Latest news with #90thAnnualGeneralDelegatesMeeting
The Sun
a day ago
- Business
- The Sun
Police co-op may be granted development projects
PETALING JAYA: The Royal Malaysia Police Cooperative may be given the opportunity to carry out physical development projects under the Home Ministry, subject to its governance performance and compliance with financial procedures. Home Minister Datuk Seri Saifuddin Nasution Ismail said the proposal was made following a policy announcement by the prime minister, who in principle supported the idea of allowing the cooperative to participate in certain infrastructure works under the ministry's development expenditure. 'These are primarily physical development projects such as the construction and upgrading of state and district police headquarters.' Among the projects identified were the replacement of the ageing state police headquarters in Kelantan, Perak and Penang as well as new district police headquarters in Wangsa Maju, Kapit and Padang Besar. 'Projects under the Home Ministry typically involve agencies such as the Public Works Department or PBLT Sdn Bhd. 'But if the cooperative demonstrates good governance, competence and the ability to deliver projects at a reasonable cost, then the prime minister is open to considering them as an implementation partner,' he said at a media conference during the 90th Annual General Delegates Meeting of the Royal Malaysian Police Cooperative. 'This is not a direct award. All financial rules still apply. But the prime minister's confidence is based on the belief that if cooperatives are given space, the benefit will be returned to over 100,000 of their members.' Saifuddin added that police infrastructure projects remain a priority under the Home Ministry's development budget, which is the third largest after the Education and Health ministries. He said any proposal by the cooperative to take part in such projects must still undergo the due process of project bidding and review by the Economy Ministry. Inspector-General of Police Tan Sri Razarudin Husain, who also spoke at the event, said the cooperative's financial performance has remained strong, allowing it to declare its highest dividend payout to date. It recorded a profit of RM50.14 million in 2023, with total membership reaching 119,920, up from 114,000 the previous year. 'Share capital increased to RM586.6 million and our total assets as of January 2024 stood at RM1.134 billion.' Razarudin said the cooperative would distribute RM36.14 million in dividends, translating to 58% on share capital and 9.2% on sales capital, the highest distribution recorded by it to date.
The Sun
a day ago
- Business
- The Sun
Police Co-op May Lead Ministry Projects, Says Saifuddin
PETALING JAYA: The Royal Malaysia Police Cooperative may be given the opportunity to carry out physical development projects under the Home Ministry, subject to its governance performance and compliance with financial procedures. Home Minister Datuk Seri Saifuddin Nasution Ismail said the proposal was made following a policy announcement by the prime minister, who in principle supported the idea of allowing the cooperative to participate in certain infrastructure works under the ministry's development expenditure. 'These are primarily physical development projects such as the construction and upgrading of state and district police headquarters.' Among the projects identified were the replacement of the ageing state police headquarters in Kelantan, Perak and Penang as well as new district police headquarters in Wangsa Maju, Kapit and Padang Besar. 'Projects under the Home Ministry typically involve agencies such as the Public Works Department or PBLT Sdn Bhd. 'But if the cooperative demonstrates good governance, competence and the ability to deliver projects at a reasonable cost, then the prime minister is open to considering them as an implementation partner,' he said at a media conference during the 90th Annual General Delegates Meeting of the Royal Malaysian Police Cooperative. 'This is not a direct award. All financial rules still apply. But the prime minister's confidence is based on the belief that if cooperatives are given space, the benefit will be returned to over 100,000 of their members.' Saifuddin added that police infrastructure projects remain a priority under the Home Ministry's development budget, which is the third largest after the Education and Health ministries. He said any proposal by the cooperative to take part in such projects must still undergo the due process of project bidding and review by the Economy Ministry. Inspector-General of Police Tan Sri Razarudin Husain, who also spoke at the event, said the cooperative's financial performance has remained strong, allowing it to declare its highest dividend payout to date. It recorded a profit of RM50.14 million in 2023, with total membership reaching 119,920, up from 114,000 the previous year. 'Share capital increased to RM586.6 million and our total assets as of January 2024 stood at RM1.134 billion.' Razarudin said the cooperative would distribute RM36.14 million in dividends, translating to 58% on share capital and 9.2% on sales capital, the highest distribution recorded by it to date.
The Star
2 days ago
- Business
- The Star
PM Anwar moots awarding projects to police cooperative in lieu of grants
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has signalled support for awarding projects directly to the Royal Malaysia Police Cooperative Bhd (RMPC) under the Home Ministry, as an alternative to providing financial grants. Anwar, who is also the Finance Minister, stated that such an initiative must be grounded in good governance principles. ALSO READ: Police co-op declares over RM36mil in dividend "We can start with several police headquarters (IPDs) first, we will observe it, and hand it over to the Home Ministry. He said that proper work scopes must be followed and based on reasonable pricing. "And because this isn't a private company, we can give them priority. "This year I'll approve two or three projects to be carried out by the cooperative first," he said in his speech at the 90th Annual General Delegates Meeting (MAPT90) of RMPC on Friday (June 13). He added that he will closely monitor those projects, and if they meet standards, the government may consider increasing the number of projects next year. The government, said Anwar, will also consider the possibility of writing off old and irrecoverable debts under the RMPC. However, Anwar said any such move must be carried out responsibly, with a focus on ensuring the cooperative's sustainable management. "So I've read and considered it, and I don't think it's appropriate to write off everything. "But I feel that based on the police's good performance and the improved management now, we will give a reasonable reduction," said Anwar, without explaining further. "But more importantly, I'll make sure the cooperative reports to the Home Ministry and to me," he added. "I'll monitor how we can work with the Finance Ministry. I'll also instruct the Second Finance Minister to find alternative ways we can support this, to ensure the profits earned by the police cooperative benefit its members, because many want to be a part of it," he said. "If one project is approved by the Finance Ministry, maybe over 100,000 members stand to gain; that's reasonable. "Instead of us injecting direct financial grants, it's better to give them projects. "They will carry out the work properly, at reasonable cost, and complete it quickly. Efficient. The rest, we'll discuss later," said Anwar The Prime Minister also reminded those attendees, especially the top management, to adhere to good management and governance. "Look at how many companies and cooperatives have failed previously. "And how many government agencies that we are forced to keep shouldering them, as well as how many big companies in previous times. "This is all because of poor management. "Some people may forget, when they're given a high position, they tend to forget. They spend like it's their own parents' money," said Anwar.
