PM orders review of UiTM Holdings losses

 This involves the RM157 million in losses recorded by the investment arm of UiTM for 2017, 2018, 2019 and 2021.

Prime Minister Anwar Ibrahim said the review must be conducted with the cooperation of the UiTM vice-chancellor and the Prime Minister’s Department. (UiTM Holdings pic)

SHAH ALAM:

Prime Minister Anwar Ibrahim has ordered Universiti Teknologi Mara (UiTM) to review the governance and management of its wholly-owned investment arm, UiTM Holdings Sdn Bhd, over losses suffered by the company.

Anwar, who is also finance minister, said the review must be conducted with the cooperation of the UiTM vice-chancellor and the Prime Minister’s Department, adding that the latter will offer support where needed.

“Please prepare a report so that we can find out what’s actually happening in UiTM Holdings.

“I thank the vice-chancellor for offering his full cooperation in this matter,” he said during a gathering with UiTM alumni at the university’s campus here.

The prime minister added that the matter must be probed first before action is taken.

In 2023, the Malaysian Anti-Corruption Commission (MACC) launched an investigation into UiTM Holdings’ losses of RM157 million for 2017, 2018, 2019 and 2021.

According to documents from the Companies Commission of Malaysia, the firm reportedly recorded profits of RM26 million in 2011, 2014, 2015 and 2016, but did not submit its accounts in 2020.

MACC was investigating whether bribery, abuse of power or misappropriation of funds had caused the investment firm’s losses over the four years.- FMT