KUALA LUMPUR, Nov 10 ― A firm with pilgrims’ fund Lembaga Tabung Haji has dismissed allegations that it was involved in a money laundering case involving Saudi prince Al-Waleed Talal who was recently arrested in what was called an anti-corruption drive in the kingdom.

TH Properties Sdn Bhd (THP), the wholly-owned property development arm of the fund, acknowledged it has several investments in residential projects with under-fire Sydney-based developer Piety Group.

But the firm said accusations of its involvement with money laundering were “tainted”, baseless and false.

“All investments are made directly by THP from internal funds; under no circumstances that THP has in the past or at any material point of time, sought or secured funds from Crestmount Capital or other external investors.

“THP has obtained all required regulatory approvals in Malaysia and Australia for its projects in Sydney,” it said in a statement here today.

The allegations were based on a report by Australia Financial Review (AFR) that Crestmount Capital, a Middle Eastern fund run by Prince Khaled, son of Prince AI-Waleed had closed a A$100 million (RM322 million) investment into Piety Investments, a Sydney residential developer.

The group said it was not privy to any dealings between Crestmount Capital and Piety Group and any insinuation that Crestmount Capital funds were tainted were been made by the blogger alone.

“As an organisation with responsibility to its depositors, TH Group is concerned about wild and inaccurate allegations made against the Group that may adversely affect its reputation and create unwarranted anxiety amongst depositors,” it said.

“TH Group has, to its level best, ensured that its business and investments are carried out effectively in accordance with Islamic principles, through good corporate governance and best business practices giving priority to integrity, transparency  and accountability.”

Prince Al-Waleed was reportedly arrested last weekend for a wide range of corruption by his own government, and his assets, along with those of his family members, are in the process of being frozen.

His son Khaled Al Waleed Talal, was said invested A$100 million into various property developments in Sydney, partnered with a subsidiary of Malaysia’s Tabung Haji, TH Property.

 A local blog had claimed that in light of the link with the prince, Tabung Haji’s role in laundering money must be assumed.