KUALA LUMPUR, Feb 9 — Universiti Malaya’s student council (PMUM) demanded today for a full disclosure of the university’s annual financial statements to justify its reason for raising hostel fees when it rakes in profits amounting to “tens of millions of ringgit”.

PMUM president Mohd Ammar Atan said the university should be aware of the financial burden borne by students living in the heart of the capital city, especially those without scholarships.

“According to Universiti Malaya’s annual financial statements, its net profit is in the tens of millions of ringgit, but often the reason given is that they lack the funds, et cetera.

“I challenge the university’s administration to present the annual financial statements to students in an open and transparent manner,” he said in a statement.

The third year economics students told Malay Mail Online that he had gotten the net profit figure from a former vice chancellor at the university.

However, a check on the university’s website showed that the institution’s annual report is available online for public viewing.

Mohd Ammar added that he is hoping to meet with the university’s administration along with other student representatives from the student council in regards to the fees increase at UM’s residential colleges and problems with class registration.

According to a letter sighted by Malay Mail Online dated December 29 to graduate students staying on campus, there will be a RM15 daily increase in hostel fees from this year onwards.

The 21-year-old student said this is a 50 per cent increase from the previous daily rate or RM10, and amounts to a total sum of RM450 per month.

With the university’s “zero balance” policy, students with outstanding balance would not be allowed to register for the next semester, he added.