UiTM leakage claims that leads to RM157 mil in losses is ‘nothing new’

THE Malaysian Anti-Corruption Commission (MACC) is investigating Universiti Teknologi Mara (UiTM) Holdings Sdn Bhd for alleged inefficiencies and leakages that resulted in RM157 mil in losses during a four-year period.

“The management of UiTM Holdings will fully cooperate with the MACC in the probe. We will hand over the needed documents, including those pertaining to investments that had incurred losses,” the spokesperson for the investment holding company wholly owned by UiTM told Utusan Malaysia.

The claims were “nothing new,” according to the spokesperson, and that MACC had already begun investigating the management two years ago.

“UiTM Holdings prioritises excellent corporate governance to make sure that business is conducted in a transparent manner and oversees eight firms in the energy, healthcare, technology, and creative industries.

“It has been under new management since December 2021,” the spokesperson added. 

Meanwhile, Utusan reported yesterday (Feb 7) that UiTM Holdings incurred pre-tax losses totaling RM157 mil during the course of four years, from 2017 to 2021. The company however did not present its 2020 financial statements. 

The majority of the losses, according to the report, were incurred via investments in local film production, while the remaining pertains to stakes in a resort in Section 7, Shah Alam, which has since closed down.

UiTM vice-chancellor Prof Dr Roziah Mohd Janor told the Malay daily that the university will cooperate with the MACC in the probe.

Furthermore, Higher Education Minister Mohamed Datuk Seri Khaled Nordin has also welcomed the probe, saying the ministry will not compromise over any violation and non-compliance with the set guidelines and laws. – Feb 8, 2023


Main photo credit: Free Malaysia Today

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