Wednesday, 05 October 2011 14:42 Myo Thant
Chiang Mai (Mizzima) - Cooperatives Minister Ohn Myint on Tuesday told the Lower House of the Burmese Parliament that members of the Rangoon Region Government Employee Cooperatives (GEC) earned a profit of just 1,890 kyat (about US$ 2.40) from 2004 to 2011.
His remarks came after National Democratic Force MP Khaing Maung Yi asked whether the GEC members in Rangoon Region earned profits or not. In reply, the minister said that a total of 201.9 million kyat was paid to the 106, 629 members of the GEC in Rangoon, accounting for the miniscule profit.
The minister said that for the 2011-12 fiscal year, the Rangoon Region GEC has a total value of shares [money] of 224.5 million kyat. The total value of property is 121.5 million kyat.
From 1993 till 2003, each GEC member in Rangoon Region earned a profit of 1,531 kyat, the minister said. He did not disclose the number of GEC members and the amount of the investment in the 10-year period, according to MPs.
There are 37 GEC syndicates, and 436 GEC cooperative societies, totaling 475, under the Ministry of Cooperatives.
Khaing Maung Yi alleged in the Lower House that some GEC executive members had received money from renting four or five shops. In reply to his remarks, the minister said that he would take action against corruption, according to Khaing Maung Yi.
“He accepts that [the cooperatives] are not successful. He said that there was corruption in the staff and that’s why the cooperatives have not succeeded. He promised [the ministry] will take action against corruption,” Khaing Maung Yi told Mizzima.
There are a total of 475 GEC units with 647,450 members. GEC runs installment loan services, hospitals, boarding schools, sugar factories, cooking oil factories, and is involved in importing and exporting. It has funds totaling 751.25 million kyat for fiscal year 2011-12.
Chiang Mai (Mizzima) - Cooperatives Minister Ohn Myint on Tuesday told the Lower House of the Burmese Parliament that members of the Rangoon Region Government Employee Cooperatives (GEC) earned a profit of just 1,890 kyat (about US$ 2.40) from 2004 to 2011.
His remarks came after National Democratic Force MP Khaing Maung Yi asked whether the GEC members in Rangoon Region earned profits or not. In reply, the minister said that a total of 201.9 million kyat was paid to the 106, 629 members of the GEC in Rangoon, accounting for the miniscule profit.
The minister said that for the 2011-12 fiscal year, the Rangoon Region GEC has a total value of shares [money] of 224.5 million kyat. The total value of property is 121.5 million kyat.
From 1993 till 2003, each GEC member in Rangoon Region earned a profit of 1,531 kyat, the minister said. He did not disclose the number of GEC members and the amount of the investment in the 10-year period, according to MPs.
There are 37 GEC syndicates, and 436 GEC cooperative societies, totaling 475, under the Ministry of Cooperatives.
Khaing Maung Yi alleged in the Lower House that some GEC executive members had received money from renting four or five shops. In reply to his remarks, the minister said that he would take action against corruption, according to Khaing Maung Yi.
“He accepts that [the cooperatives] are not successful. He said that there was corruption in the staff and that’s why the cooperatives have not succeeded. He promised [the ministry] will take action against corruption,” Khaing Maung Yi told Mizzima.
There are a total of 475 GEC units with 647,450 members. GEC runs installment loan services, hospitals, boarding schools, sugar factories, cooking oil factories, and is involved in importing and exporting. It has funds totaling 751.25 million kyat for fiscal year 2011-12.
Subscribe to email feed
