Maybank said the immediate announcement with regard to the removal of its Group Chief Financial Officer (CFO), Khalijah Ismail, was necessary due to the market-sensitive nature of the information.

The Edge reports that the bank’s decision followed an internal inquiry into non-compliance with internal requirements and processes.

Maybank’s President and Group CEO, Datuk Khairussaleh Ramli, addressed concerns over the timing of the announcement, which came just before the bank’s quarterly earnings release.

He explained that given the price-sensitive nature of the matter, the bank had to disclose it promptly.

On 17 February, Maybank announced Khalijah’s departure with immediate effect, attributing it to an internal inquiry without elaborating further.

During a subsequent analyst briefing, Maybank clarified that the matter did not involve falsification of financial accounts and that all financial statements remained accurate.

Analysts at the briefing were informed that the internal review was an isolated case, not prompted by any law enforcement agency.

Maybank also confirmed that Bank Negara Malaysia had been notified.

Khairussaleh stated that legal considerations limited what could be shared but assured that the bank’s financial statements had been audited externally and that no financial losses had been incurred.

Khalijah, who had served Maybank for over three decades, has maintained that she was dismissed and intends to pursue legal action to contest the decision and safeguard her reputation.

In the meantime, the bank is searching for a permanent replacement.

Malique Firdaus Ahmad Sidique from Maybank’s Islamic banking division has been named as acting CFO.

Featured image credit: Edited from Freepik