IMMEDIATE help has been given to 7,779 cooperatives that did not maintain their accounts as required under the Cooperative Societies Act 1993, says Datuk Seri R. Ramanan.
The Deputy Entrepreneur Development and Cooperatives Minister said 2,304 cooperatives have also not had their accounts audited as required under Section 60 of the Act.
“However, these cooperatives are provided with guidance by the Malaysian Cooperative Societies Commission.
“Once they receive assistance, such as grants and capital aid, or participation in programmes like the Cooperative Tourism Activity Assistance, these issues will be addressed,” he said in reply to a supplementary question from Dr Richard Rapu @ Aman Begri (GPS-Betong) during Minister’s Question Time in the Dewan Rakyat yesterday.
Dr Richard Rapu had asked the ministry to state the figures of cooperatives that did not maintain and audit their accounts as required by existing laws.
Ramanan acknowledged the challenges related to the lack of submission of accounts and audits by these coopera- tives.
“Nevertheless, these issues are being resolved through extensive guidance and training, as well as support from the commission to help them prepare the necessary accounts,” he said.
The Deputy Minister said his ministry, through the commission, remained committed to regulating cooperatives to prevent financial mismanagement.
Several preventive measures have been implemented through appropriate guidelines as best practices in governance and operational activities of cooperatives, he said, including issuing guidelines on gover-nance and special investment schemes.
Other measures are to protect cooperative members from significant losses, including ensuring they have a clear understanding of the investment activities or products introduced by cooperatives, with approval from the commission.
Ramanan said the ministry also advises members to consult the commission for clarification if there are doubts about any matter.
“The commission has also taken preventive and intervention actions on public complaints in relation to suspicious cooperative activities,” he added.
