PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) is investigating claims that misappropriation of funds had caused Universiti Teknologi Mara (UiTM) Holdings to lose about RM157 million over four years.
MACC senior director of investigation Hishamuddin Hashim said the agency’s probe will focus on bribery, abuse of power, and the misappropriation of funds.
He said MACC will be focusing on several investments made by UiTM Holdings which led to millions in losses.
Hishamuddin said, however, the issue of UiTM Holding’s RM157 million in losses was “too general” and that MACC will study the matter in detail to determine if there was any corruption.
Earlier this week, it was reported that UiTM Holdings had incurred losses totalling RM157 million for 2017, 2018, 2019 and 2021.
Citing documents from the Companies Commission of Malaysia (SSM), Utusan Malaysia said the firm recorded profits of RM26 million in 2011, 2014, 2015 and 2016, while it did not submit its accounts in 2020.
Hishamuddin maintained that not all failed investments involved criminal activity, saying it could be due to issues with governance or weak management.
“If we find that it involved criminal activity, especially corruption, an investigation paper will be opened,” he said.
