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 has instructed a comprehensive review of UiTM Holdings Sdn Bhd, the investment arm of Universiti Teknologi Mara (UiTM), to investigate the company's governance and management practices. As the Finance Minister, Anwar emphasized the necessity for UiTM's vice-chancellor and the Prime Minister's Department to collaborate in this inquiry, promising their full support.
During a meeting with UiTM alumni, the Prime Minister expressed gratitude for the vice-chancellor's cooperation, while stressing the importance of determining the extent of UiTM Holdings' issues before implementing any measures. The Malaysian Anti-Corruption Commission (MACC) initiated an investigation in 2023 into UiTM Holdings' losses amounting to RM157 million over 2017, 2018, 2019, and 2021.
Despite reporting profits of RM26 million in 2011, 2014, 2015, and 2016, UiTM Holdings failed to submit its accounts for 2020. Documents from the Companies Commission of Malaysia reveal the corporation's losses during the specified period, prompting concerns over potential instances of bribery, abuse of power, or misappropriation of funds.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- PM orders review of UiTM Holdings losses freemalaysiatoday.com
