Posted tagged ‘Datuk Seri Najib Tun Razak’

Wheeler and dealers short change MAIKA stakeholders

January 2, 2013

In the year 2000, MAIKA, the MIC’s loss making investment arm was sold to tycoon Tan Sri Gnanalingam’s G team Resources for RM106 million. 66000 MAIKA shareholders had been clamoring for the listing of its priced asset, OCA, by MAIKA itself.   But the MIC and their saviors had other plans, shattering the 29 years of hope for recovering their investment.    

Last year (2012), Tan Sri Tony Fernandez bought over OCA from G Team Resources and renamed it TUNE insurance Bhd, marking it for listing after 6 months of acquisition. It is expected that TUNE insurance will have a market capitalization of RM1 billion.  

Why were MAIKA shareholders left in the lurch without proper compensation? The 66000 shareholders invested hard earned RM1000 per lot of the MAIKA shares in 1981.  All they got back in 2010 was RM800 per lot. And those who took loans had to pay back with interest and many relinquished their loan along the way. Many of MAIKA shareholders were poor who wanted to do their part and responded to the call of the MIC president in 1981. Quite a number died while still in debt. But at the time of selling of MAIKA holding with its priced asset OCA, all their sacrifices’ were for naught.

 MAIKA directors and MIC promoters got away scot free and Tan Sri Gnanalingam and Tan Sri Tony Fernandez took away the priced asset of MAIKA for themselves. BN and the prime minister conveniently got themselves out of a politically embarrassing situation. But poor MAIKA shareholders who waited for 29 years were dumped. Another let down of Indian saga under BN rule.

The RM146 million payment for 74.1% OCA stake by Tan Sri Tony Fernandez would have left clean RM40 million for Tan Sri Gnanalingam to be redistributed to charities. Many ex-MAIKA shareholders expected that they will be included in the charities list. Unfortunately they were left out here too.

TUNE holding also bought another 3.75% of OCA from G team resources and 1.92% from GYRSS holdings Sdn Bhd which another investment arm of Tan Sri Gnanalingam and family. In all these wheeling and dealing of OCA shares, were MAIKA shareholders compensated? They seem to be completely left out in the disposal of MAIKA shares.

However the real issue is not the RM40 million gain but rather the lost opportunity by not listing OCA by MAIKA itself. It’s really perplexing why MAIKA didn’t want to list OCA on its own. Had it done so even with a market capitalization of RM300 million, MAIKA shares would be worth RM 3 each which is much better off compared to repayment of RM800 per lot of 1000 shares after 29 years?

 Why didn’t MIC get the support of Bank Negara and ministry of finance and list the OCA in BURSA Malaysia themselves? Is MIC hiding something from MAIKA shareholders? At least TUNE insurance could have offered TUNE insurance shares to ex-MAIKA shareholders. Why the gross injustice to Indian Malaysians? Can we trust BN and prime minister Datuk Seri Najib Tun Razak anymore?

 If the Indian Malaysians don’t wake up, the MAIKA saga of Indian community will be buried and forgotten once and for all after this 13th general election. Indian Malaysians are short changed once too often. Will the ghost of MAIKA holding resurface before the 13th general election to haunt MIC and BN? Will the blatant betrayal of MAIKA shareholders by MIC leaders, opportunistic businessmen and UMNO leaders be held accountable?  

Would the impending listing of TUNE Insurance cause controversy and anger among MAIKA shareholders? Are the Indian Malaysians forever left out not only in government policies but ribbed and robbed of their own hard earned assets? Is there any hope for Indians under MIC/BN rule?

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Returning the money to the poor former shareholders is charity too

May 29, 2012

The recent sale of Maika holding’s 79.85% stake in Oriental Capital Assurance Bhd to Tune Insurance holdings Sdn Bhd by G Team Resources has raised concern as to how  will be the surplus cash distributed. Tune insurance acquired the 79.85% stake in OCS BHD for RM156.91million. It is reported that oriental capital assurance Bhd (OCS) was sold for RM1.965 per share. OCA’s net tangible assets per share were at RM1.22 as of December 2009. A merchant bank and an insurance company were interested to buy the stake from Maika at RM1.59 per share that translated to 1.3 times price-to-book. But the OCS was finally sold for RM1.965 per share thus giving raise to surplus cash.

