KUALA LUMPUR: A new law to improve the administration and integrity of cooperatives in the country will be tabled at the Dewan Rakyat this year, said Entrepreneur Development and Cooperatives Minister Steven Sim.
According to Sim, the proposed bill is currently being scrutinised by the Attorney-General (AG).
“On drafting new laws, it is now at the AG level, and our plan is to table this new Bill this year itself,” said Sim to reporters after chairing the National Cooperative Consultative Council (MPKK) meeting on Thursday (April 23).
Sim was responding to a question about plans to strengthen Malaysian cooperatives amid a slew of recent controversies, including the arrest of several individuals and the seizure of RM7mil worth of luxury vehicles in connection with a RM230mil misappropriation case involving an NGO.
According to Sim, his ministry is reviewing all laws concerning cooperatives.
“This includes drafting a new law to ensure an administration that is more dynamic and efficient for Malaysian cooperatives,” he said.
Sim also said that he had earlier suggested that leaders in cooperatives and the boards of directors in the corporate sector consider implementing several measures to strengthen administration, transparency, and integrity.
Earlier this year, the Malaysian Anti-Corruption Commission (MACC) said it opened three investigation papers between 2023 and 2026 into alleged misuse of public funds by NGOs, including cooperatives, and several companies that received government financing.
MACC chief commissioner Tan Sri Azam Baki was quoted as saying that some government-funded NGOs were found to have misused funds, while similar issues were detected in cooperatives.
On April 21, three individuals, including the deputy chairman of an NGO, were detained by the MACC for the alleged misappropriation of RM230mil worth of donations, some of which were meant to be channelled to the needy.
The MACC had also seized 18 luxury vehicles, properties worth RM11mil, and other assets, including luxury watches and cash.
The anti-graft agency also froze 33 bank accounts, totalling RM120mil.
