ANGKASA’s cooperative banking sandiwara
By Thuraisingham Sun
ANGKASA – the so called apex organisation for the Malaysian cooperative fraternity, led by the remnant officials who ousted long serving President, Royal Professor Ungku Aziz, have reached a stalemate, and a level of incompetence, with a tinge of greed and power.
A 25-point mismanagement statement has been floating in the media. It is also a fact that a 10-point bullet legal statement had been forwarded, requesting 8 named officials to vacate their positions. These officials have been slighted for criminal breach of trust, mismanagement and misappropriation, abuse of power, and sighted for misleading statements to the media
Of late ANGKASA’s desperate attempts to establish a cooperative bank has reached a stalemate. ANGKASA’s officials seem to be groping in ignorance.
They brought a “usul tergempar” in an extraordinary general meeting convened to amend their bye-laws. An extraordinary general meeting is convened for a specific purpose with a specific agenda. Introducing an ad hoc agenda is illegal
Nevertheless a proposal for the formation of BANK KOPERASI ISLAM was tabled, and passed by the members present. ANGKASA has spent unauthorised funds in millions to make true with their intention to form the cooperative bank. The Malaysian Cooperative Societies Commission too danced to their tune and approved the formation of the proposed cooperative bank.
Whilst Bank Negara issued a statement that ANGKASA had breached Section 15 of the Bank and Financial institution act, (BAFIA) by using the word “bank”, ANGKASA countered to the media, that their intention was to initiate a Koperasi Masraf ANGKASA. Again the President of ANGKASA made an about turn that the proposed venture would be termed Bank Koperasi ANGKASA.
Sunday STAR on 23 January 2011 highlighted that ANGKASA was on it way to form “Koperasi Perkhidmatan Kewangan syariah ANGKASA Berhad, now again they have run foul of the BAFIA and the Syariah rules, by not obtaining the relevant authorities approval. Twisted facts and approved notions are confusing the cooperative fraternity. Even the Ministry officials seem to be involved in this sandiwara with confusing statements. Bank Negara seems to be in armchair management mode to take appropriate action to nip this problem in the bud. Police reports and reports to Bank Negara seem to be futile.
Somewhere, some MAD men have been let loose.
Angkasa’s apex status has been deemed illegal in its status as reflected in a government gazette endorsed by the than Minister in charge of cooperatives, which proclaimed the apex status in accordance to clause 57 2(b) of the Cooperative Act 1993, which relates to cooperative organisations to receive funds from the Cooperative Development Trust Fund.
Likewise parliamentarians, parliamentary draftsmen, Bank Negara officials are ignorant of the term “bank”. A landmark Privy Council decision by the famed Lord Dennings has clearly elucidated the term “bank”. Bank Rakyaat, Bank Persatuan, and the defunct Bank Pusat Kerjsama are deemed illegal to use the word bank.
It is also known that ANGKASA had floated AMANAH SAHAM ANGKASA for a sum of RM 300 million, with moblised funds from FELDA settlers and students, have accumulated losses in millions. ANGKASA officials from the so called apex cooperative organisation should be charged for “economic sabotage” for spreading lies and misstatements in cohort with the Malaysian Cooperatives Societies Commission officials.
ANGKASA has been cited for negligence, causing a loss of RM6.5 million over a land deal in Kelana Jaya with Malaysian Association of Productivity.
Albeit to quote: A fool is a fool whether he goes to school or not.
Cooperatives in doldrums
(a) Koperasi Bir headed by a stalwart of ANGKASA has been suspended, no action has been initiated against its directors.
(b) Konsortium Koperasi is headed by a stalwart of ANGKASA, and is in a downturn.
(c) Bank Rakyaat which went into the doldrums of Tinju Dunia, and did not hold their AGM for 15 years, is being sued, with its subsidiary in liquidation, with accusations of dissipation of assets.
(d) Malay Officers Cooperative Credit and Investment Society (MOCCIS) are being administered by administrators appointed by the Cooperative Commission.
(e) Top officials of the Cooperative Commission have been reported to the MACC and the Police for receiving allowances from ANGKASA.
Gun-totting incidences have been reported against ANGKASA officials.
As has been evidenced and reiterated repeatedly, the cooperative movement is in a dire peril, and needs to be resuscitated
Thuraisingham Shun
Cooperative Consultant and Advisor, Co-operative Union of Malaysia and
Midlands Co-operative Union of Malaysia
Tel. No: 016-2438457
Thuraisingham Shun was the first Malaysian to be awarded the “Bonow Fellowship by the International Co-operative Alliance, Geneva. He was the only Malaysian amongst nine nominees worldwide who vied for the “Rochdale pioneer awards” at the General Assembly of the International Co-operative Alliance in Catargena.
