When is this God's gift to mankind talk going to stop

KR1M a loss-making social responsibility venture, Mydin says

On Sunday, the DPM criticised the operator of the KR1M chain for allegedly selling basic goods for above market prices, adding he was informed that it was allegedly profiteering. — Picture by Choo Choy May
KUALA LUMPUR, July 31 — Accused of profiteering, the operator of the Kedai Rakyat 1Malaysia (KR1M) insisted the chain was an unprofitable venture undertaken for the public good.

Mydin managing director Datuk Ameer Ali Mydin declined to address Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi’s remarks when contacted, but later issued a statement to Malay Mail Online.

“I would only like to say that this has been a massive loss-making CSR (corporate social responsibility) project for Mydin, and we have done this for the benefit of the Malaysian rakyat (people).

“Our conscience is clear. Those who know me, would know what Mydin had to endure in running this CSR project. I need not say more. Thank you for the support,” Amer added.

On Sunday, the DPM criticised the operator of the KR1M chain for allegedly selling basic goods for above market prices, adding he was informed that it was allegedly profiteering.

State news agency Bernama reported Ahmad Zahid as saying he instructed the Domestic Trade, Cooperatives and Consumerism Ministry to immediately terminate the contracts of the firm appointed to run the KR1M for the alleged practice.

He said the goods should have been sold for lower prices as the government was allocating funds to ensure that items sold through KR1M outlets would be affordable.

The KR1M stores were launched in 2011 as a government-backed initiative to mitigate rising costs of living.

Mydin operates the KR1M chain, and is responsible for the stores, its products and systems. It also provides retail and technical expertise as well as training, according to the KR1M website.