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?
From the desk of Senator S Ramakrishnan
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