KUALA LUMPUR: In a shocking development, Malayan Banking Bhd, Malaysia’s largest banking group by asset size, has announced the immediate departure of its Group Chief Financial Officer (GCFO), Khalijah Ismail. According to a brief filing with Bursa Malaysia, the exit follows an internal inquiry. However, Khalijah has strongly disputed this account.
Rather than a resignation, Khalijah asserts that her departure was a termination, and she intends to take legal action to challenge the decision, seeking to safeguard her professional reputation after more than 33 years of service.
The abrupt nature of her exit has raised numerous questions. What findings led to the internal inquiry, and why was a veteran executive removed so suddenly? If Maybank had valid reasons for the decision, why does the former CFO believe she has grounds for legal recourse? The details remain unclear, as the bank has kept information tightly under wraps.
Despite the growing controversy, Bank Negara Malaysia seems to be distancing itself from the issue. During a conference call with Maybank’s management, an analyst reported that the central bank had been informed but had no plans for regulatory action.
“Management stated that this was an isolated case and that Bank Negara had been notified. No further regulatory action is anticipated,” said Tan Ei Leen, an analyst with Affin Hwang Capital.
With Bank Negara refraining from involvement and Maybank quickly moving to appoint a replacement, the matter is now set to be resolved in court. For Khalijah, the legal challenge represents a fight for her legacy, integrity, and reputation. For Maybank, it is a matter of maintaining stability and perhaps mitigating reputational risk.
As the situation unfolds, the silence surrounding the details remains conspicuous. While the full story may never emerge, one thing is clear: Khalijah Ismail is not departing without a fight.
