THE board of MCA-linked Koperasi Jayadiri Malaysia Bhd (Kojadi) has suspended its chairman Ng Peng Hay until its next annual or emergency general meeting, saying that he had violated its by-laws.

In a joint statement, Kojadi directors said on July 17, they had heard and considered Ng’s verbal and written explanations for his alleged acts and conduct.

Ng had created a stir over his statements about funds the cooperative had received from 1 Malaysia Development Bhd for a micro-credit scheme it ran for members.

He had planned to meet the Malaysian Anti-Corruption Commission (MACC) and intended to return RM15 million Kojadi got from the troubled fund.

MCA president Wee Ka Siong has been accused of preventing Ng from meeting anti-graft authorities to declare RM15 million received from Yayasan 1Malaysia Development Bhd in 2012.

It started a series of exchanges between Wee, Ng and his board members over the last fortnight, which has culminated with the suspension.

“The 14 directors unanimously decided that Ng’s statements, acts and conduct particularly after the board meeting held on June 27 had violated or is in breach of Kojadi’s by-laws,” they said in a statement.

The board said the decision was reached after Ng had issued a press statement contrary to the its decision, which has caused damage to Kojadi and released an unconfirmed or unverified version of the board’s meeting minutes to the media.

“He also issued another press statement announcing that Kojadi’s account had been frozen by the Malaysian Anti-Corruption Commission without the consent and or mandate of the board. “

The board said Koh Nai Kwong is the new Kojadi chairman.

They said that Ng’s statements, actions were without the knowledge, consent or mandate of the board, breaching confidentiality agreements signed by Ng.

The board said they wished to clarify that they had written to MACC on December 26, 2018, to inform them of the RM15 million from Yayasan 1MDB for a youth micro-credit scheme in 2012.

“On June 27, the board is against Ng’s proposal to immediately refund the grant. 

“Instead, the board had authorised Ng to follow-up, in writing, in regards to MACC letter dated January 30 in view of the latest development before deciding on the next move to safeguard the interests of 60,000 members.

“However, he did not execute the resolution of the board, and refused to sign the related documents prepared by Kojadi.” 

The board said Kojadi received a grant of RM15 million through Yayasan 1 MDB in 2012 to set up a Micro Credit for Youth Loan Scheme, which was approved by the Suruhanjaya Koperasi Malaysia (SKM).

The board said although MACC had frozen the youth micro-credit programme’s account in RHB Bank Berhad for 90 days, other bank accounts of Kojadi and day-to-day operations are not affected and commences business and operations as usual. – July 23, 2019.