Amanah deputy president Salahuddin Ayub today reiterated that Tabung Haji's decision to sell off valuable assets in London for short-term gain would be akin to 'slaughtering its own future' as a sustainable pilgrimage fund.

"If such a practice continues and is accepted as part of Tabung Haji's corporate practice, it would be akin to 'slaughtering' assets' just to create a positive picture for current political times," said Salahuddin at a press conference at Amanah's headquarters in Kuala Lumpur.

"During Amanah's (recent) meeting with Tabung Haji, Bank Negara's advice to Tabung Haji was an important point discussed," added Salahuddin, referring to the advisory notice from Bank Negara that raised concerns over the fund's reserves and financial practices.

After speculation over its purportedly negative reserves, Tabung Haji recently announced a five percent dividend for depositors and a three percent bonus for those who have yet to perform their haj.

London’s Financial Times on Feb 1 had highlighted a trend of Malaysian investment funds, including Tabung Haji, selling off their prime UK properties in what it described as a sign of 'growing financial woes' at home.

It was also reported that Tabung Haji had, in October last year, sold an office building at Buckingham Palace Road for about 250 million pounds sterling (about RM1.5 billion) – 22 percent more than the purchase price two years earlier.

Commenting further, Salahuddin said the issues raised by Bank Negara are still relevant today despite Tabung Haji having announced the bonus payouts.

"The issues raised by Bank Negara are still relevant. The problems identified were not based on a negative perception but real issues (that must be addressed)," he said.

Salahuddin claimed this was because figures that would be tabled some time next month in Tabung Haji's financial report do not reflect its current operations, but rather are based on "extraordinary" profits obtained due to revaluation and sale of its overseas assets.

Amanah communications director Khalid Samad, meanwhile, also said that the public should not be deceived by Tabung Haji's bonus payout and its upcoming financial report.

"Its current operations is not providing the kind of returns (needed) to post a profit," he said.

Tabung Haji in a statement yesterday had once again reassured depositors that their savings are safe and there was no element of 'creative accounting' as alleged by certain quarters.