Yapeim denies losing RM12m in gold pawn scheme, mulls legal action


Modified 28 May 2019, 2:54 pm

The Islamic Economic Development Foundation (Yapeim) today dismissed a news report alleging that it lost RM12 million through a gold pawn scheme involving 1,000 Ar-Rahnu customers.

Yapeim board of trustees chairperson Mohd Daud Bakar said an audit report by PricewaterhouseCoopers and a recent internal report showed that 17,053 of its clients involved in its Ar-Rahnu scheme received surplus payments totalling RM5.4 million.

He said unclaimed jewellery totalled 388kg and is valued at RM62 million – not 300kg with a value of RM80 million as alleged in the news report.

"There were no RM12 million losses as alleged, instead Yapeim received a total of RM9.4 million in income from safekeeping fees,” he said in a press conference in Kuala Lumpur today.

The news report had cited a confidential government document related to the foundation's expenses.

Following this, Daud said Yapeim was giving the news portal until Friday to issue an apology, failing which the foundation will consider legal action.

"We will be seeking legal advice on whether we should take legal action after the deadline given.

"We are taking this matter very seriously, as the allegations are not only baseless, but have implications on Yapeim's reputation,” he said. 

Share this story

By posting a comment, you agree to our Terms & Conditions as stipulated in full here


Foul language, profanity, vulgarity, slanderous, personal attack, threatening, sexually-orientated comments or the use of any method of communication that may violate any law or create needless unpleasantness will not be tolerated. Antisocial behaviour such as "spamming" and "trolling" will be suspended. Violators run the risk of also being blocked permanently.


Please use the report feature that is available below each comment to flag offending comments for our moderators to take action. Do not take matters in your own hands to avoid unpleasant and unnecessary exchanges that may result in your own suspension or ban.