Saturday, April 24, 2010

MIC President Dato Seri Samy Vellu should answer three key questions on MAIKA

Maika Holdings Bhd, the brainchild of SamyVellu the MIC President., was formed in 1982

Samy was able to raise over RM100 million for the company with assurances that MAIKA would be able to pay handsome dividends annually and would be an effective vehicle to uplift the economy of the Indian community.

But the assurances and promises made by Samy have remained unfulfilled and the Indian community who invested in MAIKA feels cheated and let down.

After Samy's defeat in the 2008 elections, he admitted the Indian community voted against BN due to MAIKA's failure to deliver as he had promised. But still there has been no concrete solution from him since.

For the last 3 years, MAIKA which is a public company did not have its annual AGM. No reason has been given to date for this failure.

Generally over the years some who have questioned MAIKA's failure have been physically dealt with.

In 2006, I attended its AGM held in Kuala Lumpur and raised the issue of Samy's involvement in MAIKA.

I was assaulted. A police report was lodged but no action was taken.With over 20 percent of Indians voters in Hulu Selangor, BN knows very well that Samy's MAIKA fiasco has to be settled or they will have to face the possibility of Indian voters punishing BN.

Announcement has been made that a new flagship-G Team Resources will buy MAIKA shares at 80 sen per share.

Samy thanked the Government for clinching and making this deal a reality. Apparently the Task Force set up by the Cabinet Committee to address Indian issue has been the main player in bringing about this deal.

The only tangible and golden asset of MAIKA is Oriental Capital Assurance where MAIKA has a 74.6 % stake and a piece of land worth RM 10million and a cash balance of RM 6million.

In 1982 a RM1000 is now at least worth RM10,000( taking into account inflation and interest). Why should the Indian community sacrifice their hard earned money for MIC and Samy foolishness and negligence by taking back what they have invested in MAIKA?

How come Samy promised in 2007 that MAIKA can returned for each ringgit(RM1) a ringgit and thirty sen(RM1.30)?

Despite the announcement, Samy should answer three key questions on MAIKA:-1) why has MAIKA failed to achieve the purposes it was formed?

2) Why the TELEKOM shares which were meant for MAIKA never reached MAIKA? Whom and why were the shares diverted to? Can Samy deny that if the TELEKOM shares had reached MAIKA and not diverted to organizations connected to him, a whooping RM100mil should have benefited MAIKA?

3) In 1982, the Indians had United Asian Bank as an Malaysian Indian's Bank. This was later merged with Bank Of Commerce and the identity as an Indian Bank has been lost.

Now the crown jewl of MAIKA an Insurance Company known as United Oriental Assurance would be gone when MAIKA is sold. All these Indian owned assets would be wiped out when MAIKA is sold. Is this reasonable and fair to the Indian community?

Lastly, I call on the Federal Government to set up an Inquiry Committee to look into all MAIKA’s business dealings as there is widespread perception that MAIKA has been badly mismanaged and some fraud may be involved.

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