PUTRAJAYA: Integrity is a vital element to spur an organisation in all fields, whether it is politics, corporate or cooperatives, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.
He said organisations such as cooperatives would crumble if personal interests took precedent over the overall interests of its members.
“There are about 13,200 registered cooperatives nationwide with only 10 per cent of them having managed to increase capital, assets and profits,” he said when officiating the Koperasi Profesional Putrajaya Berhad (Koprojaya) general annual meeting here.
He said it was important to meet the objectives in the cooperative’s charter because it was often aimed at the major stakeholders without considering investment returns for its members.
“The failure of an organisation is due to lack of trust, integrity not being given priority and overriding personal interest over members’ interest, hence the cooperative faced problems,” he said.
Ahmad Zahid commended the management of Koprojaya for successfully giving more than 110 per cent returns of investment to its members within only three years of its establishment.
He said cooperatives such as Koprojaya should carry out relevant activities in the interests of its members and their families as well as multiply investments.
“Activities carried out by (Koprojaya) exceeded how a cooperative should be run. When the charter and principles are met, shares of RM1 are now valued at RM11.40,” he said.
Koprojaya chairman Muhammad Ammir Haron said the cooperative, which was officially registered in 2013, currently has 834 young civil servants as members with total income increasing by 80 per cent, including a 10 per cent dividend after zakat payment.
Muhammad Ammir said Koprojaya also expressed its intention to the Deputy Prime Minister to implement the 1Malaysia Civil Servants Housing (PPA1M) project for Koprojaya members.
– Bernama
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