PETALING JAYA: The Public Accounts Committee (PAC) has given Universiti Teknologi Mara (UiTM) and the Higher Education Ministry two months to rectify weaknesses involving the purchase of shares worth RM259.98mil over a 12-year period without approval.
PAC chairman Datuk Mas Ermieyati Samsudin said these were among the recommendations made by the bipartisan parliamentary oversight committee following its probe of the matter.
The unapproved share purchase was highlighted in the Auditor-General's Report 2022 tabled in the Dewan Rakyat in December.
"The PAC will recall the Finance Ministry, the Higher Education Ministry and UiTM in follow-up proceedings in two months' time to get their feedback on recommendations by the committee," she said in a statement on Monday (March 18).
She said UiTM failed to get approval from the Finance Ministry under the Universiti Teknologi Mara Act 1976 to take over UiTM Private Education Sdn Bhd (UPESB) and UiTM Technoventure Sdn Bhd (UTVSB).
"This includes an injection of RM259.98mil by UiTM between 2007 and 2018, without approval from the Finance Ministry, for the purpose of share acquisition from UiTM Holdings not in accordance with the Act," she added.
She said the PAC also found that conditions for the transfer of land for Solar Park I Gambang in Pahang had yet to be fulfilled although the UiTM Holdings project would benefit UiTM's operations.
Furthermore, the PAC said failure to conclude a new rental agreement had resulted in the UiTM Specialist Centre not being properly maintained.
Mas Ermieyati said the PAC also noted that UiTM Holdings and its subsidiaries have yet to achieve their strategic business targets.
Among the recommendations by the PAC include UiTM improving its supervision of UiTM Holdings and its subsidiaries to ensure their profitability and compliance with the Act.
"The Higher Education Ministry and UiTM must take action (to bring) the injection of RM259.98mil in line with the Act," she said.
The PAC recommendations follow proceedings held on Dec 6 with the final report completed on Feb 27.
Among those called to testify were Higher Education Ministry deputy secretary-general (policy) Datuk Dr Megat Sany Megat Ahmad Supian, UiTM vice-chancellor Prof Datuk Dr Shahrin Sahib @ Sahibuddin, and UiTM Holdings Group acting chief executive officer Farisan Mokhtar.
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Public Accounts Committee, UiTM, Universiti Teknologi Mara, Higher Education Ministry, Finance Ministry, Mas Ermieyati Samsudin, Rectify, Shares, Purchase, Unauthorised, Strategic Targets, UiTM Holdings Group
