In a Facebook post, Mara chairman Asyraf Wajdi Dusuki said the plan was presented to Zahid, who is also the rural and regional development minister, during a two-hour meeting with Mara council members and its top management.

Asyraf said the transformation plan would elevate Mara – a statutory body under the purview of the regional and rural development ministry – as a top-tier institution dedicated to empowering the Malay-Bumiputera agenda.

He said the transformation would be led by two teams, which would work with the new Mara director-general, Zulfikri Osman, to drive reforms across Mara and its subsidiaries.

The first team, led by former Bank Negara Malaysia governor Muhammad Ibrahim, will focus on corporate governance and financial reforms while the second team, led by former National Economic Action Council executive director Noor Azlan Ghazali, will focus on enhancing Mara’s educational and entrepreneurial initiatives.

“This initiative has been recognised and approved by the minister (Zahid) for immediate implementation,” said Asyraf.

“God willing, Mara, as a Malay-Bumiputera conglomerate with nearly 18,000 staff, will continue to be empowered (and be regarded) as an excellent and respected institution.”

Last month, the Public Accounts Committee (PAC) called on Mara and its subsidiaries to ensure that it pays its debts in accordance with the established debt settlement plan.

PAC raised concerns last November over Mara Inc’s management of assets, particularly its real estate ventures, after significant losses due to previous financial mismanagement.

Mara Inc is Mara’s investment arm.