RM260mil UiTM funds channelled without MOF approval, PAC calls for stronger oversight
KUALA LUMPUR: Almost RM260 million in funds channelled into Universiti Teknologi Mara (UiTM) Holdings entities and companies was not properly carried out as required under financial regulations and procedures, the Public Accounts Committee (PAC) said.
The Public Accounts Committee (PAC) has revealed that nearly RM260 million in funds allocated to Universiti Teknologi Mara (UiTM) entities and companies were disbursed without the necessary approval from the finance minister, as mandated by law. PAC Chairperson Datuk Mas Ermieyati Samsudin disclosed that this was brought to light in two reports submitted to the Dewan Rakyat in 2024.
The committee also identified significant shortcomings in the oversight and corporate governance structures of the institution's investment management, emphasizing the urgent need for enhancements to ensure strict adherence to legal guidelines and the maximization of value for all expenditure and investment decisions involving public funds.
PAC has recommended that the ministry and the university administration bolster their monitoring mechanisms, uphold full accountability, and prevent the recurrence of financial governance lapses. The Monetary Authority of Malaysia (MACC), which is also an ex-officio member of PAC, has cooperated closely in scrutinizing the findings to rule out any instances of misappropriation, corruption, or abuse of power.
PAC remains committed to its role as a watchdog for transparency, accountability, and integrity in the nation's financial management. The detailed reports, labeled DR. 3 Tahun 2024 and DR. 21 Tahun 2024, are accessible on the official PAC website.
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