KUALA LUMPUR, Sept 28 – The Public Accounts Committee (PAC) made detailed recommendations to enhance the financial governance and investment management of UiTM Holdings Sdn Bhd, following critical findings detailed in two parliamentary reports, said PAC Chairman Datuk Mas Ermieyati Samsudin.
The recommendations aim to strengthen monitoring mechanisms, enforce strict accountability, and prevent systemic financial governance failures within the holding company.
“The PAC’s findings confirmed that the channelling of nearly RM260 million into UiTM’s business entities or holding companies was not carried out properly in accordance with the prevailing financial rules and procedures,” Mas Ermieyati said in a statement on Monday. “This followed the failure to obtain special approval from the Finance Minister as required by law.”
She highlighted that investigations into UiTM Holdings exposed severe structural weaknesses in regulatory controls and corporate governance regarding the management of public investment funds.
“This situation requires immediate improvements to ensure that any investment decisions and expenditure involving public funds strictly comply with legal guidelines and deliver the best return of value,” she added.
Reaffirming the committee’s mandate, Mas Ermieyati emphasized that the PAC remains firm in combating corruption, power abuse, misappropriation, and leakage of public funds, while serving as an active check and balance on government financial operations.
She also expressed appreciation to the Malaysian Anti-Corruption Commission (MACC)—which serves as an ex-officio member of the PAC—for its proactive collaboration and ongoing investigations into the committee’s findings to ensure accountability.
–NMT
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