What MAIKA could not do Tony Fernandes did

Maika holding Bhd the flagship of MIC was started with great promise to the Indian community. But after 28 years of operation there was no hope of return. It became an embarrassment to BN, that PM Datuk seri Najib Tun razak found a way out to get rid of Maika Holdings Bhd. Oriental capital insurance (OCI) of Maika holding was forced to sell by Najib government to G team resource of Ganalingam for RM106 million (80cents per share). Maika set up out of sweat and blood of Malaysian Indian community but cheated and ruined by Samy Velu and MIC. UMNO and Najib couldn’t be bothered of the sweat and blood of Indian community but wanted to get rid of this MIC ruined company so that it won’t be an issue for PR to take a swipe at BN.   

Oriental capital insurance Bhd was sold to Tony Fernandez of Air Asia for RM156.91 million by G resources. G resources never responded to calls on whether the RM50.91 million surpluses will be returned to shareholders. Why is G resources of Ganalingam remaining silent about this RM50.91 million? Gnanalingam owe an explanation to MAIKA shareholders.

Within one year of purchase Tony Fernandez is able to apply for listing of OCI in bursa Malaysia. Tony plans to raise RM1 billion from the proposed listing.  Maika holding or G resources could have done the same and saved the investment of poor people who responded to the call of Samy Velu and MIC to form an economic arm for Indian community. MIC failed to float this one good investment and allowed it to slip away. Can MIC ever do anything proper and meaningful to Indian community? What one businessman can do within a short span of time, MIC as an important BN component party could not accomplish in 28 years.

Looks like MIC can only give out hampers and provide entertainment to Indian youths during election to get votes for UMNO. MIC wants to keep Indian community weak and ignorant so that they are subservient to BN and remain poor. This is the party created by UMNO to outsource Indian affairs to MIC. Even the recent announcement by PM Datuk Najib Tun Razak that RM100 million allocated to repair Tamil Schools were withheld by ministry of education. Suria cooperative could only nominate names of contractors but MOE will decide whether to award the job or not.   

It’s sad that Indian community with so much talent and able people could not build any economic vehicle with a RM100 million investment company in 1980s. MIC squandered   away many opportunities. Even without UMNO support, Indians could have built an economic empire with the Malaysian economy growing 8% to 10% continuously for about 20 years. MIC not only loss RM100 million of Indian community, the Indian community rights as citizens of this country were diluted and were on the wedge of losing it for good. Indians are doing well in all other countries except Malaysia due to the apartaid policy of BN government.

After years of suffering and erosion of basic human rights, the community woke up to the calls of NGOs and opposition parties in particular HINDRAF and the rest is history. Let’s hope and do our part to keep the community alert and be aware of the political developments. As citizens of Malaysia we have equal right as any other citizens regardless of race or religion. UMNO using MIC has been cheating Indians all this while. Indian community is not beholden to them and it is time that we get rid of them in the coming 13th GE for a better future to our children and grand children.

Explore posts in the same categories: From the desk of Senator S Ramakrishnan

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