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MACC probes alleged RM157 million misappropriated funds in UiTM Holdings

MUHAMMAD AFHAM RAMLI
By MUHAMMAD AFHAM RAMLI
10 Feb 2023 04:43pm
MACC is investigating alleged misappropriation that caused RM157 million in losses suffered by Universiti Teknologi MARA (UiTM) Holdings Sdn Bhd.
MACC is investigating alleged misappropriation that caused RM157 million in losses suffered by Universiti Teknologi MARA (UiTM) Holdings Sdn Bhd.

SHAH ALAM - The Malaysian Anti-Corruption Commission (MACC) is probing the alleged misappropriation of funds that caused Universiti Teknologi MARA (UiTM) Holdings Sdn Bhd to lose RM157 million.

The focus of the investigation will be on issues particularly related to bribery, abuse of power, and several investments made by UiTM Holdings that caused millions of ringgit in losses, said MACC senior director of investigation Hishamuddin Hashim.

However, according to Hishamuddin, the issue of UiTM Holding's losses of RM157 million was "too general," and the MACC will thoroughly investigate the situation to ascertain whether there was any wrongdoing.

"The RM157 million losses issue is too general, so MACC will detail each said issue, and if there are cases of corruption and embezzlement, then it will not escape MACC's investigation.

"Not all investments or expenses involve criminal acts; they can also happen because of poor governance and management issues.

"Investigation papers will be opened if we find any discrepancies related to crime, especially corruption," he said today while commenting about the alleged leak that happened to UiTM Holdings.

Yesterday, Prime Minister Datuk Seri Anwar Ibrahim said the misappropriation and leakage of the RM157 million in losses suffered by UiTM Holdings Sdn Bhd had been submitted to MACC.

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Previously, it was reported that the alleged misspaoriated fund amount was based on accumulated pre-tax losses for four years, namely 2017, 2018, 2019, and 2021.

The cumulative pre-tax profit reported for the years 2011, 2013, 2014, 2015, and 2016 was around RM26 million.

UiTM Holdings Sdn Bhd is an investment holding company solely owned by UiTM that manages eight companies in the energy, healthcare, technology, and creative sectors.

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