KUALA SELANGOR, Aug 12 (Bernama) — Almost 40 per cent, or 5,873 cooperatives, from a total of 14,834 nationwide have been identified as not active or dormant, said Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar.
He said that based on records obtained, his ministry will send officials from the Cooperatives Commission Malaysia (SKM) to check on such cooperatives at the state level before taking any recovery efforts.
“Under the Cooperatives Act 1993, SKM can call and check on them without notice. Some of these dormant cooperatives may have been established for a long time and have assets.
“We will take a look at the full report presented by SKM and we can take over the assets of the cooperatives for further action if they have closed or been cancelled,” he told reporters after launching Rakyat Selangor Volunteers Cooperative Bhd (KRiiS) at the De Palma Eco Resort here today.
A cooperative is considered non-active if it has not conducted any activity for three straight years, but has held an annual meeting and has its accounts audited during the period.
A dormant cooperative is one that has not conducted any activity nor held its annual meeting, with accounts unaudited for over three years.
Source: BERNAMA News Agency
