I refer to the Malaysiakini report MIC's doors open for its prodigal sons .

Referring to the above report,, it was learnt that Maika Holdings plans to return their shareholders' investments on one ringgit to one ringgit without any profit returns.

The question is on what basis can this move help Maika Holdings to revive the community's interests and regain the confidence of shareholders?

Right now, Maika shares should have been distributed to the lower-income group to increase their investments as well as the community's equity share from 1.1% to 3%.

It has repeatedly reported that many who bought the shares in 1983 had pawned jewelry and sold their property on the assurance that their investments would bear fruit handsomely.

On Oct 4, 2007, the Works Minister and MIC President admitted that he had not managed to raise the community's corporate equity from one per cent to 10 per cent as he had promised.

He said that some RM100 million was raised to achieve this, but time has shown that Maika Holdings has been an empty promise, bogged down with irregularities, with an uncertain future.

The shareholders would have better off not investing or as an old Tamil goes: ‘We would have been better off if each of us had invested in two cows for at least we would have got returns of milk'.

We are in a nation that wants to compete globally. But all of these problems and repeated manipulations by the Maika Holdings has caused great uncertainty amongst the shareholders and has brought down the public's trust in the company's strength and capability.

It is time for immediate action on Maika Holdings with the force of government intervening and bailing out the company in the interests of the Indian community.

The government should help in settling and closing the whole issue amicably by returning the people's money with returns and continuing on with steps to address the community's equity growth.