UiTM Holdings faces calls for reform amid reported losses

The Gabungan Kesatuan Kakitangan Am Universiti Awam Malaysia (GAKUM) is calling for comprehensive reforms of public university holding companies to ensure they effectively support the financial sustainability of universities. This demand follows reports of significant losses at UiTM Holdings, estimated at RM157 million.

Malaysia Corruption Watchers (MCW) clarified that the reported RM157.04 million loss refers to pre-tax losses spanning the 2017, 2018, 2019, and 2021 financial years. While current leadership is implementing a recovery plan, the Public Accounts Committee (PAC) previously noted that UiTM Holdings' 10-year strategic plan appeared overly optimistic.

Ongoing investigations by the Malaysian Anti-Corruption Commission (MACC) began in 2023. These inquiries include a 50MW solar project in Gambang and a reported RM42 million payment made without board approval. MACC has stated that the investigation is still active and has not yet determined any wrongdoing.