KUALA LUMPUR, Nov 5 (NNN-BERNAMA) — The signing of a memorandum of understanding (MoU) between Mara Corporation Sdn Bhd (Mara Corp) and Lynas Malaysia Sdn Bhd yesterday was done without the approval of Majlis Amanah Rakyat (Mara), said its chairperson Dr Hasnita Hashim.
She said such a move by Mara Corp, a subsidiary of Mara, was not in line with the council’s directive in which all new initiatives require consideration and approval from Mara beforehand.
“Mara is in the process of reviewing Mara Corp’s future direction. Therefore, all involvement with other parties in any new initiative must go through the process of obtaining approval from Mara and the Ministry of Rural Development,” she said in a statement today.
Yesterday, Mara Corp inked an MoU with Lynas Malaysia, the largest producer of rare-earth materials outside China, to collaborate on several key projects, including attracting downstream industries and downstream customers to Malaysia.
— NNN-BERNAMA
