.SPRMMalaysia probes claims of misappropriation in uitmofficial Holdings’ RM157m losses
MACC senior director of investigation Hishamuddin Hashim said the agency’s probe will focus on bribery, abuse of power, and the misappropriation of funds. He said MACC will be focusing on several investments made by UiTM Holdings which led to millions in losses.Hishamuddin said, however, the issue of UiTM Holding’s RM157 million in losses was “too general” and that MACC will study the matter in detail to determine if there was any corruption.
Citing documents from the Companies Commission of Malaysia , Utusan Malaysia said the firm recorded profits of RM26 million in 2011, 2014, 2015 and 2016, while it did not submit its accounts in 2020.Hishamuddin maintained that not all failed investments involved criminal activity, saying it could be due to issues with governance or weak management. “If we find that it involved criminal activity, especially corruption, an investigation paper will be opened,” he said.
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