Changes imminent in Mara Corp

Issues pertaining to Mara Corp should be addressed for it to be successful in its operations

by AZREEN HANI / pic by TMR FILE

MARA Corp Sdn Bhd may see several changes in its firm following the recent changes at the Majlis Amanah Rakyat (Mara) council.

To date, four Mara council members — Datuk Siti Zauyah Md Desa, Prof Datuk Dr Kamal Nasharuddin Mustapha, Datuk Jamelah Jamaluddin and Datuk Nor Azri Zulfakar are no longer serving at the organisation.

The only remaining Mara council members are Datuk Mohamed Farid Mohamed Zawawi, Zainal Abidin Kidam and Datuk Seri Md Alwi Che Ahmad.

“With these changes, it is likely that Mara Corp will also undergo a similar exercise,” an industry source told The Malaysian Reserve (TMR).

“It is not unusual because that is what happen with every change of leadership,” the source added.

The current chairman of Mara is Datuk Seri Azizah Mohd Dun, Beaufort MP, from Parti Pribumi Bersatu Malaysia.

Another Bersatu member, Datuk Suhaili Abdul Rahman is the ED of Mara Corp.

According to sources, issues pertaining to Mara Corp — credited to be the brainchild of Prime Minister Datuk Seri Ismail Sabri Yaakob — should be addressed for it to be successful in its operations.

“Mara Corp is his (PM) brainchild, and it should be about promoting the Bumiputera agenda forward. It should not be used as a political tool. Let the professionals do what they were set out to do,” the source added.

“Which is why I believe the government will scrutinise and likely have more changes. The firm should be operating just like other investment companies.”

Mara Corp — created to be Mara’s investment holding company — is tasked to provide proper, strategic business direction for these firms to ensure profitable returns and dividends for the government and ultimately, the people.

The net worth of Mara companies is said to be up to RM1.4 billion.

Earlier this year, 20 Mara Corp’s top executives were dismissed from the firm, resulting in at least half of these sacked execs taking the issue to industrial court in May.

They were claiming unjust dismissal without proper notice, according to sources.

The group had said it is open for discussion, and not ruling out the out-of-court settlement.

“At the end of the day, we are professionals, we just want to do our job the best we can for the nation, it is better to have it resolved peacefully,” the sources told TMR in September.

The industrial court has set tomorrow for the hearing of the case.

The 20 top professionals, including former CEO Datuk Badlisyah Abdul Ghani, were recruited in December 2020 from outside the agency to form a subsidiary that was put in charge of all commercial undertakings of Mara, an agency under the Rural Development Ministry.