Bank Rakyat has clarified that the termination of Syaiful Rizal Abdul Ghani, former Chief Executive Officer of Yayasan Bank Rakyat (YBR), was executed in full compliance with established procedures and applicable legal frameworks.
In an official statement, the bank underscored that all decisions relating to the foundation’s management were undertaken through proper governance channels and in accordance with the authority vested under current regulations.
“Bank Rakyat prioritises corporate governance, integrity, transparency and accountability across all levels of its operations, including in its capacity as the founding body of YBR,” the statement read.
The bank also appealed to the public to refrain from engaging in speculation or disseminating inaccurate information that may contribute to public confusion. It called on all parties to respect the legal process currently underway.
The clarification follows a report by Malaysiakini that Syaiful has initiated legal proceedings against YBR, seeking in excess of RM36 million in compensation. The suit, filed on 5 June at the Kuala Lumpur High Court, includes a demand for a declaration that the termination of his contract — along with those of four other senior officers — was unlawful.
According to the filing, Syaiful and the other plaintiffs contend that their dismissals were abrupt, without valid justification, and contravened governance protocols. Syaiful further asserted that while his appointment was made by the YBR board of trustees, his termination was carried out by an executive committee that had only recently been established. He claimed this body lacked the legal authority to assume the powers of the board.
The additional plaintiffs in the suit are Mukhti Abd Rahman (former Head of Operations), Ghazali Zainal Abidin (Head of Secretariat), Khairul Na’im Aripan @ Arifin (Head of Corporate Administration), and Johary Abdul Jalil (Human Resources and Administration Manager).
-FMT