G team resources should be more transparent and explain to general public what the surplus is after the sale of OCA shares. MAIKA was set up as a vehicle to alleviate the economic achievements of Indian community. Even though MAIKA holding company was bought over and being liquidated, the Indian community is still angry and reeling over the mismanagement and abuses by MIC. Poor shareholders invested to support the attempt of MIC to set up an investment arm. Therefore as a liquidator G team resources must be transparent and sensitive to the feeling of disappointment of poor Indian shareholders and if there are any surplus that must be redistributed back to past shareholders.

The last AGM was held in June 2007. There was no AGM in 2008, 2009, 2010 and 2011. Not all shareholders sold their shares to G team resources. Some of the MAIKA shareholders refused to sell their shares. They are therefore minority shareholders now. Why no AGM was called.

It is public knowledge that MAIKA holdings affair had become an embarrassment and a political laibility to PM Datuk najib during the Hulu Selangor by election in April 2010. To absorb MIC and Samy Vellu from their wrong doings PM roped in Tan Sri Gnanalingan to buy the MAIKA shares at RM106 million and the 66000 shareholders were paid 80 cents per share. MAIKA had 74% stake in oriental Capital Assurance Bhd and some land left over from the Tumbok estate near Nilai plus a 60 million laon.

Samy Velu and his cohorts who cheated and mismanaged the holding company got away with frauds they committed. The BN government gave the criminals police protection and now the PM asking Indians to trust him. Even though Datuk Najib dissolved MAIKA holdings, Malaysian Indians will never forget the great injustice done to them by protecting the criminal and making him an ambassador for projects. It’s an insult to Malaysian Indians.

Senator S. Ramakrishnan

29/5/2012

Getting Indian crowd is easy but can you get their vote, Datuk Palanivel?

March 8, 2012

MIC leaders keep repeating that Indian votes have gone back to Barisan because of the big turnout in MIC functions and by election results. Politics in Malaysia is no more static and not within UMNO’s control. Well when MIC provides meal, pocket money, hampers, entertainment and transport it is not surprising to get huge crowd. The way MIC leaders keep repeating this claim, it looks like they want to send a message to UMNO leaders that they are loyal and working for BN. This will keep them in the good books of UMNO which will reward MIC leaders with tokens and pittance. MIC leaders take pride in making such ludicrous claims. It is the same MIC that supported UMNO in eroding the Malaysian Indian’s basic rights. Their record for the past 55 years is nothing but betrayal, selling out and downright cheating the Indian community. Yet they can claim that Indians are returning back to BN. Indians all over the country don’t care a damn about MIC. Well the defacto president of MIC is Prime minister. He has his own personnel assistant to keep throwing goodies to Indian poor. MIC is just a front and eye wash to get Indian votes.

Prime minister came out with 1Malaysia campaign and gave them hope. After 3 years, Indians have realized that it’s an empty slogan of prime minister to deceive non Malays into voting for BN. Unfortunately a section of poor Indians who have very low financial stamina are vulnerable to vote buying. BN will always want Malaysian Indians to be poor so that they can buy their votes. MIC supported NEP abuses, UMNO robbing and plundering the wealth of this country. MIC supported the UMNO racist agendas like robbing of places in local universities, UMNO appointing racist in high places in government decision making bodies, Mahathir curtailing judicial independence and UMNO privatizing and robbing the money making government agencies. MIC has lost all moral right to represent the Indians.

Malaysian Indians have come a long way since 2008. They too have learnt like Kelantan voters. They will accept all goodies but not necessarily vote for BN. They have been deprived for many years what is rightfully theirs. So what’s wrong in accepting whatever given? In fact they should ask for more. But, whether they will vote for BN is a question mark. Voting is to determine the future government that will govern this country with fair and equal opportunities to all. The thinking among Indians now is for a change. Give opposition one or two terms. If they can’t govern, vote back for the other party. They are for two party systems. 55 years of marginalization and mismanagement of this country is enough. They want a political system that will safeguard their children and grandchildren. They regret for faithfully trusting MIC which ditch them and still trying to hoodwink that the Indians future is in UMNO’s hand. Many MIC leaders vote against BN rule too. It’s only those in position keep loyal to UMNO and continues to believe in BN lies for selfish resasons. For MIC leaders, what matters most is not fairness or equality but pleasing and keeping UMNO in good humor so that they will get favors and positions.

