Mara Corp sacked Badlisyah’s team, to pay one month notice

by AFIQ AZIZ/ FILE PIX

Mara Corp Sdn Bhd has terminated a group of professional who were brought into the organisation by CEO Datuk Badlisyah Abdul Ghani in October 2020.

The letter of termination dated Jan 28, stated the reason for the cessation of employment was done after the management found out that their appointment had not been budgeted for.

The letter, signed by acting group CEO Noor Irwan Marmin also stated that the position was not approved in accordance with the Company’s Limit of Authority.

It further said it will be unsustainable for the company’s financials to continue with their employment.

The one month termination termination notice is effective on Mar 1, 2021. The letter was sighted by The Malaysian Reserve (TMR).

On Jan 21st, TMR reported that Majlis Amanah Rakyat (Mara) may have to pay up to RM10 million to Badlisyah and his group of professionals comprising some 20 people.

It is understood that Badlisyah was allowed to bring in his own management team of “specialists” to unlock value for Mara Corp’s commercial assets amounting to about RM400 million.

However, Badlisyah, who was appointed in September, was sent to garden leave two months later and said to be suspended for an unknown reason.

To nullify the contract of the group would need Mara to pay the full sum of RM10 million as they still has 20-month contract.

However, according to the letter, the individuals were given one month notice starting Mar 1 – which Mara Corp said is also accordance to their term and notice in the letter of appointment.

It is unknown if the Mara Council has met up to finalise on the matter.

In the previous TMR report, Mara DG Datuk Azhar Abdul Manaf said the decision derived at Mara Corp is purely a “corporate decision”.

According to a source, the group is expected to seek for legal advice, among others to bargain a better compensation for the termination.

TMR has reached to Mara Corp for response.

Read our previous report here:

Mara may face hefty bill for Badlisyah’s exit