The group says the Bank Rakyat Act is only a temporary measure to assist the bank's finances. FMTNews Shareholders
A group of shareholders wants to take over the management of Bank Rakyat from the government.
They claimed that the shareholders, who consist of cooperative members, have a say in managing the bank’s daily affairs. “The Bank Rakyat Act was enacted for this purpose. Under Section 31 of the Act, it was stated that the minister in charge of Bank Rakyat can dissolve the law once the bank’s finances are back on track,” they said in their application for a judicial review.
They also said that the shareholders had sent letters to then entrepreneur development minister Mohd Redzuan Yusof on two occasions to invoke Section 31, but Redzuan refused to do so.
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