KUALA LUMPUR, June 8 ― The Malaysian Cooperative Commission (MCC) has taken over the management of Telekom Malaysia Bhd’s cooperative Kota Mas, following a probe on alleged grafts among its top officials.

Local daily New Straits Times today reported that MCC's main task would be to repatriate all the money owed to the cooperative which stands around RM23 million.

"We are focusing on three areas ― management, business activities and recovery plan.

"We are also looking into the provision of the by-laws and if we find weaknesses, we will rectify them to ensure good governance,” MCC's administrator of Kota Mas Datuk Md Yusof Shamsudin was quoted saying.

He however added that Kota Mas will still be able to hand out loans to members despite the current issues surrounding it.  

"Kota Mas has enough capital to provide loans at a low interest rate,” Yusof said.

This comes after six of its officers had been hauled up by the Malaysian Anti Corruption Commission for abusing their positions and introducing a multi-level marketing system in the cooperative.