Kopeks in fix over RM17.5m deal

Kota Kinabalu: Uncertainty surrounds the fate of a RM17.5 million venture that the Sabah Government Employees Cooperative Society Berhad (Kopeks) entered into through a Sale and Purchase (S&P) Agreement in July, 2019, against the advice of Suruhanjaya Koperasi Malaysia (SKM) and which led to the dissolution of the Kopeks Board of Directors.

 It is now saddled with a RM6.5m debt following the deal which was the amount it paid so far to the  owners of Lembah Impian, a property spanning 6.9 acres comprising four lots under Native Title which Kopeks had wanted to turn into a “Kopeks Village” at Jalan Putatan-Ramayah in Kg Kandazon, Penampang.

 It is only after the balance RM11.5m of the RM17.5m is settled with the landowners over a five-year period can the so-called “Kopeks Village” materialise as a place for members and employees to spend holidays, engage in recreational activities including family reunions or wedding receptions at affordable rates apart from generating additional income for members.

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