KUALA LUMPUR: The Public Accounts Committee (PAC) made detailed recommendations in 2024 to improve the financial governance and investment management of UiTM Holdings Sdn Bhd, PAC chairman Datuk Mas Ermieyati Samsudin says.
She said the recommendations followed findings in two PAC reports tabled in the Dewan Rakyat in 2024, which identified significant breaches of financial governance and weaknesses in information management and oversight of UiTM Holdings' investments.
She said the recommendations were aimed at strengthening monitoring mechanisms, ensuring full accountability and preventing any lapses or repetition of financial governance failures in future.
"The PAC's findings confirmed that the channelling of nearly RM260mil into UiTM's business entities or holding companies was not carried out properly in accordance with the prevailing financial rules and procedures.
"This followed the failure to obtain special approval from the Finance Minister as required by law," she said in a statement on Monday (Sept 28).
Her comments have come on the heels of reported graft investigations into alleged financial irregularities linked to UiTM Holdings.
Mas Ermieyati said the PAC's findings on UiTM Holdings in 2024 also identified critical structural weaknesses in the regulatory controls and corporate governance of the institution's investment management.
"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 said.
She said the PAC would remain firm in combating corruption, misappropriation, abuse of power and leakage of public funds.
"The PAC will continue to carry out its role as a check and balance on the Government to ensure transparency, accountability and integrity in the country's financial management," she said.
Mas Ermieyati also expressed appreciation for the Malaysian Anti-Corruption Commission's (MACC) continued commitment to investigating and following up on the findings submitted.
She said MACC, which also serves as an ex-officio member of the PAC, had demonstrated close and proactive cooperation in examining every aspect of the findings to ensure there were no elements of misappropriation, corruption or abuse of power. - Bernama
