Saturday, August 8, 2009

Why is Samy silent on MAIKA issue?

After failing to champion for the betterment of Indian community while he was the longest serving MIC Cabinet Minister, Dato Seri Samy Vellu has a few days ago called for at least 7.4. % quota in employment for Indians in Government Linked Companies, including senior managerial and executive positions.
But he should realize that what the Indian community wants today is results, and not mere calls or rhetoric.
But he seems to know to choose when to keep silent. His recent silence on MAIKA issue is rather strange.
Many Indians, including those from the rural poor, had invested in MAIKA Holdings when it was launched more than 20 years ago due to Samy’s promises.
With MAIKA Holdings in its present ”rotten state" and being unable to return investments to the shareholders, Samy must not and cannot keep silent.
In fact, he must bear total responsibly for the shareholders' plight. He must give answers demanded by the shareholders. In early November 2006 Samy will attending a temple function in Johore announced that MAIKA shareholders would be refunded their investments within 90 days on the basis of RM1.30 for each ringgit invested in MAIKA. Why has he not fulfilled his promise to date?
Subsequently in 2007 Samy’s son and MAIKA Holdings CEO Veil Paari promised that investments would be returned to the shareholders within 3 months. He has not fulfilled his promise till today.
Nesa Cooperative which has taken an injunction over MAIKA's sale of Overseas Capital Assurance BHD ( OCAB), has been blamed for obstructing the planned payment back to the shareholders.
But Nesa Cooperative Chairperson L Meyyappan has yesterday said that they were not against the sale of OCAB.
In a news report, Meyyappan was quoted as saying" nobody is saying that it should not be sold but we want the process to be transparent."
He had also said that the Nesa Cooperative Board felt that insufficient details were given in the agenda and the annual report. Nesa directors were also concerned about the lack of valuation of OCAB and that there were absolutely no details on the sale of all the other assets as well no mention on the basis of the distribution of surplus..
Aren't such questions and demands by Nesa Cooperatives Board reasonable and fair ?
MAIKA shareholders have waited for too long. They deserve answers from MAIKA Holdings and Samy Vellu.

Samy should publicly answer the questions and concern of Nesa Cooperative Board and in particular as to why his promise to return the investments made in MAIKA has not materialize?

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