KUALA LUMPUR: There were no issues of financial misconduct, no losses, and no regulatory concerns about the recent termination of Maybank Group group chief financial officer (CFO) Khalijah Ismail.
According to a source familiar with the matter, Maybank has also notified Bank Negara Malaysia (BNM) of Khalijah’s termination.
The source stated that Khalijah’s termination was due to an internal inquiry related to non-compliance with the bank’s requirements and processes.
Khalijah was given the opportunity to present her case, and upon completion of the inquiry, the bank decided to terminate her employment.
“There was no incidence of falsification of accounts, no financial loss suffered by the bank, and the inquiry was not triggered by any law enforcement agencies,“ the source told SunBiz.
It was also confirmed that there were no regulatory implications, with BNM informed of the situation.
“Maybank upholds the highest levels of governance and is confident that its internal controls and processes remain robust and effective,“ the source concluded.
Additionally, the source confirmed that there was no change to its previous financial guidance provided by management.
On February 17, Maybank announced the departure of Khalijah with immediate effect, following an internal inquiry.
In the bourse filing, Maybank did not disclose details of the internal inquiry, which led to Khalijah’s departure.
Khalijah was appointed as Maybank’s group CFO in October 2021, after serving as acting group CFO since June that same year.
Meanwhile, according to a media report, Khalijah, who has worked at Maybank for more than 33 years, said that while Maybank’s bourse filing frames her departure as a result of an internal inquiry, she claims it was a termination.
Khalijah said she will take legal action against the bank’s decision and protect her reputation.
“I strongly disagree with the bank’s decision. No specific reasons were given for my termination, other than a claim that the bank has lost trust and confidence in me,“ Khalijah said. “I categorically deny any wrongdoing,“ she added.
Maybank said it has commenced the process to identify a new group CFO.
“The board will make the necessary announcement once the new group CFO is appointed. In the interim, Malique Firdauz Ahmad Sidique will assume the position of acting group CFO, effective Feb 17, 2025,“ it said.
Khalijah was appointed as Maybank’s group CFO in October 2021 after serving as acting group CFO since June the same year.
