Governance storm looms over Maybank
Malaysia's largest bank under scrutiny following the shocking dismissal of its group CFO.
A short one today. Tomorrow I have longer piece on some Putrajaya goodies, including our own weird version of DOGE. I kid you not.
I’m expecting a heavy week and it’s funny that despite us being a small country – okay, not tiny as Singapore – there’s just a lot to cover. Never a dull moment in Malaysia.
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Malaysia’s largest bank by market value rarely excites anyone other than investors wanting dividends. But there’s the occasional blip such as the abrupt dismissal of its group chief financial officer.
On Monday, Maybank announced in a bourse filing the departure of its GCFO Khalijah Ismail with immediate effect, following an internal inquiry. The bank didn’t elaborate.
Khalijah, however, fired back, claiming wordplay – that her departure was in fact a termination, and vowed to take legal action “to protect her reputation” in a strongly-worded statement to business publication The Edge:
“I strongly disagree with the bank’s decision. No specific reasons were given for my termination, other than a claim that the bank has lost trust and confidence in me. I categorically deny any wrongdoing.”
This entire episode is turning out to be more than just a storm in the tea cup, casting a spotlight on Maybank and its group CEO Khairussaleh Ramli’s leadership.