MAIKA HOLDINGS BHD

27/5/2010

Maika holdings bhd finally caught UMNO’s attention during the Ulu Selangor buy elections. A group of private individuals got together under the banner of G Team Resources & Holding Bhd (G Team) and made an offer to purchase all Maika holdings shares for 80cents per shares from its current shareholders. These businessmen are not known for any services to Indian community. Yet they made the offer to buy Maika shares and to finally sell of the assets and finally close the Maika chapter once and for all. No businessman will invest (80cents per share for 125 million shares) for nothing or for purely corporate social responsibility purpose. The talk in town is that PM Najib finds Maika holdings becomes a contentious issue in every elections with the Indian community and therefore he has decided to settle this scandal. Only when Indian vote bank deserted BN his attention turned to settling the Maika issue.    

He must have approached Tan Sri Gnanalingam and a group his supporters from the business community settle the issue for him. Najib’s concern towards Indian community can be seen in the way he has decided to settle the issues. He could have used government assistance to revive and turn the poor Indians investment into profitable investment such as PNB. But inturn approached private individuals to settle off Maika holdings and in the process absorbed all those culprits who brought Maika holdings to this state. He is more concerned with removing the Maika holdings issue than to find a satisfactory compensation to the thousands of investors who did not see any profit what so ever for the past 27 years. He is only interested in securing Indian votes for BN than solving their problems. There will be enough businessmen to serve his purpose for they may not get an opportunity to do a favor to Prime Minister. The BN government has no commitment to uplift Malaysian Indians.        

PM Najib must initiate an investigation into Maika holdings scandal. Those who have abused or misappropriated in Maika holdings must be brought to justice. It is unfortunate that the Indian community could not see the callous attitude of UMNO in the Maika holdings scandal. Maika holdings went down the drain because MIC leaders had unlimited protection from UMNO. The Indian community could not remove MIC leaders from Maika because of the unreserved support from UMNO to MIC. Malaysian Indians have woken up and are holding MIC accountable for their investment. The shareholders approval for further action must be obtained before Maika holdings are sold to a third party. Najib should not take Indian voters for granted.

With all the lucrative offers given to GLCs, they must be financially strong and reinvesting by now. They must be in the for front of economic growth unfortunately not. Govt must rethink the way the GLCs are managed. GLCs must be performance based or else fired. Decision making management must be multi racial and get the best based on delivery. The GLCs now are not competitive, profitable no good governance e.g. sime darby,

  Senator Dr.S. Ramakrishnan

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