/file/1284/81803bebcad98fa8176746fc461fa22b.jpeg)
MACC probing UiTM Holdings over RM157m losses in four years
The MACC is probing Universiti Teknologi Mara (UiTM) Holdings Sdn Bhd over allegations of inefficiency and leakages which led to RM157 million in losses incurred for four years.
Confirming this, a spokesperson for the investment holding company wholly owned by UiTM told Utusan Malaysia that the allegations were "nothing new", and that the MACC started acting against the management two years ago.
"The management of UiTM Holdings will fully cooperate with the MACC in the probe. We will hand over the needed documents, including...
The MACC is probing Universiti Teknologi Mara (UiTM) Holdings Sdn Bhd over allegations of inefficiency and leakages which led to RM157 million in losses incurred for four years.
Confirming this, a spokesperson for the investment holding company wholly owned by UiTM told Utusan Malaysia that the allegations were "nothing new", and that the MACC started acting against the management two years ago.
"The management of UiTM Holdings will fully cooperate with the MACC in the probe. We will hand over the needed documents, including those pertaining to investments that had incurred losses," the spokesperson told the Malay daily.
According to the spokesperson further, UiTM Holdings, which manages eight companies in the energy, healthcare, technology, and creative sectors, has been under new management since December 2021 and prioritises good corporate governance to ensure that business is done in a transparent manner.
Yesterday, Utusan reported that UiTM Holdings suffered accumulated pre-tax losses of RM157 million for four years, namely 2017, 2018, 2019, and 2021. The company did not present its financial records for the year 2020.
According to the report, the majority of the losses were incurred from investments in local film production, while the remaining pertains to stakes in a resort in Section 7, Shah Alam, which has since closed down.
UiTM vice-chancellor Prof Dr Roziah Mohd Janor told the daily that the university will cooperate with the MACC in the probe.
Higher Education Minister Mohamed Khaled Nordin has also welcomed the probe, saying the ministry will not compromise over any violation and non-compliance with the set guidelines and laws.
"Apart from the investigations being carried out, the ministry will review and improve the guidelines that have been set regarding the management of university holding companies as well as measure the compliance of related companies," The Edge quoted him saying in a statement yesterday.
