I REFER to the two announcements in the media on Monday, on Mara Corporation Sdn Bhd’s (Mara Corp) signing of a memorandum of understanding (MoU) with Lynas Malaysia Sdn Bhd and Majlis Amanah Rakyat’s (Mara) subsequent statement.
I do not want to go into any detail on the Lynas project. What irks me is Mara issuing a statement which runs contrary to its subsidiary, Mara Corp, reflecting badly on the corporate governance of both organisations.
In any normal organisation, the signing of an MoU or agreement would have to be pre-approved by the board of directors.
On Tuesday, Mara Corp issued a statement, saying that the signing of the MoU had gone through their due process and was approved by their board of directors. This statement by Mara Corp worsens the situation since the director-general of Mara and another Mara council representative sit on its board of directors.
Bearing this in mind, the premature statement made by Mara on Monday is tantamount to “washing dirty linen in public”. I cannot help but feel that Mara seems to be taking a “defensive” stance, perhaps due to the controversies surrounding Lynas created by certain politicians.
Mara was formed to aid, train and guide Bumiputeras in business and industry. The approach taken by Mara creates a very bad perception of its practises, which may raise questions about its competence and credibility to guide entrepreneurs.
This matter could have been sorted out internally, and whatever the circumstances, both parties should have discussed it and perhaps come out with a joint-statement.
I believe Mara blundered with the statement and it should get its act together! – November 7, 2019.
* Julia M of Cheras reads the Malaysian Insight.
* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight.