UiTM Holdings losses not unknown to university management, says former VC
KUALA LUMPUR: Financial problems affecting UiTM Holdings Sdn Bhd, which resulted in millions of ringgit in losses, were not unknown to the university’s management but had been discussed and monitored at the highest levels, a former university vice-chancellor said.
Former Vice-Chancellor of UiTM, Professor Datuk Dr Roziah Mohd Janor, revealed that financial issues plaguing UiTM Holdings Sdn Bhd were not hidden from university management but were discussed and monitored at the highest levels. She explained that UiTM Holdings' management was obligated to present financial reports to the board of directors before any matters were brought to the university management and Board of Directors.
Roziah confirmed that the company underwent audits by a special audit team and the National Audit Department. She emphasized that UiTM Holdings is a holding company owned by the university, and its initial capital did not stem from direct government contributions but was generated internally through accumulated funds. The university's Board of Directors committees play a crucial role in overseeing the company's operations and safeguarding against investment risks.
Roziah stated that despite the challenges, UiTM is actively working to improve the situation. She urged the current management and board of directors to take immediate follow-up action to address the issue. The Malaysian Anti-Corruption Commission (MACC) is still investigating allegations against UiTM Holdings, as well as governance issues linked to the 50-megawatt solar project in Gambang, Pahang.
In March 2024, the Public Accounts Committee (PAC) found that UiTM Holdings and its subsidiaries had not met their original objectives and mandate of generating wealth for UiTM, creating investment opportunities, and strengthening the strategic position of the company's core businesses. They also criticized capital injections of RM259.98 million made by UiTM between 2007 and 2018, as these were made without the Finance Minister's approval, as per the Universiti Teknologi MARA Act 1976.
The PAC recommended tighter oversight of UiTM Holdings and urged UiTM to comply with investment, loan, and subsidiary establishment regulations.
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