MACC raids premises in probe into Maika Holdings
The MACC today raided several premises in the Klang Valley to assist its investigation into alleged misappropriation of Maika Holdings shares and assets.
Sources told Malaysiakini that several teams of MACC officers paid a visit to four premises in Petaling Jaya and Dutamas, including offices of businesses linked to Maika Holdings and a liquidator's office...
The MACC today raided several premises in the Klang Valley to assist its investigation into alleged misappropriation of Maika Holdings shares and assets.
Sources told Malaysiakini that several teams of MACC officers paid a visit to four premises in Petaling Jaya and Dutamas, including offices of businesses linked to Maika Holdings and a liquidator's office.
This follows a raid on the office of Maika Holdings' secretary in Brickfields yesterday.
According to sources close to the investigation, the MACC is probing the MIC-owned company after a tip-off from a whistleblower, who also provided it with documents allegedly detailing abuse of power and corruption.
"The investigation is related to the winding up of the company. All of Maika's liquidated assets and the processes involved in the liquidation are being looked into, to see if there was any misappropriation," said the source.
"It (the investigation) is still in its early stages. The investigation will look back as far as 2008, so for now, we first want to see how many documents we can get.
"(The probe) is looking at power abuse, misappropriation and bribery. We are looking at all angles as stipulated under the MACC Act 2009."
Raids to continue
Another source added that investigators have yet to record any statements, as they are still gathering documents to facilitate the probe.
The MACC raids are expected to continue tomorrow on several other premises on the agency's list.
In February, whistleblower site Sarawak Report published an exposé claiming that millions of ringgit were allegedly channelled to companies linked to then-Maika Holdings CEO S Vell Paari (above), prior to the shuttering of the company in 2009.
The funds were allegedly transferred to companies associated with the MIC secretary-general in the form of cash and other payments, between 2003 and 2009.
Maika Holdings was the brainchild of Vell Paari's father, former MIC president S Samy Vellu.
The investment arm was set up in the early 1980s, raising over RM100 million in investment from Indian Malaysians, mostly among the middle and lower-income groups.
However, alleged mismanagement led to heavy losses, with many barely recouping their investments.
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