National Laughing Stock Maika Holdings - Well Beyond The Long Arm Of The Law

Former MIC deputy president Datuk S. Subramaniam was shoved around during a heated exchange between rival groups of shareholders at the 24th annual general meeting of Maika Holdings here Thursday.

Subramaniam, who was furious after being prevented from putting up a suggestion to Maika Holdings chairman Datuk Abdul Rashid Abdul Manaf, walked out of the hall, accompanied by several of his supporters and returned about 15 minutes later.

One shareholder, who attempted to throw curry powder at others, was apprehended and taken out of the hall. He suffered a gash on the head while resisting. He asked to see the former deputy president and only went away after being assured by Subramaniam that he was all right.

Another shareholder, S. Nadarajah caused a furore when he said that the AGM was conducted in a gangster-style manner. He, however, later apologised for making the comments.

Officials said about 900 shareholders attended the annual general meeting, the first time that such a huge number had turned up in the company's history.
Abdul Rashid had a tough time controlling the meeting with shareholders from the rival camps; one aligned with MIC president Datuk Seri S. Samy Vellu and the other with Subramaniam, shouting at each other.

Despite the heated exchanges, the meeting went on smoothly, with Abdul Rashid replying to the questions put forward by the various shareholders including DAP's Ipoh Barat MP M. Kulasegaran.

At about 1pm, the shareholders were asked to vote on the various resolutions including one calling for the sale of the insurance company Oriental Capital Assurance Bhd for RM129.8 mil. Maika's management claimed that the sale of OCAB would enable the company to clear its outstanding debts and repay the shareholders who wanted to withdraw their investments.

Speaking to reporters later, Subramaniam said he was pushed when he tried to put forward a suggestion at the meeting.

He said he was not opposed to the sale of OCAB but wanted Maika should give the first option to an Indian community-linked company or cooperative so that its majority stake would remain in the community's hands. (TheStar Update)

***** Maika Holdings stands out prominently and embarrassingly as the prime legacy of the numero uno samseng of Malaysia's increasingly marginalized Indian community. It is a monument to the deceit and cruel hoax perpetrated on poor and gullible Indians who in a moment of illusory optimism paid out good money on a stillborn bad deal.

To this very day the samseng's squad of goons have successfully prevented anyone from questioning the loss and diversion of hundreds of millions of ringgit. They have effectively clamped down, smothered and bludgeoned 'troublesome' answer seekers, while time and time again proving that in the Malaysian context they are a power and law unto themselves.

If you think that Umno is bad, it's probably because you've not realized how much worse the MIC and its deeply entrenched band of gangsters and hoodlums really are.
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Update: Subra Lodges Police Report On Him Being Roughed Up At Maika AGM.