By Daniel John Jambun
The decision by the Government Employees Co-operative Society Berhad (Kopeks) recently to settle debts owed by its members to Ah Longs to the hefty tune of RM500,000 made one wonder if Kopeks is not actually encouraging its members to go into debt, because it could easily bail them out anytime when the situation becomes critical. The bailout was a precedent that set a bad example of co-operative fund management.
It also reminded us how bad the economic situation in the Sabah is right now. If government servants can go into serious debt in spite of earning salaries, imagine the situation for those without jobs, and those in the rural areas who have to live off the land just to keep body and soul together. In this period of high inflation even those with salaries are in fact living below the poverty line.