KUALA LUMPUR: The refund management, legal action and monitoring mechanism under the Domestic Trade, Cooperatives and Consumerism Ministry has been deemed unsatisfactory and have not been implemented efficiently and effectively. In the Auditor General’s Report 2016 Series 2 today, it was stated that the ministry had failed to collect loan repayments for 526 loan status accounts’ non-performing loans (NPLs), which amounted to RM239.56 million. This, said the report, could affect the operation of the Round Capital Fund - Cooperative Development Department (TMP-JPK) loan disbursements. The report said 12 cooperatives had never issued any refunds, amounting to RM3.32 million. There was no legal action taken against defaulters despite 40 accounts with NPLs, totaling RM11.23 million, having been recorded on June 2014, with legal action already recommended.

Source: New Strait Times November 27, 2017 12:00 UTC