REVISITING HISTORY, LOOKING FORWARD, UNITED TO REBUILD GLORY
Koperasi Serbaguna Malaysia Berhad (KSM) was initiated by then MCA Youth Chief Tan Sri Dr. Lee San Choon, registered on 8 August 1968. Its primary objective is to pool resources of individuals going into big business enterprises to consolidate the economic strength of the ethnic Chinese. Responding to the appeals and campaigns by the MCA Youth leaders, the membership increased tremendously at its height, with more than 170 thousands. Capital pooled was over tens of millions ringgit. KSM had its glory days before 1986 as a prominent corporation in the country. It owned more than 8 listed companies and over 100 subsidiaries, with approximately RM1 billion in total assets.
Unfortunately, due to the notorious 1986 Cooperative Scandal, KSM and 23 other financial co-operative societies were frozen by Bank Negara. The Board-Of-Directors was dissolved, assets were seized and forced to be sold-off in order to pay back the depositors.
On 27 July 1997, KSM was taken back from the receiver, and was left with RM24 million in cash with an accumulative loss of RM81 million. After such crisis, reformation was necessary for KSM to continue its operation so that it would be stronger to recover from this hardship and to face the challenges ahead. Thus, in order to revamp KSM’s management, an Extraordinary General Meeting (EGM) was convened to elect 15 new Board Members. KSM was revived.
With the appointment of the new Board members, KSM tried to move forward and be better than ever. Under the leadership of the 2 former chairmen, Tan Sri Lau Yin Pin, Datuk Lo Kong Boon and the present chairman, Datuk Seah Kwi Tong, with the direction of the new management, KSM had finally managed to turn things around. KSM had paid off the liabilities, and achieved a current total net assets of RM88 million in 2016, with an estimated 266,572 members in December 2014.
The Board has set a vision to achieve RM150 million in total assets by 2022. To accomplish this vision, KSM has launched several plans progressively. One major project is the Batang Tinjar II Plantation Investment Scheme in Baram, Miri, Sarawak for which KSM has acquired Lot 30-33 of 5.609 hectares. The project was launched by YB Dato' Seri Ong Ka Chuan, Secretary-General of MCA cum Minister II of International Trade and Industry at Ipoh on the 29 November 2015. For this project, the Board plans to develop an 8,000 acres Oil Palm Plantation within 2 to 3 years. The plantation will be divided into 16,000 units (half-acre per unit). KSM then plans to sell 6,000 units to KSM’s members for investment at RM8,800 per unit..
Furthermore, KSM also plans to develop a 2-Storey Semi-Detached Housing Project according to the market trend. The project will start after the plan is approved by the Kuantan City Council (MPK). KSM is positive that these 2 projects will generate a great profit to lead the organization to a brighter future.
At present, Koperasi Serbaguna Malaysia Berhad continues to operate under the leadership of Datuk Seah Kwi Tong, leading KSM into new heights with its common ideology of “One For All, All For One”. Due to the KSM’s solid performance, we gained recognition from Malaysian Co-operative Societies (Suruhanjaya Koperasi Malaysia, SKM). KSM was ranked No. 26 among the top 50 best corporations in Wilayah Persekutuan Kuala Lumpur. On top of that, the Chairman, Datuk Seah Kwi Tong was awarded “Anugerah Khidmat Cemerlang Dan Terbilang Koperasi ANGKASA Wilayah Persekutuan 2015” as a token of recognition for his effort and excellent leadership that has led KSM to where it is today. Despite the 1986 crisis and many other obstacles, KSM managed to overcome all. It was not an easy journey, but definitely a spectacular one. Let the past be history, and strive for a better tomorrow to achieve success. “One For All, All For One”.
KSM Chairman, Datuk Seah Kwi Tong was awarded “Anugerah Khidmat Cemerlang Dan Terbilang Koperasi ANGKASA Wilayah Persekutuan 2015” on 18 December 2015.