MADANI backers are quick to defend Prime Minister Datuk Seri Anwar Ibrahim after the pro-UMMO faction are quick to allege witch-hunting after PMX ordered a review of the governance and management of UiTM Holdings Sdn Bhd amid concerns over the company’s losses.
Apparently, they clarified that it was UiTM alumni themselves who raised concerns over losses amounting to hundreds of millions of ringgit incurred by the wholly owned investment arm of Universiti Teknologi MARA (UiTM) during a Q&A session with PMX over the weekend.
“The way we view issues is becoming increasingly distorted,” lamented Threader Akar Konflik (@akarkonflik).
“When PMX commented on the matter and directed that UiTM Holdings’ management and governance be examined, some immediately perceived this as an attempt ‘to disrupt’ a Bumiputera institution.”
True enough, a self-proclaimed 50-year-old mother of four kids has decried that she has been disheartened by the purported messing of UiTM affairs by the government of the day with another female Threader lambasting UiTM being targetted “after the messing with TH (Tabung Haji) affairs”.
“Why does it bother them so much to see Muslims prospering? Let’s just hope UiTM’s income-generating assets don’t end up being sold off,” jibed one zaty (@zatul_zi). “We could end up losing the rights of the Malays to pursue higher education.”
MACC enters the fray
Rebutting the rightists and UMNO loyalists with facts and figures, fellow Threader Gloria Charlie (@gloriaabdullah) revealed that “news regarding UHSB’s (UiTM Holdings) losses first surfaced in early 2023”.
“UiTM Holdings Sdn Bhd (UHSB) suffered losses amounting to hundreds of millions, yet when PMX speaks up, some people get up in arms? 🙄It really shows a lack of awareness. 😎,” asserted the avid current affairs observer.
In February 2023, the MACC (Malaysian Anti-Corruption Commission) confirmed that UHSB’s losses totalled RM157 mil.
This figure represents accumulated losses from 2017 to 2021. A restructuring of the previous management has been implemented in stages, spanning from December 2021 to August 2025.
The focus moving f0rward is on improving governance. 😊
Added another Threader Kawang Soe (@ksdzuma):
The Higher Education Ministry had previously clarified that the RM157 mil figure represented the accumulated pre-tax loss for the years 2017, 2018, 2019 and 2021 whereas profits were recorded in several preceding years.
Furthermore, the Public Accounts Committee (PAC) and the National Audit Department had previously identified 17 audit issues concerning UiTM Holdings.
Meanwhile, MACC has commenced investigation into UiTM Holdings over alleged financial losses and a questionable RM42 mil solar project payment linked to the company’s 2023 accounts.
The graft buster’s chief commissioner Datuk Seri Abd Halim Aman confirmed that the probe focuses on UiTM Holdings governance and financial dealings, specifically the development of a 50 megawatt (MW) solar farm located in Gambang, Pahang.
The latest development has led to political analyst Nordin Othman wondering how many more so-called “public fund old files” will be subject to scrutiny in the near future.
Before the issues surrounding TH, FELDA and the LCS (littoral combat ship) project could be resolved, questions have emerged regarding old files concerning public funds.
📌 UiTM Holdings: Accumulated losses of RM157 mil; the Public Accounts Committee (PAC) has also raised concerns regarding a capital injection of RM259.98 mil.
📌 LTAT (Armed Forces Fund Board): Previously recorded negative reserves of RM338 mil and unrealised losses of RM662 mil in its legacy share portfolio.
📌 FELDA/FIC (Felda Investment Corporation Sdn Bhd): The MACC has now opened six new investigation papers.
How many more old files involving public funds remain to be unearthed? – Sept 28, 2026
