Universiti Teknologi MARA’s investment arm, UiTM Holdings Sdn Bhd, is back under scrutiny over RM157 million in accumulated losses, nearly RM260 million in capital injections and a RM42 million payment linked to a solar project.
The Malaysian Anti-Corruption Commission (MACC) began investigating the company in 2023.
The case returned to the headlines this week after Prime Minister Anwar Ibrahim called for a review of UiTM Holdings’ governance and management, while MACC confirmed that its investigation remains ongoing.
RM157 Million in Losses
UiTM Holdings recorded RM157.04 million in accumulated pre-tax losses across 2017, 2018, 2019 and 2021.
The company is UiTM’s investment arm, overseeing commercial ventures intended to generate returns for the university.
MACC opened its investigation in 2023 to examine possible corruption, abuse of power and misuse of funds linked to the company’s finances. The agency said the investigation remains active and involves complex technical matters.
The losses alone do not establish criminal wrongdoing. The investigation is examining whether any offences occurred.
RM260 Million in Capital
PAC’s 2024 review found that UiTM injected RM259.98 million into UiTM Holdings between 2007 and 2018 for share acquisitions.
The injections were made without the Finance Minister’s approval required under the UiTM Act 1976.
PAC also raised concerns about UiTM Holdings’ performance against its original objectives, including creating wealth, generating investment opportunities and strengthening UiTM’s strategic business position.
The RM260 million represents capital injected into the company. The RM157 million refers to accumulated pre-tax losses recorded in later financial years.
The RM42 Million Solar Payment
MACC is also investigating a RM42 million payment linked to a 50MW solar project in Gambang, Pahang.
The agency said the payment was allegedly made for purposes unrelated to the project and without approval from UiTM Holdings’ board of directors.
The investigation is being conducted under Section 23 of the MACC Act 2009, which covers the use of office or position for gratification. No final finding has been announced.
PAC had previously raised concerns about the Gambang solar project in its 2024 review and called for outstanding issues to be resolved.
Why The Story Has Returned
The MACC investigation dates back to 2023.
The latest attention follows Anwar’s call for a comprehensive review of UiTM Holdings’ governance and management.
Anwar said the review should establish the causes of the losses and identify improvements or management changes where necessary. He also said further action should follow if wrongdoing is established.
MACC confirmed that governance weaknesses raised by Anwar would form part of its ongoing investigation.
The Higher Education Ministry is also reviewing public university holding companies. Minister Zambry Abd Kadir said some have performed well while others have struggled, with the ministry looking at ways to improve their performance and structure.
The Governance Problem
UiTM Holdings was created to give the university a commercial platform for generating income and expanding into different sectors.
Commercial ventures carry financial risks. Public institutions also have additional responsibilities when managing institutional funds.
The UiTM case has raised concerns over investment approvals, financial documentation, board oversight and monitoring of major transactions.
PAC’s finding on the RM259.98 million capital injection points to weaknesses in the approval process.
The RM42 million solar payment raises another question over how major transactions were authorised and monitored.
These issues make governance central to the current review.
Follow The Money
Public universities are not ordinary businesses.
They can operate commercial ventures, invest in companies and pursue new sources of revenue.
But when those ventures involve hundreds of millions of ringgit belonging to a public institution, the public should not have to reconstruct the financial story from PAC reports, parliamentary findings and an investigation years after the money was committed.
That is the uncomfortable part of the UiTM Holdings case.
RM260 million was injected over more than a decade. RM157 million in accumulated losses was later recorded. A RM42 million payment is now being examined by MACC.
Yet years later, the public is still waiting for a complete account of how these decisions were made and where the money ultimately went.
Transparency should not begin only after losses become impossible to ignore.
If public universities are expected to operate commercial arms, they need governance systems that can withstand commercial risk. Major investments should have clear approval trails. Boards should know where substantial payments are going. Financial records should make it possible to trace decisions years later.
The same standard should apply regardless of which government was in power when the decisions were made.
For now, the useful focus is the money: where it went, who approved it, what returns were expected, what went wrong and whether anyone broke the rules.
That is information the public should not have to wait years to piece together.
UiTM Holdings was created to generate value for a public university.
Its financial troubles should now lead to something more useful than another round of political accusations. A clear account of what happened and stronger systems to prevent it from happening again.