Prime minister wants Indians to trust (nambikai) him. But he keeps those who betrayed that trust close to him and appoint them in high post. MIC leaders who plundered MAIKA holdings are still in high places and not in prison.  Corruption in police force will never allow Indians to come out of crime and gangs. MIC operates like an NGO organizing Ponggal and Deepavali functions and 1Malaysia dinner for Indians. So Mr. Palanivel, stop deceiving the poor Indians and support the new aspiration for 2 party systems of Malaysian Indians. Datuk keneth Eswaran who wants to create 50000 Indian entrepreneurs may show his great effort to secure Indian votes to Prime minister and his wife to get new business projects for himself. This is the type of BN Indian leaders they have. Indians are in the mood to change. It’s the only way forward.

Senator S. Ramakrishnan

8/3/2012

Results of transformation effort speaks louder than mere apology

March 5, 2012

Prime Minister Datuk Seri Najib Tun Razak finally apologized for the pre 2008 mistakes of BN after 4 years. He further added that the people’s rejection is accepted with open heart and vowed to fix the past mistakes at a function in Kedah, the Malay heartland that rejected BN. Kedah UMNO information chief could not accept the Prime Minister’s apology and said that it was public perception that BN lost due to its own mistakes. Looks like UMNO little Napoleon’s cannot accept the prime minister’s open apology. UMNO national information leader wants 2/3 majority to fix its past mistakes. The deputy prime minister makes the apology a small matter and claimed that Malaysia has made huge progress in the fields of socio-economy, culture, education, international relations and various others. UMNO don’t know the meaning of apology.

Well it’s clear that UMNO politicians are making a big public relations exercise out of this public apology. This makes the apology not genuine. After 2008 and especially after the appointment of Datuk Seri Najib Tun Razak, the actions and words of UMNO do not show any semblance of change for the better. The Prime Minister looks lonely in his attempt to change. Can he reform UMNO from its entrenched racism, nepotism and corruption? UMNO’s reaction to the 2008 election losses was that the public have made grave mistakes in supporting Pakatan Rakyat and that UMNO will hold on to power by any means. They were desperate and their inherent character of racial intolerance, corruption and nepotism rearing their ugly heads. Change must come from the collective leadership and not just the top leader to be meaningful and effective.

The transformation programs of prime minister launched with high hopes have not yielded the desired outcome. The civil service is still inefficient and unable to improve the delivery mechanism. The UMNO backed bureaucrats are not zealous over the various transformational programs initiated by PEMANDU. Hundreds of millions spent with little to show as achievements. MACC, police and AG office have not brought any charges against the alleged wrongdoers of NFC fiasco. Wanita UMNO leader is still strong after the NFC exposure. There is no open tender yet in the award of government contracts. Billions of tax payer’s money is still siphoned out from government coffers. UMNO cronies like Tan Sri Syed Mokhtar Al-Bukhary still secure the bulk of government privatization projects with no transparency and accountability. Racial marginalization is as rampant as before 2008. So what is the use of apology without any improvement in the implementation, checks and balance in civil service?

Malaysians will trust the Prime Minister if projects like Lynas in gebeng and 1Care health scheme are scrapped and find a lasting solution to the stagnated salaries, brain drain and reduce the cost of living. Stop the rot in the palace of justice where justice is denied if not compromised. The list can go on and on. Malaysian Indians should not be pleased with such superficial apology that does not mean anything. No government has marginalized their citizens the way UMNO has marginalized the Indians. UMNO has put all blocks on progress of Indian community. The Prime minister’s apology means nothing to Malaysian Indians. There is no policy change to include Indians and other non Malays in the government employment and business opportunities. With all the sacrifice sweat and blood of our parents towards this country, this ungrateful UMNO government did not value them. Change is the only way forward.

Senator S. Ramakrishnan
5/3/2012