KENINGAU: Six get quick rich schemes cloaked as cooperatives have been brought to justice by the Malaysian Cooperatives Commission (MCC).
MCC executive chairman Datuk Haji Mohd Yusof Haji Samsudin, who disclosed this on Thursday, said the trust given by the community on the ability of cooperatives to generate income had been misused and abused by certain quarters who were prompted by greed without even caring for the sufferings of others.
“These get quick rich schemes have spread rapidly within the cooperative movement,” he said in his speech at the launching of the state-level Parliamentary Cooperative Consultative Council.
Deputy Domestic Trade, Cooperatives and Consumerism Minister Datuk Rohani Abdul Karim launched the event.
Mohd Yusof said the government through the MCC, had successfully arrested the spread of this phenomenon from continuing to harm and tarnish the cooperative movement.
He reminded everyone not to be influenced and deceived by unscrupulous elements who promised huge returns from small investments.
He requested those who have been approached and offered get quick rich schemes to contact the MCC. Touching on the Cooperative Consultative Council, Mohd Yusof said that it would act as a forum where the people within a parliamentary constituency could obtain proper advice on the establishment of cooperatives.
He said the Kota Marudu and Kudat parliamentary constituencies had held their respective cooperative council meetings.
“Sabah has 768 cooperatives with a total of 243,278 members with shares worth RM67.4 million. These cooperatives have assets valued at RM387.6 million with a business turnover of RM219.2 million,” Mohd Yusof said.
He said the number of cooperatives in the state increased at the rate of 10 per cent annually and the commission had set a target to increase the participation in the cooperative movement to 50 per cent of the adult population in the state by 2020.
According to Mohd Yusof too, cooperatives in the state which are involved in the wholesale and retail business are clearly the successful ones.
Nine cooperatives have been given wholesale licences which in turn involve 57 cooperatives to carry out activities as retailers.
“For the first five months of this year, the wholesale and retail business carried out by the cooperatives in the state has gained return from sales amounting to RM1.6 million which has effectively achieved the government’s desire to standardise the prices of consumer goods in the urban and rural areas,” he said.