Freezing Kojadi's account will not jeopardise its operations, says Dr Wee

  • Nation
  • Thursday, 04 Jul 2019

KUALA LUMPUR: The freezing of one of the accounts of Koperasi Jayadiri Malaysia Bhd (Kojadi) will not jeopardise the cooperative's operations, says Datuk Seri Dr Wee Ka Siong (pic).

The MCA president, who read the notice issued by the Kojadi board Thursday (July 4), said the specific account that has RM8mil in it was meant for the RM15mil grant given to Kojadi by Yayasan 1MDB in 2012 to provide microcredit for youth.

''The account involved is only a small portion out of several other loan schemes provided by Kojadi.

''Not all Kojadi's accounts were frozen. The freezing of the account does not affect the usual operation of the cooperative.

''The other loan schemes for SMEs and education will go on as usual,'' he told a press conference at Wisma MCA here Thursday.

For now, Dr Wee noted that the Kojadi board will keep consulting the legal team to facilitate investigations by the Malaysian Anti-Corruption Commission (MACC).

It was reported that the account under Kojadi has been frozen for the next 90 days by MACC.

This follows MACC’s recent filing of civil forfeiture suits to recover funds linked to the controversial 1MDB (1Malaysia Development Bhd).

Kojadi was formed by MCA in 1981 to provide student loans for higher education.

Dr Wee questioned how the money Kojadi had received from Yayasan 1MDB was considered illegal when RM1.03mil was paid as income tax.

He said he was briefed on this by Kojadi chairman Ng Peng Hay on Dec 12, 2018.

"If it paid taxes, how are the funds illegal?" Dr Wee asked.

He said what happened to the Kojadi account was the first in history involving funds from Yayasan 1MDB.

''This has nothing to do with money from SRC International Sdn Bhd or Datuk Seri Najib Razak's accounts,'' he said, adding that concerns of ''selective prosecution'' may arise as funds from the foundation had benefited many people and groups.

''What will happen to the other recipients? The more than 57,000 taxi drivers, thousands who have performed haj in Mecca, farmers, top-performing students from private and public secondary schools and many others?

''Will they be the next target of the investigation? In the spirit of a fair probe, I think MACC should clearly state its stance,'' he added.

Asked if the Kojadi board had suggested any action against

Ng, Dr Wee said he has no right to decide on this matter since he is not a board member.

''It is totally up to the board to decide,'' he added.

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