PAC: UiTM Holding fails main objective of creating wealth

The Public Accounts Committee (PAC) has found that Universiti Teknologi MARA (UiTM) Holdings and its subsidiaries have yet to achieve the objective and mandate of creating wealth as well as investment opportunities for UiTM, and enhancing the companies’ core business strategic position.

PAC chairperson Mas Ermieyati Samsudin said the committee also found that UiTM Holdings also failed to obtain the Finance Ministry’s approval in taking over UiTM Private Education Sdn Bhd and UiTM Technoventure Sdn Bhd, which contravened the provision in UiTM Act 1976 (Act 173).