PAC chairman Mas Ermieyati Samsudin described the development and enforcement of the 2024 guidelines as “beneficial”.
“The PAC believes that the ministry could consider applying these guidelines to (public universities’) subsidiaries under its supervision,” she said in a statement, regarding the committee’s updates in its investigation into Universiti Teknologi Mara (UiTM) Holdings.
In March, the PAC said UiTM Holdings and its subsidiary companies had yet to achieve their original mandate, which is to generate wealth for UiTM, create investment opportunities, and improve the company’s business position.
It also said UiTM needed to be more effective in governing UiTM Holdings and its subsidiaries in order to generate profits and pay dividends in line with the establishment goals.
On Nov 22, 2023, the auditor-general’s report 2022 said a total of RM259.98 million was invested in UiTM through capital injections and loan-to-equity conversions over 11 years without the approval of the finance ministry.
Mas Ermieyati said the ministry has outlined SOPs at both the UiTM and ministry levels for proper compliance with approvals on investments, financing, and the establishment of subsidiaries in line with the UiTM Act 1975.
“The PAC believes the SOPs that have been prepared should be fully adhered to by both the university and the ministry but, at the same time, they should not be hindered by bureaucracy,” she said.
On UiTM Holdings’ 10-year strategic roadmap, the PAC said it was “overly optimistic”.
“UiTM Holdings must take into consideration real challenges that may arise to be more realistic,” it said.
Mas Ermieyati said the committee had, on July 9, summoned the finance ministry’s deputy secretary-general for investments, Shahrazat Ahmad; the higher education ministry’s secretary-general, Zaini Ujang; UiTM vice-chancellor Shahrin Sahib and UiTM Holdings’ assistant general manager, Syed Azharuddin Al-Habshi, for its follow-up proceedings.
“The PAC acknowledges the improvements made by the higher education ministry and UiTM to ensure that their subsidiaries can generate profits and achieve their objectives,” she said.