(Although this is unlikely to be entertained by the Government in view of the weak economy outlook next year, but still, it does not stop anyone from whacking this bright idea from MIC)
(The trademark of MAIKA AGMs – high handed and unjust against the shareholders. Image source: Mesra.net)
We all know that MIC have lost their purpose after the last general election but when I read this in Malaysiakini titled “MIC man suggests gov’t bailout for Maika”, I think they have reached the point of no return.
Blaming a weak management for the failures of MIC’s investment arm Maika Holdings, a former party leader today urged the government to bailout the ailing company for the sake of the Indian community. Deputy President aspirant Teagarajan proposes the government to pump in RM150 million to safe the party’s ailing investment arm and return the investors’ hard-earned money
Government’s money is public’s money and why should we allow our hard earned money to be used to bailout MIC’s mismanaged, scandal full, personal piggy, shit known as Maika. Haven’t we had enough when we first invested our money in Maika and see it vanish by mismanagement and corrupt practises!
The dust on Maika’s shitty manner of handling the Telekom shares had hardly settled down and the main culprits remained to be made responsible for the huge losses and yet here we have someone with the cheek to suggest the Government for a bailout!
What was the idiot thinking when he came out with the suggestion? That people will just forget about the past misdeeds of MAIKA management and MIC’s hidden hands on the direction of the company?
Fuck you if you think that is going to happen!
This letter in Malaysiakini is nothing new and reminds all of us that we have not forgotten what happened when MIC head got involved and got away with it.
Some of us may also remember the Telekom shares scandal, in which Maika Holdings was extended an offer to buy Telekom shares during its initial public offering (IPO). But Maika Holdings did not buy the Telekom shares.
Instead, Samy Vellu bought them through his personal company, because Maika Holdings, supposedly, did not have the money to do so. Maika Holdings could have made RM30 million, but this opportunity was hijacked by the sole defender and representative of the Indian community.
Where are the bastards who were heading the management of this piece of shit all these years and not only duped the shareholders into giving away their hard earned monies but also for not making any attempts to take responsibility in answering the shareholders’ queries and concerns? Why they are not made answerable to the mismanagement and are made to pay back the shareholders’ losses by stupid and dubious business ventures?
Anyone with a right sense of ideals would have taken their share of the blame and at the least, resigned with their heads down in shame. But not this bunch of losers! They continued to leech on the company and basically holding on to their positions for what? To hide the “yet to be discovered” misdeeds?
Watch what happened in the last Maika AGM?
Please lah, enough is enough – bury Maika for good and better spend the money for the prosecution of the management and board of directors for breach of trust and criminal intimidation. We had enough of misuse of public fund on wasteful projects and bailout of Maika goes beyond the realms of “wasteful”.
Kick the next fellow who come out with similar fucked up ideas out the window!