Chinese New Year 2007 is coming soon and I was telling myself not to read ant not to blog for a few days. However, I can’t help but to feel for affected Indian communities over the Maika Holdings shares issues, hence feel compelled to blog about this.
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.
Related posts:
i remember a few years ago… the shares was hot property… limit up a few times before plunging down in the stock market… causing much grieve to a lot of ppl…. looks like the bad omen continues…
sorry mates. come april 1st, i give give you another guarantee. thanks for your patience.
yours truly
samy vellu
April 1st? Ha,ha,ha. More than fool those Maika investors, I say, if they think anything Samy says especially in a temple.
Wait till year 3007 and I <i/>might</i> consider start paying dividend on your maika shares. Till then, what’s yours is mine and what’s mine is mine
Velpari takes over the rape of Malaysian Indians from his his beloved dad. Maika Holdings is an embarrassment to Malaysian Inians. Daddy Thug(Samyvellu) and Baby Thug(Bloody Velpari)should stop screwing poor Indans .
It’s a total lie… how many days has passed since the due date? Samy has lied to Indians generally and swindled our money for his personal benefit. Now he’s grooming his son to be next MIC leader. But issues on the son involved in the death of local indian drama actress, Sujatha has been raised recently. Hope the duo get their wrath from GOD soon.
and by the way…what kind of leader are we having?
Samy has been famous for his "keep" in Sg. Siput. He’s grooming his son Velpari who is famous for his womanizing stints. What immoral lifestyle are they giving us?
This Velpari could not even control (or sexually satisfy?) his wife (Shaila) who had to sleep (or satisfy herself?) with another man. Shame on them when the MMS scandal broke out.
Thick skin as they may be…they just brushed it aside and continue doing their swindling. Velpari is also famous for sleeping with Tafe college students. any man with dignity would have died…. but they?
The closure of Makkal Osai, at the instigation of the Malaysian Indian Congress, is bringing a lot of this out into the open.