Although members of cooperative societies’ boards are subject to Law No. 2 of 2016 regarding combating corruption and its executive regulations, there are a number of cooperative societies’ members who did not submit a financial disclosure statement to “Nazaha”.
Sources told a local Arabic daily that the Minister of Commerce and Industry Social Affairs and Community Development Fahd Al-Shariaan has been informed by the Anti-Corruption Commission, stating that a number of members of “cooperative societies” did not commit themselves to submitting financial disclosure statements, whether they were new members or those whose terms had expired.
The sources reported that the Minister of Commerce and Industry and Minister of Social Affairs Fahd Al-Shariaan has issued a circular Monday obligating all members of cooperative societies to submit a financial disclosure to “Nazaha”, stressing that failure to comply with this may expose them to legal and judicial accountability.
The circular, a copy of which was obtained by the daily, stated: “Within the framework of the Ministry’s keenness to safeguard the shareholders’ funds in cooperative societies and protect them from manipulation and illicit gain, and in order to preserve the position of cooperative work as one of the engines of social and economic development in the country all forms of corruption in this vital development sector must end.
Therefore, cooperative societies must be aware of the need for members of their boards of directors to submit financial disclosure statements to the Public Anti-Corruption Authority in accordance with the rules and procedures contained in its establishment law No. (2) of 2016 and its executive regulations, with the caveat that failure to comply with this duty may expose them to legal and judicial accountability.
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