UiTM confirms MACC investigations into RM157m losses initiated two years ago

Malay Mail
Malay Mail

KUALA LUMPUR, Feb 8 — The Malaysian Anti-Corruption Commission (MACC) is currently investigating Universiti Teknologi Mara (UiTM) Holdings for alleged inefficiency and leakages that led to them suffering RM157 million in losses.

Speaking to Utusan Malaysia, a spokesperson for the company said investigations were initiated nearly two years ago following revelations of the company’s severe losses for four years in-a-row.

“UiTM’s management has been cooperating fully with the MACC including handing over documents pertaining to the investments that suffered losses,” the spokesperson was quoted as saying.

The spokesperson also reportedly said that new management had taken over UiTM since December 2021.

Based on documents obtained from the Companies Commission of Malaysia (SSM), the Malay daily reported yesterday that the company, established in 2007, had up to RM26 million in profits in 2011, 2014, 2015 and 2016.

The report also noted that the company did not submit its financial accounts in 2020 and had suffered huge losses in 2017 (RM66,138,931), 2018 (RM43,151,675), 2019 (RM33,444,967) and 2021 (RM14,307,056).

Yesterday Higher Education Minister Datuk Seri Mohamed Khaled Nordin welcomed MACC’s investigations into the matter adding that the ministry will review and improve the guidelines that have been set regarding the management of university holding companies as well as measure the compliance of related companies.

UiTM Holdings Sdn Bhd is a wholly-owned investment holding company of Universiti Teknologi MARA (UiTM). UiTM Holdings presently manages eight active subsidiaries with operations spanning across four business divisions namely, Energy, Healthcare, Technology and Creative.