He further clarified that Samy Vellu replied that “There must have been a mistake. The offer to Maika should be for one million and not 10 million”
According to Dato Seri Samy Vellu, the remaining 9 million shares were for allocation to “other MIC bodies”.
“Further, Dato Seri Samy Vellu stated that he would contact the Ministry to clarify the position.”
It was then, after Samy Vellu had contacted the Finance Ministry; that the letter of offer was retracted and Maika’s allocation reduced to only 1 million shares.
Why did Samy Vellu prevent Maika from acquiring the 10 million shares?
Wasn’t Maika his brain-child to raise the corporate wealth of the Indian community so that their economic welfare would be secured?
Wasn’t he the leader of MIC which launched Maika as a business venture to enrich the community which had long been associated with deprivation and poverty?
This was God-sent wealth. Why did he prevent this wealth from reaching Maika?
Imagine how much Maika would have made from these shares for which it only paid RM5 per share.
When Telekom shares were first traded, it fetched a price of RM6.15 per share and that too during a bearish market. By mid-1992 the Telecoms share price was hovering around RM11-RM13.
According to Ram, in an article in the Aliran Monthly -1993:13(10):
Samy Vellu had taken away from Maika RM120 million in profits (which it would have attained had it just held on to the 10 million shares until 1993).
They Don’t Deserve 10 Million Shares
Samy Vellu made it extremely clear that he personally decided to allocate only one million shares to Maika. According to Samy Vellu, “I could have given all the shares to Maika Holdings if not for their past business record. They don’t deserve 10 million shares because of the dismal performance of the Maika management. They have to learn to do business on their own and not depend on shares and make money out of it”. (New Straits Times 16th May 1992)
His autocratic style and arrogance comes through so forcefully: “I could have given all the shares to Maika Holdings…,” he boasts. “They don’t deserve 10 million shares…,” he berates.
It is very apparent that he keeps a very tight hold on Maika. That being the case, how could Maika undertake any business venture without his knowledge and blessing? Shouldn’t he be part of the debacle that is haunting Maika today? Shouldn’t he also shoulder the blame for “the dismal performance of the Maika management”?
And why should he give nine million shares to three obscure companies?
Management Services Sdn. Bhd. and Advanced Personal Computers were in fact shell companies with paid-up capital of RM2 each. The third company is Clearway Sdn. Bhd.
Samy Vellu decided on the shares allocation -not the Ministry of Finance!
On what criteria did Samy Vellu decide that the three companies deserve to get the Telekom shares instead of Maika?
What business experience and success could these companies boast about to warrant their being chosen from among all the other Indian businesses in the country?
According to Dato Seri Samy Vellu, the remaining 9 million shares were for allocation to “other MIC bodies”.
“Further, Dato Seri Samy Vellu stated that he would contact the Ministry to clarify the position.”
It was then, after Samy Vellu had contacted the Finance Ministry; that the letter of offer was retracted and Maika’s allocation reduced to only 1 million shares.
Why did Samy Vellu prevent Maika from acquiring the 10 million shares?
Wasn’t Maika his brain-child to raise the corporate wealth of the Indian community so that their economic welfare would be secured?
Wasn’t he the leader of MIC which launched Maika as a business venture to enrich the community which had long been associated with deprivation and poverty?
This was God-sent wealth. Why did he prevent this wealth from reaching Maika?
Imagine how much Maika would have made from these shares for which it only paid RM5 per share.
When Telekom shares were first traded, it fetched a price of RM6.15 per share and that too during a bearish market. By mid-1992 the Telecoms share price was hovering around RM11-RM13.
According to Ram, in an article in the Aliran Monthly -1993:13(10):
Samy Vellu had taken away from Maika RM120 million in profits (which it would have attained had it just held on to the 10 million shares until 1993).
They Don’t Deserve 10 Million Shares
Samy Vellu made it extremely clear that he personally decided to allocate only one million shares to Maika. According to Samy Vellu, “I could have given all the shares to Maika Holdings if not for their past business record. They don’t deserve 10 million shares because of the dismal performance of the Maika management. They have to learn to do business on their own and not depend on shares and make money out of it”. (New Straits Times 16th May 1992)
His autocratic style and arrogance comes through so forcefully: “I could have given all the shares to Maika Holdings…,” he boasts. “They don’t deserve 10 million shares…,” he berates.
It is very apparent that he keeps a very tight hold on Maika. That being the case, how could Maika undertake any business venture without his knowledge and blessing? Shouldn’t he be part of the debacle that is haunting Maika today? Shouldn’t he also shoulder the blame for “the dismal performance of the Maika management”?
And why should he give nine million shares to three obscure companies?
Management Services Sdn. Bhd. and Advanced Personal Computers were in fact shell companies with paid-up capital of RM2 each. The third company is Clearway Sdn. Bhd.
Samy Vellu decided on the shares allocation -not the Ministry of Finance!
On what criteria did Samy Vellu decide that the three companies deserve to get the Telekom shares instead of Maika?
What business experience and success could these companies boast about to warrant their being chosen from among all the other Indian businesses in the country?
2 ulasan:
salam tuan pencak melayu..
den makin hari makin konpius...bukan kerana tuan pro kepada siapa.. tapi...info yang tuan berikan banyak merupakan sejarah lalu... yang kita terlupa atau buat buat lupa ataupun mmg tak tahu langsung... kekonfiusan saya membuatkn saya semakin suko dengan blog tuan..tapi kalau buleh update selalu...hik hik hik
salam saudara tepet.
terima kasih sbb selalu berkunjung. insyaAllah akan update dari semasa ke semasa. kblkgn ni bz slalu tapi mgkn akan dtg byk yg akan dibongkarkan perkara2 di balik tabir.
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