Crisis, cuts, and costly bets
Maybank reels, ministries brace, ARM deal questioned.
Today’s edition is a mixed spread: a brewing corporate storm at Maybank, government agencies bracing for restructuring, and a fresh look at Malaysia’s billion-ringgit ARM semiconductor deal.
Also, if you missed the double feature on Bursa-listed CTOS, you can catch up here 👇🏾
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Over the weekend, The Edge published a detailed report on the sacking of Maybank’s former chief financial officer (CFO), Khalijah Ismail.
The story outlined how Khalijah became the target of a scam attempt in April 2024, with fraudsters impersonating Maybank Singapore CEO Alvin Lee and Maybank Group CEO Khairussaleh Ramli.
She was allegedly instructed to transfer nearly US$1 million to a Hong Kong company.
Khalijah initiated the payment but grew suspicious and eventually managed to stop the transaction before any money was lost.
According to The Edge, Maybank’s internal inquiry faulted her for a series of lapses: failing to verify the requests properly, delays in escalation, and breaches of internal reporting procedures.
Khalijah has firmly denied wrongdoing. In her response to the bank’s show-cause letter, she argued that she acted swiftly once red flags appeared and ultimately protected Maybank from financial loss.
She has since filed a complaint of wrongful dismissal at the Industrial Court.
Maybank, for its part, responded to The Edge by saying the article was inaccurate, incomplete, and published without the bank’s knowledge or endorsement.
It also noted that the matter is now before the Industrial Court and warned that the article could prejudice the proceedings. The bank said it is seeking legal advice.
With the case now in court, much remains under wraps.
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