Maybank admits oversight in 'PM's unclear policies' e-mail

 

Maybank today confirmed that its investment bank had indeed sent out an e-mail to clients which, among others, noted “Anwar’s unclear policies” in the first half of 2023.

However, it said the e-mail wrongly paraphrased a strategy report and that this was rectified in the second email the next day.

“We wish to clarify that on the evening of July 20, 2023, Maybank Investment Bank sent out an email invitation to selected clients for its upcoming Market Outlook webinar entitled ‘Clearer Skies Ahead’ which contained extracts from our strategy research report that were paraphrased and placed out of context.

“We identified the oversight and rectified it the next morning on July 21, 2023, and sent a revised e-mail invitation to the selected clients to supersede the earlier invitation,” the bank said in a statement today.

The bank said it regretted the “confusion” caused and that measures have been taken to avoid a recurrence.

Maybank’s positive outlook

The bank noted that its investment strategy report is “broadly constructive” on its outlook for the Malaysian economy in the second half of 2023.

“The report highlights key factors such as services sector growth driven by tourism recovery as well as the recovery in domestic direct investment (DDI).

“It also mentions attractive thematics like high dividend yield, the country’s strengthening commitment to sustainability, and Malaysia’s clear success in attracting FDI,” it said.

It added other research reports from the bank have also been positive on the Madani government’s policies, including the recently announced National Energy Transition Roadmap which it lauded as “transformative thinking”.

Fact-check

Malaysiakini earlier published a fact-check article which found that Maybank Investment did indeed send the July 20 email to clients.

In the e-mail, the bank said: “Positive sentiments from the unity government’s formation last year did not continue into the new year.”

“PM Anwar’s yet unclear policies and uncertainties in the stability of power also led to market concerns,” it added.

It went on to say things were “looking up” in the second half of the year, with Budget 2024 and state elections possibly bringing positive surprises.

A screenshot of the July 20 e-mail was circulated on social media by PAS Bachok MP Syahir Sulaiman, but he was accused by Pakatan Harapan supporters of doctoring the image and spreading disinformation. - Mkini