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7th Rangers: You are eating the pieces of bones, I throw to you ( Naan potta elembu thundungathan ninga saapidringa )
 
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You are eating the pieces of bones, I throw to you ( Naan potta elembu thundungathan ninga saapidringa )
Wednesday, April 17, 2013
It is a warning anybody who goes against him will not even get the pieces of bones. I guess with even the marrow sucked out! That is what Samy Vellu had once told MIC’s party underlings. At least they got pieces of bone, what did the Indians get? He is trying his utmost to be the grand old man of MIC, just like what our Great Leader is being for DUMNO.  This is the same guy who tasked with the honorable task of uplifting the Indians out of the doldrums, instead allowed them to go into the toilet.  S Samy Vellu along with his group of gangsters, robbed the Indian people of an enormous amount of money through Maika Holdings. And they still remain at large. Maika Holdings raised RM108 million in 1981 from Indians, especially rural folks from the lower- and middle-income groups. These people were told to use their life savings – and even sell their jewelry – to invest in Maika Holdings because they were told the company would give them returns that were 10 to 20 times their initial investment.

Do you all remember this song dedicated to Samy Vellu? 

 

Samy Vellu, whose rhetoric needs no introduction, managed to fool these mostly not-so-well- educated individuals into parting with their money. If you ask anyone who was in MIC at that time about how they organized groups of people to go out there to convince the masses to part with their money, you will be surprised. They even went to the extent of telling would-be investors to sell their properties and cattle to invest in Maika Holdings. In other countries, this would have been considered a huge financial scandal, not just because of the amount of money involved, but because of the number of people involved in fleecing equally vast numbers of poor and less-educated citizens. The RM108 million then had a buying power that was 10 to 15 times its value today. In today’s terms, it would be valued between RM1 billion and RM1.5 billion. If those properties were still in the hands of Maika Holdings, the company would be worth some RM3 billion to RM5 billion today. But those properties were sold at below-market prices through shady deals in which more money was transferred under the table than through actual and legal sales agreements.

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. Telekom was only the first privatised government department. Since then, many other government agencies and departments have been privatised. As with Telekom Malaysia, shares were offered to Maika Holdings, but the offers were hijacked over and over again by Samy Vellu and his gang. Using the Maika Holdings money, the gang bought into well-run companies and turned them upside down by appointing their own people to run these companies, squandering away the profits with luxurious and lavish parties, and, finally, by closing down these companies. They plundered in epic proportions.

To date, Maika shareholders have received paltry sums for their investments. The Maika Holdings scandal has cost many their life savings, property, opportunities to send their children for advanced education and so much more. Samy Vellu had failed to even throw down the “elambu thundugal”, as he did for his gangsters. Samy Vellu and gang have been allowed to continue plundering Maika Holdings without any accountability. And they were never questioned by the government, Bank Negara, the former prime minister or even the present prime minister.  The MIC’s handling of Maika Holdings was a con job approved and blessed by the highest public office. Perhaps it’s because Indians are the disenfranchised lot in this country that Samy Vellu & G. Palanivel can do anything, as long as they deliver the votes every election. The government's total apathy regarding this scandal shows its attitude towards Indians – we are nobody's children. This injustice – this lack of government oversight – is happening in Malaysia, a country that is, supposedly, a leader among developing countries and is supposed to be a ‘developed nation’ in 7 years. 

Extracts from a Malaysiakini letter written by Sam on the 12th Feb 2008 titled ‘Remember, remember that was MAIKA' On a further note, Party president G Palanivel said he is confident MIC would make a clean sweep of all  seats, after announcing its candidates for the 13th general election today. I sincerely hope he has a sword to fall on in spite of all the braggadocio
posted by Major D Swami (Retired) @ 6:24 PM  
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