PENAMPANG: The public has been urged to verify with the Malaysian Cooperative Societies Commission (SKM) before participating in any investment promoted under the name of a cooperative.
Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick (pic) said this was to prevent confusion and protect individuals from falling victim to unauthorised investment schemes.
He stressed that all cooperative-related investment advertisements must first be approved by SKM following existing regulations.
window.googletag = window.googletag || {cmd: []};googletag.cmd.push(function() {googletag.defineSlot('/22826383987/dailyexpress_inline', [1, 1], 'gpt-passback').addService(googletag.pubads());googletag.enableServices();googletag.display('gpt-passback');});Ewon also advised the public to be cautious of investment promotions, especially those circulated on social media without proper verification or licensing.
He warned that strict action would be taken against any registered cooperative found to be conducting unapproved investment activities.
