Summary

  • Bank Rakyat says the dismissal of former Yayasan Bank Rakyat (YBR) CEO Syaiful Rizal Abdul Ghani followed proper legal procedures.

  • The bank refutes Syaiful’s claim that he was dismissed unlawfully as inaccurate, urging respect for ongoing court proceedings.

  • It reaffirms commitment to good governance and YBR’s mission, free from undue influence.

Bank Rakyat has denied claims alleging that a former CEO of Yayasan Bank Rakyat (YBR) was dismissed suddenly and unlawfully.

Dismissing the allegations made by former YBR CEO Syaiful Rizal Abdul Ghani, Bank Rakyat asserted that his termination was carried out following proper procedures and legal provisions.

While calling on all quarters to respect ongoing court proceedings, the financial institution also insisted that the claims are “inaccurate” and do not reflect the actual situation.

“Bank Rakyat emphasises that it consistently upholds the principles of corporate governance, integrity, transparency, and accountability in all aspects of management, including in its role as the founder of YBR.

“Any decisions involving the management of YBR have been executed through appropriate processes and based on the mandate and authority provided under existing laws and regulations,” it said in a statement today.

YBR was registered in 2007 under the Trustees (Incorporation) Act 1952 to help less fortunate Malaysians in the fields of education and human capital development.

Bank Rakyat also urged all parties to refrain from making any speculations or spreading unverified statements that may confuse the public.

“Bank Rakyat deeply values the trust and continued support from all stakeholders in our efforts to handle this matter professionally and responsibly.

“Bank Rakyat remains committed to ensuring that YBR can continue to fulfil its role in supporting national education, community development, and social agendas through efficient, prudent, and accountable management free from any influences that are inconsistent with these values and objectives,” it added.

RM36m lawsuit

In a suit filed at the Kuala Lumpur High Court on June 5, Syaiful and four other plaintiffs claimed they were dismissed from YBR suddenly without valid reasons and without complying with the management code of conduct.

Former YBR CEO Syaiful Rizal Abdul Ghani

The lawsuit filed by legal firm Amelda and Partners sought over RM36 million in damages.

Syaiful told a press conference on Monday (June 30) that while the source of authority for his appointment was from YBR’s board of trustees, his service was terminated by the newly established executive committee.

He asserted that, according to the law, the committee does not have the power to take over the role of YBR’s board of trustees.

Former CEO sues Bank Rakyat and foundation, claims over RM36m

Former CEO sues Bank Rakyat and foundation, claims over RM36m