles through good corporate governance and best business principles giving priority to integrity, transparency and accountability,” THP added. — Bernama

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