KUALA LUMPUR – Soon to be removed, Mara Corp Sdn Bhd CEO Datuk Badlisyah Abdul Ghani and the team of 20 he recruited could cost Majlis Amanah Rakyat (Mara), nearly RM10 million in compensation.
According to The Malaysian Reserve's report today, the severance package for the team including Badlisyah could amount to about RM10 million with the proposal to be presented to the Mara Council soon.
Badlisyah and his team of 20 executives were hired by Mara last September to create value at Mara Corp.
Badlisyah was then officially suspended from his CEO post in November and put on garden leave for undisclosed reasons – leaving the future of his hires in the air.
According to sources, the estimated compensation has yet to be finalised and was based on the present 20-month contract with the government agency.
It is learnt that speculation on the impending departure of the team was due to in-house resentment towards the group who were highly paid between RM20,000 and RM25,000 on average, with Badlisyah, the former Lembaga Tabung Haji deputy group CEO, being paid more.
In an effort to unlock the full potential Mara Corp’s commercial assets amounting to about RM400 million, Badlisyah, was apparently given free rein to recruit his own team.
Badlisyah’s group was supposed to improve Mara’s education, financial services, property, aerospace, retail, and transportation businesses.
It is learnt that board members at Mara Corp are likely to recommend their termination as well.
Mara chairman Datuk Azizah Mohd Dun was quoted as saying that an official statement will be made once a decision has been made.
While Mara director-general Datuk Azhar Abdul Manaf was quoted as saying that Mara Corp’s decision was purely a “corporate one”. – The Vibes, January 23, 2021
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