The bank said all decisions involving the foundation’s management were made through the appropriate channels and based on the mandate and powers provided under existing regulations.

“Bank Rakyat prioritises corporate governance, integrity, transparency and accountability in all aspects of its management, including its role as YBR’s founding body,” it said in a statement.

The bank urged the public not to speculate or spread false information that could lead to confusion and called for all parties to respect the ongoing court process.

Earlier, Malaysiakini reported that Syaiful had filed a lawsuit against YBR, seeking over RM36 million in compensation and a declaration that the termination of his contract as well as four others was invalid.

In the suit filed at the Kuala Lumpur High Court on June 5, Syaiful and four other former senior officers claimed they were dismissed abruptly, without valid reasons and in breach of governance procedures.

Syaiful said his appointment had been made by the YBR board of trustees, but his service was terminated by an executive committee that had only recently been formed.

He claimed the committee had no legal authority to take over the role of the board.

The other plaintiffs are former head of operations Mukhti Abd Rahman, head of secretariat Ghazali Zainal Abidin, head of corporate administration Khairul Na’im Aripan @ Arifin, and human resources and administration manager Johary Abdul Jalil.