For those who are uninitiated, Maika Holdings was established in 1982 as the investment arm of Malaysian Indian Congress (MIC), purportedly to enable Indian Malaysians to share in the country’s economy growth. Samy Vellu’s son S Vell Paari, is Maika Holdings’s CEO.
In April 1992, it was discovered that Maika Holdings involved in a 9 million Telekom shares scandal. Excerpt from Wikipedia:
In April 1992, when it was discovered that 9 million Telekom shares that were originally offered to Maika Holdings Berhad had been rechannelled to three unknown companies, SB Management Services Sdn. Bhd., Advanced Personal Computers Sdn. Bhd., and Clearway Sdn. Bhd. The first two companies RM2 shell companies, whereas the son and brother in law of S. Samy Vellu (President of the Malaysian Indian Congress) were the directors of the last.
Latest Scandal
Last November, Samy Vellu gave a personal assurance that that investors would receive RM130 for every RM100 invested by Feb 15. He further assured shareholders will get back their money in three months.
"Shareholders who invested in Maika because of me will not be cheated. I will never let them down," said Samy Vellu in a temple function in Johor yesterday.
"For those who want their money back, I have made arrangements to give it back to them in three months," he said.
"For all these shareholders and investors, Samy Vellu is the guarantee"
Even then, shareholders do not believe what’s being promised by Samy Vellu despite his personal guarantee.
"This is nothing new. I will not believe him until I see my money returned to me," said A Mutthiah who had invested in Maika in early 1980s.
Tamil-language daily Makkal Osai has been running a countdown to the deadline, publishing articles from grassroots leaders and shareholders reminding Samy Vellu and Vell Paari about the repayment.
SOURCE: Malaysiakini, 13 February 2007
Denial Mode
On Feb 13, it was reported by Malaysiakini that a Maika official said the assurance given by Samy Vellu to give RM130 for every RM100 invested was not a plan mooted by the investment arm.
"We have not heard of that plan until Samy Vellu was quoted in the Tamil papers as giving that assurance,"
Subsequently, a police report was lodged by Parti Keadilan Rakyat (PKR) vice-chief S Manikavagam, urging IGP and ACA to reopen investigation into the Maika issue and called upon Attorney General Abdul Gani Patail to charge Samy Vellu, his son and the directors for fraud and criminal breach of trust.
About 100 people standing outside the Maika office and called on the Prime Minister Abdullah Ahmad Badawi to sack Samy Vellu.
SOURCE: Malaysiakini, 16 February 2007
As much as majority of Malaysians would love him to be sacked, let’s recognize the fact that his position as the cabinet minister is almost unassailable as the Indian’s community sole representative, therefore making him invincible. Also, bear in mind that Prime Minister Abdullah Ahmad Badawi doesn’t have the right to sack him from his presidency as he was elected by the MIC members.
Now, questions that we need to ask:
1) Did the MIC president S Samy Vellu make the personal guarantee of RM130 return for RM100 invested?
2) If Samy Vellu made the promise, why Maika official denied the existence of the plan?
A big hypocrite indeed.
PEOPLE'S POWER
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