Mcc Dissolves Board Of Kosma

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The Malaysian Cooperative Commission has appointed an administrator who will take over the functions and roles of Kosma’s board members. - Pic courtesy of KosmaKUANTAN: The Malaysian Cooperative Commission (MCC) has dissolved the board of Koperasi Serbausaha Makmur Berhad (Kosma) effective Nov 17 last year.
MCC has appointed an administrator who will take over the functions and roles of the board members as stipulated under Section 69(2)(a)(i) of the Co-operative Societies Act 1993.
MCC, in a statement, said the dissolution under Seksyen 69(1)(iv)(c) of the Co-operative Societies Act 1993 was mainly due to the failure of Kosma to adhere to Section 26(c) Act 502 and clause 11 (2) (c) of the by-laws.
"The cooperative had breached the law by recruiting 42 members whose addresses were outside Pahang. The issue of hiring members who do not comply with the eligibility conditions has been around for a long time... some 670 people have been accepted as members despite not meeting the eligibility requirements in accordance with the Act and cooperative law.
Pahang gov't sets aside RM11 million for flood victimsRompin, Raub latest to be struck by floods in PahangJV proposal thorny issue for Raub durian farmersPahang govt's move a case of diluting or strengthening democracy?"The move to recruit members who do not comply with the eligibility requirements resulted in Kosma, which was set up on Dec 4 1967, to stray from its original goals initiated during its establishment. It was previously known as Syarikat Bekerjasama-sama Ladang Kelapa Sawit Pegawai-pegawai Kerajaan Negeri Pahang," it read.
The statement said as the stakeholders, the Pahang government has viewed the issues concerning the dissolution as serious but described MCC's action as appropriate to resolve the internal issues plaguing the cooperative.
"In ensuring the importance of the state government's role in Kosma's administrative committee, state secretary Datuk Seri Dr Sallehuddin Ishak and Menteri Besar Datuk Seri Wan Rosdy Wan Ismail's senior private secretary Datuk Md Yusli Ibrahim Mohd Yunus have been appointed to the committee.
"Kosma's administrative committee urges all parties, including former board members, Kosma members, investors, business partners and other concerned parties to remain calm and accept the dissolution with an open mind and heart.
"Kosma remains resilient and all its businesses are operating as usual under the supervision of MCC, the administrative committee and Kosma's management. The members rights and welfare remains guaranteed and is being managed in a professional manner, with integrity, transparency and trustworthiness," the statement read.
Meanwhile, MCC advised irresponsible quarters to stop speculation and hurling accusations which will only aggravate the situation, and create panic among stakeholders.
"Provide the necessary space, opportunity and trust to the MCC, the administrative committee and Kosma's management to resolve all issues that have arisen in the cooperative.
"Once the MCC is satisfied with the improvements and changes conducted by Kosma, they will hand over Kosma's operations to its board members through the cooperative's general meeting," the statement read. - NST

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