Former chair defends Yayasan Bank Rakyat's RM10m investment decision

The former chairman of Yayasan Bank Rakyat has defended a RM10 million investment made by the foundation, rejecting suggestions of misconduct or irregularities in the transaction.

According to the ex-chair, the investment yielded RM1.85 million in returns before the funds were subsequently withdrawn. The statement appears aimed at countering concerns that may have been raised about the deployment of the foundation's capital.

Yayasan Bank Rakyat, the charitable arm of Bank Rakyat, manages philanthropic initiatives and community development programmes across Malaysia. Investment decisions by such foundations typically come under scrutiny given their public interest mandate and accountability to stakeholders.

The clarification regarding the investment's performance comes as the foundation continues to balance its fiduciary responsibilities with its social mission objectives. No further details were immediately available regarding the specific nature of the investment or the timeline of the transactions involved.