PM orders review of UiTM Holdings losses

Malaysian Prime Minister Anwar Ibrahim has ordered an investigation into the governance and management of Universiti Teknologi Mara's (UiTM) wholly-owned investment arm, UiTM Holdings Sdn Bhd, following significant financial losses. The company reported RM157 million in losses for 2017, 2018, 2019 and 2021, according to documents from the Companies Commission of Malaysia. UiTM Holdings also did not submit its accounts in 2020, raising questions about the firm's financial transparency.

Anwar, who serves as both the Prime Minister and Finance Minister, stated that the review must involve the cooperation of UiTM's vice-chancellor and the Prime Minister's Department. He added that the latter will offer support where necessary. During a meeting with UiTM alumni at the university's campus in Shah Alam, Anwar thanked the vice-chancellor for his full cooperation in the matter.

The Malaysian Anti-Corruption Commission (MACC) launched an investigation into UiTM Holdings' losses in 2023, probing the possibility of bribery, abuse of power, or misappropriation of funds as the cause. Despite recording profits of RM26 million in 2011, 2014, 2015, and 2016, UiTM Holdings failed to submit its accounts in 2020, further fueling the need for a thorough examination of the company's financial practices.