UiTM Holdings should be probed over RM150 million losses, says MACC chief

Its Chief Commissioner, Tan Sri Azam Baki, said the agency had received relevant documents and cooperation from UiTM and investigations were ongoing.- NSTP file pic

KUALA SELANGOR: An investigation should be launched on Universiti Teknologi Mara Holdings Sdn Bhd (UiTM Holdings) accounts for alleged misappropriation of funds, says the Malaysian Anti-Corruption Commission (MACC).

Its Chief Commissioner, Tan Sri Azam Baki, said the agency had received relevant documents and cooperation from UiTM and investigations were ongoing.

"We will see if there was abuse of power or corruption involved.

"The RM150 million in losses... we have to find out how it happened, whether it was stolen or power abuse," he said after officiating the Kuala Selangor MACC branch office.

UiTM Holdings is under investigation on suspected cases involving corruption, abuse of power and embezzlement.

A news report recently stated that UiTM Holdings suffered accumulated pre-tax losses of RM157 million in 2017, 2018, 2019 and 2021.

The report highlighted that most of the losses were incurred from its investment in local film production.

Losses were also attributed to its stakes in Intekma Resort and Convention Centre in Section 7, Shah Alam which has ceased operations.

The commission also confirmed that the new investigations were different from that against UiTM Holdings' management two years ago. - NST