Kuala Lumpur — Lembaga Tabung Haji (TH) is actively working to recover an arbitration award of 899 million Saudi riyals from Al-Rawda Real Estates Development & Project Management Co Ltd, a Saudi-based property developer. The agency is utilizing asset tracing as part of its ongoing efforts to reclaim the funds. The pursuit comes amid broader discussions about financial accountability and international legal processes. TH has not disclosed the exact timeline for the recovery process, but officials have emphasized the importance of resolving the matter through legal channels.
The case highlights the challenges faced by Malaysian institutions in recovering funds from foreign entities. While no specific details have been released about the nature of the arbitration or the legal steps taken so far, TH has confirmed that asset tracing remains a key strategy. This approach involves identifying and tracking financial assets held by the company in various jurisdictions. The agency has not commented on potential diplomatic or legal pressures from Saudi authorities.
Recent reports suggest that TH is also addressing concerns about asset management and transparency. A separate statement from the agency clarified that no assets belonging to TH have been sold to non-Muslims or Chinese individuals. This comes as part of broader efforts to ensure compliance with religious and legal standards. The issue remains under review, with no immediate resolution expected.
