PENAMPANG: Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick has reminded the public to always verify with the Malaysian Cooperative Commission (SKM) before participating in any investment advertised under the name of a cooperative.
He stressed that this is crucial to avoid confusion and prevent becoming victims of unauthorised investment scams.
“I would like to remind all Malaysians to first refer to the Ministry of Entrepreneur Development and Cooperatives (KUSKOP) or SKM should there be any investment advertisements from any cooperative.
“Obtain accurate information from SKM beforehand, to determine whether the investment in question has been licensed accordingly.
“This is because under SKM law, any cooperative promoting an investment must first obtain approval from SKM,” he said during an interview with reporters after officiating the 2025 Penampang PPDK Kaamatan Festival Celebration at the Penampang Library Hall here yesterday.
He was responding to questions regarding reports of investment promotions by certain cooperatives.
Ewon stated: “I have yet to receive the details, but I will instruct the ministry and the cooperative division, particularly SKM, to provide a full report.”
He also urged the public to exercise greater caution and not be easily misled by investment advertisements promising high returns, especially those circulated on social media without proper references.
He further advised people to contact SKM offices available in every state and district to obtain verified information.
“SKM’s contact information is not difficult to access — just visit their official website or go directly to their offices. This is essential so that we don’t fall victim to fraud,” he said.
Ewon also emphasised that any registered cooperative found to be conducting unapproved investment activities will face stern action.
