Speculations were rife that Vell Paari, the MIC president's son, had his heart set on becoming a party vice-president this year.

However, Samy Vellu has endorsed three names for the three posts available and his son was not one of them.

Speaking to Malaysiakini today, Vell Paari explained why he has pulled out of the race.

vell paari vellpaari According to him, it was the morally correct thing to do.

"The need of one individual does not outweigh the need of the community," he said.

"I did a lot of soul searching and had discussions with my family and friends. Two days ago, I informed my father of my decision not to vie for the post," he added.

The reason for this is because Vell Paari wants to resolve the Maika Holdings imbroglio before embarking on the quest to realise his political ambitions.

Maika Holdings is the debt-ridden investment arm of MIC, which Vell Paari overseas as chief executive officer.

What is the point of victory?

Vell Paari noted that he has the backing of an overwhelming number of MIC branches, and winning the post would not be a problem.

"But what is the point of victory when bigger issues loom? To me, Maika is the bigger priority. I have to solve this problem and reimburse the shareholders," he said.

Critics point the finger at Samy Vellu and his son for the woes faced by Maika, which has left 66,000 shareholders in a quandary over their investment.

Over the years, accusations that range from mismanagement and corruption have been levelled and denied.

Vell Paari's reputation had also taken a beating after he was implicated in the death of his former employee K Sujatha.

Observers noted that there is a possibility that his rivals could use this issue against him if he decided to run in the elections.

New solution in the works

Vell Paari explained that in the past, he had expressed interest in going for vice-presidency because there were certain solutions in the pipeline for Maika.

"However, the court injunction and so forth have frustrated this, forcing me to reconsider my decision," he said.

maika holdings berhad The president's son was referring to the injunction obtained by Nesa Cooperative, which is linked to his father's nemesis and former deputy S Subramaniam.

The injunction was to stop Maika Holdings from disposing its cash cow - insurance firm Overseas Assurance Capital Bhd - to settle its financial predicaments.

Vell Paari told Malaysiakini that he has already put a new plan into motion and believes that it will yield desirable results.

"I have already spoken to the MIC leaders, including Human Resources Minister Dr S Subramaniam about it. It will be brought up to the government soon.

"I am sure the shareholders will be happy," he said.