TAWAU: The Malaysian Cooperative Commission (SKM) views seriously cooperatives which undertake fraudulent activities under the guise of legitimate operations, resulting in millions of ringgit losses for members and investors.
SKM Chairman Lieutenant General (Rtd) Datuk Ahmad Norihan Jalal said it is working closely with various agencies, including Bank Negara (BNM), the Securities Commission Malaysia (SC) and police to ensure action is taken against such cooperatives.
He said several cooperatives and individuals have been summoned in investigations.
“Among the 17,000 cooperatives nationwide, there are various issues, both good and bad. However, SKM, with guidance from the Ministry of Entrepreneur Development and Cooperatives (Kuskop), will address these matters,” he said after officiating the Sahabat Ar Rahnu (SAR) Tawau branch & Strategic Partner Collaboration of Sahabat Amanah Ikhtiar Malaysia Cooperative (Koop Sahabat).
Also present was Koop Sahabat Board Chairman Mohamad Najib Mohd Noor.
He was responding to reports that more than 100 individuals claimed to have fallen victim to fraud by a cooperative in Kuantan, resulting in estimated losses of RM5.6 million after failing to receive the promised returns.
Many members claimed they each paid tens of thousands of ringgit — some using their retirement savings and personal funds — to register as members. Their payments were divided into membership fees, share capital and a special savings fund.
Meanwhile, Ahmad Norihan said SAR Tawau branch, managed by Koop Sahabat, is the 34th in Malaysia and the first in Sabah and Borneo.
Its objective is to enhance the socio-economic status of women entrepreneurs from the B40 group, helping them expand their businesses.
Koop Sahabat aims to establish at least 16 Sahabat Ar Rahnu branches in Borneo over the next five years.
Koop Sahabat is a service cooperative established on Aug 30, 2012 under the Cooperative Act 1993. It has over 450,000 members nationwide, primarily consisting of B40 women entrepreneurs.
Koop Sahabat was also ranked as Malaysia’s second-best cooperative by SKM last year.
