MARA Corp defends MoU with Lynas Malaysia

Lynas Managing Director Datuk Mashal Ahmad (second, left) exchanging documents with MARA Corporation Chairman Akhramsyah Muammar Ubaidah Sanusi (second, right) during the signing of the Memorandum of Understanding (MoU) between Lynas Malaysia Sdn Bhd and MARA Corporation. Also present Lynas Corporation Chief Executive Officer Amanda Lacaze (left) and Australian High Commissioners To Malaysia Andrew Goledzinowski (right). --fotoBERNAMA (2019) COPYRIGHTS RESERVED

KUALA LUMPUR, Nov 6 -- MARA Corporation has strongly defended the Memorandum of Understanding (MoU) it signed with Lynas Malaysia Sdn Bhd for collaboration on several projects, including attracting downstream industries and downstream customers to Malaysia.

MARA Corporation Chairman Akramsyah Muammar Ubaidah Sanusi said contrary to news report that the MoU was signed without the consent of MARA itself, all relevant stakeholders had been engaged on the matter and it was signed in compliance with all requirements of good governance.

In putting the record straight on the issue, he said the MoU was brought to the Board of MARA Corporation on Sept 23 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 on the Australian Stock Exchange.”

Akramsyah said the Chairman of MARA, Dr Hasnita Hashim, was also later briefed on the matter in a private discussion on Oct 2 while the office of the Minister of Rural Development has been kept abreast of developments up to the signing of the MoU on Monday.

He said there was a pressing need for an entity like MARA Corporation 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 Rare Earth Conference commencing later this week in Kuala Lumpur," he added.

Akramsyah pointed out that MARA Corporation considered the MoU as valid and would proceed to honour it given that it was strategic to Malaysia's economic development.

"It fulfills MARA's mandate also in focusing on potential growth areas for the Malays and Bumiputeras, 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," he said.

Lynas Malaysia is the largest producer of rare earth materials outside of China.

Rare earths are essential inputs to high technology with key uses being permanent magnets, catalytic convertors, catalysts, batteries, electronics and water treatment chemicals.

The end users of rare earths include internal combustion, hybrid and electric vehicles, automation and defence systems, wind turbines and oil and gas.



    Other News

Petronas committed to supporting Sarawak's O&G industry development

KUCHING, Feb 12 -- Petroliam Nasional Bhd (Petronas) is committed to supporting the aspiration of the Sarawak Government in developing the oil and gas industry for the benefit of the people of Sarawak and the nation. 

AmInvestment Bank maintains "buy" call on Serba Dinamik

KUALA LUMPUR, Feb 11 -- AmInvestment Bhd has maintained its ‘buy’ call on Serba Dinamik Holdings Bhd (Serba) with an unchanged forecast and dilutes sum-of-parts-based fair value of RM3 per share.

Malaysia not ready for nuclear energy - Mahathir

CYBERJAYA, Feb 10  -- Prime Minister Tun Dr Mahathir Mohamad said Malaysia will not build nuclear power plants until there is a safe way to dispose off the radioactive waste generated.

    Main Sponsor


© 2020 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy | Security Policy This material may not be published, broadcast,
rewritten or redistributed in any form except with the prior written permission of BERNAMA.

Best viewed in Firefox 58.0.1 (64-bit) & Chrome Version 63.0.3239.132 (Official Build) (64-bit) with 1920 x 1080 resolution

Contact us :
General [ +603-2693 9933, ]
Product/Service Enquiries [ +603-2050 4466, ]