PETALING JAYA: A member of the National Union of Plantation Workers (NUPW) wants to know what has happened to the RM2 million worth of shares which the union, on behalf of its members, invested in (the former) Bank Buruh Bhd in 1990.
The plantation worker from Gemencheh, Negri Sembilan, who forwarded to FMT a copy of NUPW’s “notes to the accounts” dated March 31, 1990, said the union had a total of 2,012,400 units of shares in the then Bank Buruh.
“Each unit was priced at RM1. That means NUPW invested RM2,012,400. NUPW also had RM9,866.67 invested in (former) United Asian Bank Bhd and RM450,000 in the United Oriental Assurance Sdn Bhd,” said the member who declined to be named.
The member said he had writen a letter to the Department of Trade Union Affairs to obtain the latest update on bank shares held by the NUPW.
He said that as a paying member, he had the right to information on NUPW’s investments.
“I pay a monthly fee of RM8 and RM2 for insurance and as a member, have a right to information on NUPW’s expenses, assets and investments. They are using members’ money.
“Until today the NUPW administration has never disclosed any information on its assets or investments to union members.
“I was shocked to learn about the large number of NUPW shares,” he said.
The member added that it has been 10 years since the NUPW administration has called members for an annual general meeting.
“I have not been informed of an AGM in 10 years. Mine is not the only estate. As far as I know, the administration does not inform or call all plantation workers nationwide for its meetings. It is selective.
“As a union member, I have the right to attend the AGM and find out the latest news of NUPW. But I have been stopped from doing so,” he said, adding that NUPW must come clean with information about the shares in former Bank Buruh.
“Otherwise, we will be compelled to report NUPW to the Malaysian Anti-Corruption Commission,” he said. - FMT
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