Former MIC deputy president S Subramaniam has called for a boycott of the Maju Institute for Education Development (MIED) annual meeting pending investigations into alleged irregularities.

At a press conference today, Subramaniam shared a laundry list of alleged irregularities involving MIED - which is the party education arm that runs the party’s Asian Institute of Medicine, Science and Technology University.

NONE They include the dubious purchase of a RM113,000 watch by MIED, accounting discrepancies as well as questionable company practices.

He said currently the Securities Commission, Ministry of Domestic Trade and Consumer Affairs and the Malaysian Anti-Corruption Commission (MACC) are probing allegations of MIED’s misuse of funds.

                                    

“Things are not in order, call off the AGM,” said Subramaniam, ahead of the much anticipated AGM on Monday.

No answer from auditors

Among others, Subramaniam alleged that dividends from profits of more than 1 million Telekom shares are also not reflected in the company’s accounts.

He also queried why MIED had been paying between RM42,000 to RM45,000 in trustee allowances from 2004 to 2006 because it is illegal to do so in a company limited by guarantee.

Subramaniam, a former MIED trustee, also claimed that there were dubious document attestation.

He claimed attempted to seek answers from the auditors, but he was told to raise the issues with the board of trustees.

Come Monday, MIED members would be convening for an AGM for the first time since the body’s inception in 1978. The main agenda is to pass the accounts for the year 2004 to 2006.