KUALA LUMPUR (July 15): The Public Accounts Committee (PAC) believes that the Higher Education Ministry (MOHE) should consider implementing and applying the 2024 Investment and Financing Guidelines for Public Universities to the subsidiaries under its supervision.

PAC chairman Datuk Mas Ermieyati Samsudin said the development and enforcement of these guidelines for all public universities are seen as beneficial.

“To ensure compliance with the authority to approve investments, financing, and the establishment of subsidiary companies in accordance with the provisions of Act 173, MOHE has prepared the Investment and Loan Application Process at UiTM (Universiti Teknologi Mara) and MOHE.

“The PAC believes that the standard operating manual that has been prepared must be fully adhered to by MOHE and UiTM, and at the same time, it should not be hindered by bureaucracy,” she said in a statement on Monday.

The PAC on Monday presented its report on the follow-up actions of KPT and UiTM regarding the PAC’s recommendations about UiTM Holdings Sdn Bhd (UHSB).

Mas Ermieyati said the committee held a follow-up proceeding with the controlling officers on the PAC Parliament’s recommendations for the PAC Parliament Report on July 9.

Among the witnesses present were deputy secretary-general of the Treasury (Investment) Datuk Dr Shahrazat Ahmad, MOHE secretary-general Datuk Seri Dr Zaini Ujang, UiTM vice-chancellor Datuk Dr Shahrin Sahib @ Sahibuddin and UHSB assistant general manager Syed Azharuddin Al-Habshi.

“The PAC acknowledges the efforts undertaken by MOHE, UiTM and UHSB to ensure the management of UiTM Holdings' activities is conducted in an organised, efficient and effective manner, and in accordance with good corporate governance practices.

“In response to the PAC’s recommendations on ensuring a more effective regulatory system for UHSB and its subsidiaries to generate more profit and pay dividends in line with their objectives, the committee has been informed of the steps taken by MOHE and UiTM,” she said.

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