Chairman: 'UiTM Holdings has recovery plan to address losses'
KUALA LUMPUR: UiTM Holdings Sdn Bhd already has a recovery plan and proposals to address its financial position following accumulated losses of RM157 million, said its chairman Datuk Dr Fathul Bari Mat Jahya.
UiTM Holdings, a Malaysian university, is reportedly facing a financial crisis with accumulated losses of RM157 million since 2007. Chairman Datuk Dr Fathul Bari Mat Jahya revealed that a recovery plan and proposals have been presented multiple times to the university's Board of Directors, including the Prime Minister. Fathul Bari acknowledged the Prime Minister's concern and assured that the attention shown would strengthen the recovery process.
However, he emphasized that the losses are not new but a legacy issue dating back to 2007. The new leadership aims to restore performance, strengthen governance, and rebuild confidence to put UiTM Holdings back on a growth trajectory. Fathul Bari proposed a national framework for university holding companies and subsidiaries to have a First Right of Refusal for suitable business opportunities within their respective university ecosystems, with the profits ultimately channelled back towards strengthening the university.
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Also reported by 2 other outlets
- Siasatan UiTM Holdings masih berjalan namun kes rumit, kata SPRM freemalaysiatoday.com
- MACC probes UiTM Holdings over 2023 losses nst.com.my
