Bank Rakyat sets up board of oversight committee

PETALING JAYA: Bank Rakyat, caught in the limelight following the arrests of its chairman and managing director by the Malaysian Anti-Corruption Commission (MACC), has established a board of oversight committee (BOC) and nominated a board member to act as chairman of the bank.
In a statement released yesterday, the bank said a special meeting of the board of directors was held yesterday, where an acting chairman was nominated for approval from the minister of Domestic Trade, Cooperatives and Consumerism and a BOC established, effective immediately, to which the management shall report.
Among the duties of the BOC are to ensure smooth operations of the bank and compliance to the standards set by Bank Negara Malaysia in its banking processes as well as identify steps to be taken to improve the management of the bank.
“The management of Bank Rakyat will ensure that Bank Rakyat will operate its business as usual and continue to serve its customers without disruption,” the bank said.