Cooperative members must set aside personal interests to be successful: Ahmad Zahid

PUTRAJAYA: The success of the nation's 13,200 registered cooperatives depends on its members setting their personal interests aside for the greater good, said Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi.
He opined that integrity not only plays an important role in cooperatives but in other fields like politics or the corporate sector.
"Only 10% of all registered cooperatives in the country have managed to increase their respective capital, assets and profits.
"The failure of the others is due to a lack of trust, integrity, not giving priority to the members with personal interest overriding evreything else," he said when officiating the Koperasi Profesional Putrajaya Berhad (Koprojaya) annual general meeting at the Wisma Tani here today.
As such, Ahmad Zahid praised Koprojaya's management for successfully paying more than 110% returns of investment to its members within three years since it was established.
"When Koprojaya started out, its shares were valued at RM1. Now it is valued at RM11.40. This only shows that Koprojaya's activities should be set as a clear example of how a cooperative should be run.
"Cooperatives such as Koprojaya should carry out activities that are in the interest of its members and their families as well as multiply investments to give satisfaction to the members," he said.
Ahmad Zahid hoped that other cooperatives would emulate the overwhelming success of Koperasi Angkatan Tentera Malaysia Berhad and Bank Rakyat with current assets of about RM4 billion and RM60 billion respectively.
Meanwhile, Koprojaya chairman Muhammad Ammir Haron said the cooperative had expressed its intention to Ahmad Zahid to implement the 1Malaysia Civil Servants Housing (PPA1M) project specially for Koprojaya members.
"The request was due to the fact that some members are still living outside Putrajaya or do not own a house of their own despite serving here," he said.
The request, which he said was fully supported by Ahmad Zahid, consists of a plan to build between 300 and 600 units of PPA1M houses to be developed in Presint 18, here.
He added however that the matter still remains under discussion with the government.