MoU between Mara Corp-Lynas signed in compliance of all requirements of good governance — Mara Corporation

NOVEMBER 5 — Regarding the media statement dated November 4, 2019 titled, “MoU Signed between Mara Corporation and Lynas Malaysia Without Mara Consent”, Mara Corporation would like to set the record straight in the matter. Mara Corporation is of the opinion that all relevant stakeholders have been engaged on the matter and proceeded with the signing of the MoU in the morning of November 4, 2019 in compliance of all requirements of good governance.

The MoU was brought to the Board of Mara Corporation on 23 September 2019 and approved with the Board representative from the Mara Council in attendance. The approval was not conditional other than it being agreed that it be kept confidential and be expedited, understanding the sensitivity of such an MoU as the parent company of Lynas Malaysia is listed in the Australian Stock Exchange (ASX).

The Chairman of Mara was also later briefed on the matter in a private discussion on October 2, 2019. The office of the Minister of Rural Development has also been kept abreast of developments up to the signing of the MoU.

It is of my opinion that there is a pressing need for an entity such as Mara Corp to catalyse Malaysia’s downstream Rare Earth industrial, research and technological capabilities leveraging from Lynas Malaysia’s presence. We are determined to pursue this opportunity for the nation, beginning with this MoU and our participation in the 16th International Rare Earth Conference commencing later this week in Kuala Lumpur.

Mara Corporation hereby considers the MoU as valid and will proceed to honour it as we see it as strategic to the economic development of Malaysia. It fulfils Mara’s mandate also in focusing on potential growth areas for Malays and Bumiputras, in line with the Prime Minister’s aspirations, expressed through Shared Prosperity Vision 2030 of the Government; in particular through the creation of new high value jobs to the economy from this collaboration.

*This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.

Related Articles