PUTRAJAYA: The government has allocated RM1mil through the Cooperatives Commission of Malaysia (SKM) to assist cooperatives affected by the recent floods, says Tan Sri Noh Omar (pic).

       He said that the allocation of up to RM30,000 each would cover repair works of flood-damaged infrastructure at agricultural, plantation and livestock sites run by the cooperatives.

       The Entrepreneur Development and Cooperatives Minister said in a statement on Monday (Dec 27) that there will be an initiative to reduce the Statutory Reserve Fund (KWRS) to be transferred by cooperatives from 15% of audited net profit after operating adjustments to eight percent 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 the SKM also allowed the 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