‘Irregularities affect TAIB’s profit, image’

BANDAR SERI BEGAWAN
Monday, January 18, 2016 

NEGLIGENCE and failure to obey standard operating procedures (SOP) have resulted in Tabung Amanah Islam Brunei’s (TAIB) decision to let go of several officers, its chairman said on Saturday.

In his speech, Yang Berhormat Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Hj Awang Halbi Hj Mohd Yusof said that their irresponsible actions have not only affected the institution’s earnings but also threatened its “overall image and credibility”.

“The TAIB board of directors has regretfully agreed to endorse the TAIB Disciplinary Committee’s decision to let go of some of the officers involved,” said YB Pehin Major General (Rtd) Dato Hj Awg Halbi at the TAIB annual dinner.

He urged other staff to ensure such incidents do not repeat and for them to learn from the “disappointing matter”.

The chairman provided no further clarification on the incident in his speech. When contacted by The Brunei Times, no comment was given regarding the statement.

YB Pehin Major General (Rtd) Dato Hj Awg Halbi noted that unfavourable market conditions had also affected TAIB’s earnings for the year 2015 whereby they recorded $50.4 million before auditing. It was unclear how much TAIB recorded in 2014.

Despite the decrease in earnings, the chairman said that TAIB had managed to collect over $40.2 million in excess from zakat (tithe) while also maintaining its ‘hibah’ rates (gift funds) as 2014.

Additionally, earnings from corporate financing had increased by 87 per cent, bad debts recovery by 400 per cent and treasury placement marked an increase of six per cent last year.

In view of the financial institution’s promising performance in 2015, the chairman urged all staff members to work together and be responsible in assuring that all strategies and activities lined up for the year 2016 goes as planned.

“I hope that all staff and management continue to intensify their efforts in implementing its various strategic plans with its business strategy that is more dynamic, professional, ethical and committed to achieve high business and investment returns,” he said. — Nabilah Haris


Sumber - The Brunei Times