The Maika Holdings Bhd share issue, which had been at the heels of the MIC for more than two decades, is all set for a happy ending.

 

MIC president S Samy Vellu said the issue would finally be  settled once "the money to the shareholders is paid" and the fiasco put to rest.

NONE “It has been a long and difficult journey but now the issue looks set to be resolved. I think the shareholders would be happy and we are relieved too. I have been briefed about the buyout," he told Bernama .

Yesterday Bernama , quoting sources said the long wait for some 66,000 shareholders of Maika was about to end as a local Indian private group had agreed to buy all of their investments for RM106 million.

The proposed purchase value of the shares was RM20 million above the total net value of Maika assets, estimated to be around RM85 million currently.

Maika shareholders were mainly poor Indian estate workers who had invested in the Maika shares in 1984 pawning their jewellery while some had withdrawn their life savings.

Cabinet committee

Maika Holdings, was established in 1982 to enable Malaysian Indians to participate in the country's economic growth. However, the company was unable to produce the required results, much to the disillusionment of its shareholders.

The Maika shares had been a nagging problem for the MIC and the Malaysian Indian community, and it had been brought to the attention of the government on numerous occasion.

"I also want to thank the prime minister (Najib Razak) and the government in helping resolve this issue," Samy Vellu added.

Sources told Bernama yesterday that the government was aware of the many issues and was working towards resolving them through various means, and this included the establishment of a dedicated Cabinet Committee and Special Implementation Taskforce aimed at helping the Indian community in the country.  

- Bernama