Mara plans to exit business, focus on education and training

Mara chairman Hasnita Hashim says Mara was never meant to be involved in business and investment. (Facebook pic)

PETALING JAYA: The chairman of Majlis Amanah Rakyat (Mara) has indicated that the Bumiputera powerhouse is winding down its commercial activities, amid protests by some against a plan to shut down its corporate arm Mara Corp.

In a letter to Prime Minister Dr Mahathir Mohamad, Hasnita Hashim said Mara was “winding down” its businesses and investments.

“Mara was never meant to invest in businesses and it was never allocated funds by the government to do so,” Hasnita, who was appointed as Mara chairman in September 2018, said in the letter sighted by FMT.

“It has used funds it collected from student and business loans to invest in businesses, something it never had the competency to do,” she added.

Hasnita made no reference to Mara Corp in her letter.

Malay interest groups such as the Malay Economic Action Council (MTEM) and the Malay Chamber of Commerce have voiced out against any plan to close down Mara Corp.

Hasnita said as part of Mara’s future plans to distance itself from business, an endowment fund known as the Mara Educational Fund would be set up.

The fund would supplement government allocations for Mara’s educational programmes, she said.

She said Mara should focus only on education and entrepreneur development, and divest its investments in businesses.

This includes turning Yayasan Pelajaran Mara into an endowment fund, so that it would no longer be involved in business and investment activities, loan collections and monetisation of its assets.

There is also a plan to revisit the Mara Act so that the Mara Council can implement its plans quicker and operate its educational institutions independently of the education ministry in terms of syllabus and curriculum. - FMT