Nik Mohd Hasyudeen Yusoff has been appointed the new group managing director and chief executive officer of the Pilgrims Fund Board (TH) effective September 1.
Minister in the Prime Minister’s Department Mujahid Yusof Rawa said that Hasyudeen succeeds Zukri Samat who has terminated his contract of service for health reasons. Zukri has had his third Angioplasty surgery in as many years.
Zukri originally signed on to a two year contract to be the CEO of Tabung Haji. He effectively served half of that period.
Last December, the government of Malaysia revealed that TH had illegally paid dividends to its depositors since 2014. The Tabung Haji Act of 1995 states that in order to distribute dividends, its assets must exceed its liabilities.
However, as of 2017, Tabung Haji had RM74.4 billion in liabilities, compared to RM70.3 billion in assets. By December 2018, TH had transferredabout RM19.9 billion worth of its underperforming assets to a Special Purpose Vehicle, called Urusharta Jemaah to restructure their debts.
Long Road To Recovery For TH
Nik Mohd Hasyudeen, 54, holds an MBA from Curtin University of Technology, Australia, has attended the Advanced Business Management Programme at the International Institute for Management Development (IMD) in Switzerland, is a Fellow of Certified Practising Accountants (CPA) Australia and a Member of the Malaysian Institute of Accountants (MIA).
He had been appointed to the boards of several companies including BIMB Holdings Berhad; Bank Islam Malaysia Berhad; BIMB Investment Management Berhad; Cagamas Holdings Berhad; TH Plantations Berhad; Malaysia Professional Accountancy Centre (MyPAC); Federation of Investment Managers Malaysia (FIMM) and Al Hijrah Media Corporation.
Nik Mohd Hasyudeen had also been appointed as the executive director of Market and Corporate Supervision and executive chairman of the Securities Commission of Malaysia Audit Supervisory Board and as extensive experience and expertise in accounting, corporate finance, capital markets and Islamic banking.