KUCHING: Around 40 per cent of 15,315 registered cooperative companies in Malaysia failed to comply with Section 60 of the Cooperatives Act 1993.
Deputy Minister of Entrepreneur Development and Cooperatives Senator Saraswathy Kandasami said that the reason that these cooperatives failed to comply was due to their failure to present their financial statement for auditing purposes.
“Whether or not these cooperatives are exposed on account preparation or it is their mistake for not taking this matter seriously, as a matter of fact, most of these cooperatives face the problems right after the pandemic,” she said.
She added that the Ministry took the initiative to encourage the cooperatives and to assist them in providing financial statements.
“We do not want to punish them, instead we want to help them to ease their process and to be further transparent when it comes to the financial aspect,” she said.
She said this when met by reporters after officiating at the Briefing on GP23: Cooperative Financial Statement Reporting (Amendment) 2020 Guidelines in Pullman Hotel here today.
On another note, deputy chairman of Malaysia Cooperative Commission Siti Azlin Ahmad Duta said that the need to synchronise the cooperative financial reports is to ease the comparison and measurement of the cooperative’s performance especially among other sectors such as small and medium enterprises (SME).
“Cooperatives should stay committed and firm in facing issues like this so that it can move and progress just like any other business sectors,” she added.
Also present during the programme was Batang Sadong MP Rodiyah Saffiee and other distinguished guests.
