Under spotlight for ‘PM’s unclear policies’ email, Maybank says out-of-context snippet amended in new version

KUALA LUMPUR, July 28 — Malayan Banking Bhd (Maybank) said today that the email from its investment arm citing Prime Minister Datuk Seri Anwar Ibrahim’s policies as “yet unclear” was real, but had contained extracts from its strategy research report that were paraphrased and placed out of context.

After the invite to Maybank Investment Bank’s Market Outlook webinar entitled “Clearer Skies Ahead” became a political ammunition for Perikatan Nasional, the bank said it sent an amended version of the email the next day after realising the error.

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

The bank insisted that its report on the second half of 2023 is “broadly constructive” on the outlook of the Malaysian economy and equity market.

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

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

It went on to praise the government’s execution of the National Energy Transition Roadmap (NETR) Part 1, saying that it offers a practical pathway to transform Malaysia’s economy while steering the country towards its next phase of economic growth and its agenda of long-term sustainability.

“The transformative thinking behind the NETR underscores the Madani Economy framework which emphasises the leveraging of Malaysia’s many inherent strengths to be a leading Asian economy, by becoming a competitive and world-class investment destination,” it added.

Maybank said it has already engaged with its key stakeholders to alleviate their concerns over the initial email.

The email went viral after a screenshot of it was shared by Mohd Syahir Che Sulaiman of Islamist party PAS, who is also the Bachok MP, on his Twitter account on July 21 after the corrected email had been sent.

The initial email had read: “Positive sentiments from the unity government’s formation last year did not continue into the new year. PM’s yet unclear policies and uncertainties in the stability of power also led to market concerns.”

Government supporters, however, later replied to Syahir referring to the latest amended version of the email and accused him of falsifying the screenshot.

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