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 chairman Hasnita Hashim.

She said the move by Mara Corp, a subsidiary of Mara, is 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 Rural Development Ministry,” she said in a statement today.

Yesterday, Mara Corp signed 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. – Bernama, November 5, 2019.