Prime Minister Anwar Ibrahim has called for weaknesses in the management of UiTM Holdings Sdn Bhd to be examined before any action is taken over the company’s financial problems.

UiTM Holdings, the university’s wholly owned investment arm, came under scrutiny in 2023 after reports that it had accumulated RM157.04 million in pre-tax losses in 2017, 2018, 2019 and 2021.

Anwar’s remarks mark the latest scrutiny of financial and governance issues involving a bumiputera-linked institution, after the government turned its attention to losses and alleged mismanagement involving Tabung Haji and Felda.

“Please look into UiTM Holdings and find a way to work together with the vice-chancellor and the Prime Minister’s Department. My office will provide cooperation and views.

“Let us not pass judgment now. First, examine whether these are ordinary weaknesses. If so, fix them, change the people involved. We have changed people in dozens of agencies.

“But if there was indeed misconduct, action must be taken,” he was quoted as saying by Bernama yesterday during a UiTM alumni event at its main campus in Shah Alam.

He said reports concerning the company would be examined with the cooperation of the UiTM vice-chancellor, the Higher Education Ministry and the Prime Minister’s Department.

In February 2023, MACC launched an investigation and formed a forensic team to examine UiTM Holdings' accounts, funds and investments to determine whether the losses involved corruption, abuse of power or misappropriation.

The MACC chief commissioner at the time, Azam Baki, stressed that financial losses did not necessarily indicate criminal wrongdoing and could also stem from management or governance weaknesses.

The Public Accounts Committee later found in March 2024 that UiTM Holdings and its subsidiaries had yet to fulfil their mandate of generating wealth and investment opportunities for the university.

The PAC also found that UiTM injected RM259.98 million into UiTM Holdings between 2007 and 2018 for share acquisitions without obtaining the finance minister’s approval as required under the UiTM Act 1976.

Fathul: Before our time

In response, UiTM Holdings chairperson Fathul Bari Mat Jahya welcomed Anwar’s concern but stressed that the losses being discussed predated the company’s current leadership.

“The losses being discussed are not new losses incurred under the current leadership.

“The figure of about RM157 million has been reported since 2023, and the Higher Education Ministry explained at the time that it represented accumulated losses up to that point, dating back to 2007.

“These are the chronological facts. This is a legacy issue,” the Kangar Umno chief said in a statement on Facebook.

Fathul (above) pointed out that Shukrie Salleh had led UiTM Holdings since January 2025, while he took over as chairperson in August that year.

He said they had been tasked with restoring performance, strengthening governance, rebuilding confidence and returning the company to a growth path.

“We do not use legacy issues as an excuse. We identify those legacy issues to resolve them,” he said.

'We came in to work, not to defend the past'

Acknowledging that past losses had created a “trust deficit” towards UiTM Holdings, Fathul said the current leadership should be assessed based on its integrity, implementation and results.

He also urged parties not to politicise the recovery process, saying UiTM Holdings remained part of the university and that its performance ultimately affected UiTM.

Fathul said the company had already presented its recovery plans through the appropriate governance channels, including to the university’s board of directors.

“What is now needed is alignment, decision-making and implementation across the UiTM ecosystem.

“We came in to work, not to defend the past,” he added.

Anwar, meanwhile, said strong governance was particularly important in bumiputera agencies.

“I am stricter with bumiputera agencies. Yes, because they should set an example,” he stressed.