PUTRAJAYA: The government through the Cooperatives Commission of Malaysia (SKM) has allocated initial assistance of RM1 million for cooperatives affected by the recent floods, with an allocation of up to RM30,000 each.

Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar(pix) said the assistance would cover repair works of flood-damaged infrastructure at agricultural, plantation and livestock sites run by the cooperatives.

Noh in a statement today also announced an initiative to reduce the Statutory Reserve Fund (KWRS) to be transferred by cooperatives from 15 per cent of audited net profit after operating adjustments to eight per cent to help them to restore their businesses.

He said the initiative is provided to the cooperatives from the financial year of Dec 31, 2021, until Nov 30, 2022.

Noh said SKM also allowed postponement of cooperatives accounts audit due to the destruction of accounting documents in the flooding.

“This postponement also does not rule out the possibility that the cooperatives will also have to postpone the annual general meeting to a period to be determined later,“ he said.-Bernama