Friday, July 31, 2009

MAIKA - a continous cry from the poor

Shareholders determined to demand the return of monies invested arrived near the MAIKA hq at about 12noon . There were over 200 of them on our side and another 200 inside the MIC office. Incidentally MAIKA office is in MIC building.
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We were stopped by the police as we were nearing MAIKA office. We were also disallowed to parade with banners. At this time tempers flared against the police. Some questioned why so many restrictions were imposed on us, the victims of MAIKA but no such conditions on MAIKA administrators who are 'robbers' who have caused the mismanagement. Even I was pushed by a Chief Inspector and of course I told him off
The police could not control the crowd. Finally our request to hand over a memo to CEO of MAIKA was agreed. We refused to go into the MIC building and the CEO Vell Paari therefore came out to receive the memo
Vell Paari must answer to the shareholders:
i) why MAIKA has been badly managed to the extent that it can't pay dividends for a long time.
ii) what have happened to all the promises made by Samy Vellu about propelling MAIKA to enhance Indian economic growth from 1% to 7%?
iii) a RM1 in 1983 is now worth RM10. So will s/holders investements be returned in a similar percentage?
iv) how and when shareholders will be returned their capital?

We also want the Federal Government to intervene to ensure the return of the capital to the shareholders as it was done to the cooperatives some two decades ago.

The Prime Minister should also consider ordering an independent investigation into MAIKA to ascertain if any wrong doing has taken place

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