RM17.5m fiasco: Kopeks defied advice

Kota Kinabalu: The Cooperative Commission of Malaysia (SKM) did not approve the RM17.5 million “Kopeks Village” investment by the Sabah Government Employees Cooperative Society Berhad (Kopeks) in order to protect the welfare of its 8,477 members and the cooperative.

Sabah SKM Director Kastian Dula (pic), who is the current Kopeks administrator, said it was the right decision as Kopeks’ financial position would be affected if the investment was approved and the payment was continued.

Kastian was appointed Kopeks administrator on Oct. 30, 2019 after the cooperative’s Board of Directors was dissolved.

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He said he was looking into the best means of minimising Kopeks losses, as well as making those responsible for the decision accountable.

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