By Syamimi Husna & Zureen Azwa
KUCHING: Seventeen large cooperatives from Sarawak recorded an annual revenue exceeding RM5 million as of Dec 31, 2022.
Malaysia Cooperative Commission (MCC) Sarawak branch director Liew Liuk Chim said the state also has some 30 medium-sized clustered cooperatives generating revenue totalling between RM1 million and RM5 million per year.
“When a cooperative achieves this kind of revenue, the cooperative’s daily or monthly business transactions are naturally high.
“In some cases, these cooperatives also involve themselves in business venture negotiations with other business entities that involve high project costs,” he said during the closing ceremony of the Integrity and Governance Standards Improvement Programme for Sarawak Cooperative Movement at Raia Hotel here yesterday (April 4).
In addition, cooperatives have a competent line-up of cooperative board members and a management team of professionals and qualified individuals.
“The individuals involved in the work process need to possess high integrity in addition to the cooperative also having the best governance system in delivering services to the community,” he said.
Meanwhile, Liew also reminded eligible members of the cooperative movement to file cooperative tax assessments.
“In the meantime, cooperatives also need to deposit the Statutory Reserve Fund (KWRS) into the Cooperative Deposit Account (ADK) at Co-op Bank Pertama Malaysia Berhad, which is managed by ADK as appointed by MCC,” he said.
At the same event, Liew also presented MCC’s corporate social responsibility (CSR) contributions to two organisations, namely Nur Murni Welfare and Education and Maahad Tahfiz Raudhatul Jannah.
The donations were in the form of basic food supplies amounting to RM3,000 to help ease the burden of both organisations in conjunction with Ramadan.
