UiTM Holdings RM157mil losses a legacy issue, says Fathul Bari
KUALA LUMPUR: The RM157 million in accumulated losses by UiTM Holdings Sdn Bhd are a legacy issue dating from 2017 to 2021, not new losses under the current management.
UiTM Holdings incurred RM157 million in accumulated losses from 2017 to 2021, according to its chairman, Datuk Dr Fathul Bari Mat Jahya. This financial issue is a legacy problem rather than a recent one under the current management. Fathul Bari emphasized that the new leadership, which includes Chief Executive Officer Datuk Mohd Shukrie Mohd Salleh, is dedicated to resolving the accumulated losses and will use Prime Minister Anwar Ibrahim's criticism as a catalyst for accelerating the recovery process.
The MACC is currently investigating allegations of misconduct that led to the accumulated losses, including a 50-megawatt solar project in Gambang, Pahang. Fathul Bari urged all parties to refrain from politicizing efforts to revive the university's holding company, stating that it is not a political issue but about restoring an asset belonging to the university.
He also proposed a national framework for public university companies to have a First Right of Refusal (FROR), emphasizing that it is an opportunity for competitive bidding based on merit, due diligence, and competitiveness within their respective university ecosystems.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- MACC identifies governance lapses in UiTM Holdings probe nst.com.my
- SPRM kesan kepincangan tatakelola UiTM Holdings freemalaysiatoday.com
- MACC finds governance weaknesses at UiTM Holdings after RM37.37m CBT probe malaymail.com
