MCA officials have yet to respond to an ultimatum set last week by political rivals DAP in taking up the case of 15 Aik Hua Holdings Bhd shareholders. The company, which is linked to MCA, has allegedly declared only one dividend in two decades.

Several of its shareholders are now seeking an explanation as to the status of the Selangor-based company, which is said to have held only three annual general meetings to date.

Contacted today, DAP Selangor executive secretary Zoe Lee said she did no longer expected a reply from MCA by the end of the day.

"We are now preparing to send to memorandum in protest to MCA headquarters on Monday, " she said.

She also said DAP has received more than 200 complaints from shareholders as of today, together with additional complaints about other MCA-linked companies in other states.

"We will help them to organise the protest and to seek a meeting with both new and old MCA committee members, so that they can get the information they want," she said.

"We would like to discuss the situation with MCA to get a full explanation on the status of company."

Alleged breach of law

DAP has planned to help shareholders take legal action if MCA continues to refuse to provide an explanation as it believes that Aik Hua Holdings has breached several provisions of the Companies Act 1965.

This includes failure to furnish financial statements among other annual returns, and to hold a meeting each year.

The company was set up on May 13,1983. At the time of its launch, it offered some 49.9 million shares priced at RM1 each, but it is not clear how much it raised.

A group of shareholders claimed last week that they have received only one dividend of RM30 in 1986 for their RM1,000 investment, although some claimed they received nothing.

The board of directors was headed by then MCA Selangor treasurer Yap Peng@Yap Piang Tau, while the nine listed board members came from the party's state committee.