(“I’m innocent – I don’t know what happened to the Maika’s Telekom shares. Besides, ACA has cleared me”. Image source: http://www.topnews.in)
MIC party polls are coming up in September…
And thus far, there is no clear challenge to the head honcho and his nominated men. At this juncture, Raja Petra of Malaysia Today revisited the Maika – Telekom share scandal from an interesting point of view:-
A bit about Maika. Maika Holdings was once touted as the miraculous economic vehicle to elevate the Indian poor from the shackles of poverty.
Launched by MIC in 1982 as their investment arm, the original plan was to ensure that at least RM30 million worth of shares were subscribed to but so successful was the promotion campaign that by 1984, RM106 million was raised from almost 66,400 shareholders with SV being the largest shareholder with 2.8 million shares.
From then onwards, it was downhill all the way.
Read the whole post here
When one reads the sequence of events pertaining to the Maika Telekom shares fiasco, one would realise why MIC should continue to be denied from any representation and the wrongdoers in the Maika Telekom shares fiasco need to be caught, stripped naked and flogged by each of the 66,400 Maika shareholders.