MIC investment arm Maika Holdings, a brainchild of long time president S Samy Vellu, was established in 1982 purportedly to enable Indian Malaysians to have a share in the country's economic growth.
The company raised RM106 million in 1984 from 66,000 investors but some shareholders after seeing little returns on their investments have since accused the company of squandering the capital through dubious channels.
Many Maika shareholders were estate workers who had pawned their family jewellery and withdrew their life savings to invest in the company. The investment company, however, has been a spectacular failure with many of its business ventures failing to take off.
Promises were made, time and again, that Maika shareholders will get their hard earned back. But not a penny was paid. At each Maika's annual general meeting, the shareholders continue to press for answers. Often the meeting degenerates into violence as 'thugs' linked to the company rough up those who dare ask questions.
This year's meeting is no different with many shareholders priming themselves to grill Maika CEO Vell Paari who is son of Samy Vellu and his board of directors on the proposed sale of the company's cash cow the insurance division of Oriental Capital Assurance Bhd to an engineering firm for RM129.8 million.
Malaysiakini files the following reports in the run up to the controversial Maika AGM.