Tuesday, February 5, 2013


Wheelers and dealers short changed MAIKA stakeholders and made Indians look STUPID. Today Najib wants to increase the Indian Equity to 1.3% HERE. Where has Najib gone when 66,000 MAIKA shareholder suffer? Busy preparing how to CHEAT INDIANS for the NEXT 55 years? 


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

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 TanSriGnanalingam 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?

S.Ramakrishnan (former senator)


Anonymous said...

The real guy who created all this mess is your Indians demi god, Dato Sri S. Samy Veloo. I am sure you all know this, including the writer. Why shifting the burden on Tan Sri Gana and Tony Fernandez. They are just businessman whose objective is to make money. As long as the deal they make is legitimate, they are not abt to include you MAICA members into their charity list. Samy is still alive, isnt he? Go after him. Screw him all you want and that includes the BN in totality.

Anonymous said...

If Najib wants "tembikai", give him "tembikai". He's like a little baby running around asking for watermelon!

wandererAUS said...

Najib, Indians no longer trust a peeled dick! We Malaysian Indians were screwed for more than half a century by not only our own kind in MIC, together with UMNO, we were greased and hammered left, right and centre...to a great extent, it was own own fault for trusting this rotten UMNO/BN regime. We were beggars!...went for short term gains.

Anonymous said...

Indian Malaysians have being so screwed by UMNO/MIC rapists, their assholes has now become the size of one big wishing well! Always living on false hope. Dey UMNO mandores, you brought your miseries upon yourselves...no one to blame.

Maniam said...

Ha Ha!

Tony Fernandez can indulge in spending millions of pounds to save its QPR that is doomed for relegation.

Money should have been spent to help the poor Indians in Malaysia.

Ha Ha Ha!

Anonymous said...

I think Indians will go for BN. Why?? Najib is much better PM when compare to the previous PMs. Morever, Najib has helped many Malaysian Indians so far in term of economic and social obligations by the government of the day. BN will win big this around....

Anonymous said...

Why blame Tony Fernandez or Gnanalingam for the fault of Samy Velu, MIC and UMNO/BN? Those two guys are not part of the Malaysian Indian community. Both call themselves Sri Lankans or ex Sri Lankans. It is a known fact that Samy Velu thought of himself as the mandore of Indians and the UMNO warlords as his Tuans. He was richly rewarded by his Tuans. So why should he really care about the Indians. He and his successors in MIC would gladly sell, pawn or prostitute the Indians to the UMNO/BN for their selfish vested interests.

The fools are the Indians. These idiots are easily bought with RM50 or a RM100 in vouchers to be redeemed at Hypermarkets as was seen recently in Klang.

The Indians NEVER learn from their mistakes of the past 55 years. That is why Najib is worshiped by these imbeciles. That is why Najib, the road side snake oil salesman, is selling them Bollywood dreams and demanding NAMBIKAI.

The Indians deserved to be screwed for another half century if they still vote for MIC/UMNO/BN.

Anonymous said...

I am an Indian. I'd rather be cheated by a Malay rather than a China Kwee. With the Malay Umno at least I gain something. With the greedy and evil Chinese, nothing. If not how many of my race are multi-millionaires as compared to the Malays. Thanks Umno. Will continue to vote for you.

Nambikei lover

Roti Sunshine said...

Ah Jib asked the Indian community for nambikei and what did he give them in return?

Chair kai!

Ah Jib, poh-poh.

mitchell said...

Dear Nambikei Lover,
What a joke!!!! You know you getting cheated and you dont mind!!!whether Malay or Chinese...you nambikei....thats why you Indians will never come up in life...compare the number of millionairs and the number of hardcore poor....OMG!!!!! You are indeed a JOKER!!!!!!!!

nkkhoo said...

At least MCA still take care of the chinese community and able to get PM Ah Jib Kor to speak mandarin on radio and tv in his CNY greetings. MCA for me and my Muar folks.

Anonymous said...


You must have got a mouth for a thousand pricks...this time, they all belonged to MCA!...if that does not satisfy your greedy desire, let me know I shall gladly ask Ibrahim Ali to insert his as well.

Anonymous said...

Najib may not have the opportunity to say Tamil greetings in the next Deepavali on tv ad.