MACC flags governance gaps at UiTM Holdings in RM37.37m fraud inquiry

KUALA LUMPUR — The Malaysian Anti-Corruption Commission (MACC) has identified multiple governance deficiencies at UiTM Holdings Sdn Bhd during its investigation into alleged criminal breach of trust involving approximately RM37.37 million.

The findings, disclosed on Tuesday, point to systemic vulnerabilities in the university-linked entity's internal oversight mechanisms and financial management procedures. Investigators noted that inadequate checks and balances created conditions that may have facilitated the alleged misconduct under scrutiny.

The MACC's observations underscore the importance of robust corporate governance frameworks within public institutions and their subsidiary operations. The commission's report has flagged specific areas requiring remedial action to strengthen controls and prevent similar incidents from occurring in future.

UiTM Holdings, which operates commercial ventures for Universiti Teknologi MARA, has been cooperating with the investigation. The identification of these governance weaknesses is expected to prompt comprehensive reviews of the entity's administrative and financial procedures.

The MACC continues its investigation into the matter as authorities work to establish full accountability and recovery of any misappropriated funds.