After resurrecting the Maika Holdings issue in the Dewan Negara, senator and MIC treasurer-general Jaspal Singh is going after its former chief executive S Vell Paari to explain the RM80 million in 'increased profit' prior to the listing of an asset.
In a statement today, Jaspal (left) questioned Vell Paari’s explanation and accused him of “attempting to mislead the public with the non-existent figure".
He was referring to Vell Paari’s reported statement when explaining how the Tune company had purchased Oriental Capital from Maika.
Tune had announced in April 2012 that it had purchased the company from special purpose vehicle G-Team for RM153 million.
Later renamed Tune Insurance, it was listed on the Malaysian stock exchange with a market capitalisation of RM1.2 billion.
“From my preliminary investigation, I could not find an increase in profit to RM80 million as claimed by Vell Paari to justify that Tune has added tremendous value to Oriental Capital prior to listing," Jaspal said.
“Vell Paari must prove that Tune has brought in new business to increase the profit to RM80 million. As Vell Paari has made this claim repeatedly, I call upon him to substantiate his claim with facts and figures.”
If unable to, Jaspal said, Vell Paari must retract his claim and apologise to the Maika shareholders for misleading them.
“Vell Paari must prove that Tune has brought in new business to increase the profit to RM80 million. As Vell Paari has made this claim repeatedly, I call upon him to substantiate his claim with facts and figures.”
If unable to, Jaspal said, Vell Paari must retract his claim and apologise to the Maika shareholders for misleading them.
Vell Paari, the son of former MIC president S Samy Vellu, was chief executive officer of Maika Holdings, the party's debt-ridden investment arm, from 1999 to mid-2010.
Jaspal, seen as a close associate of Samy Vellu's successor G Palanivel, had raised the issue in the Dewan Negara two weeks ago, in a move that some suspect is linked to the coming MIC elections.
Vell Paari: Repeat claims out of senate
When contacted, Vell Paari urged Jaspal to get his facts rights before “shooting himself in the foot”.
He explained that contrary to Jaspal’s claims, it was not Oriental Capital that was listed, but its mother company, Tune Insurance Holdings Bhd (TIHB).
“TIHB already has its own insurance businesses. Then in 2012, it purchased 83 percent of Oriental Capital, which was renamed as Tune Insurance Malaysia Bhd (TIMB). That is not the listed vehicle but just the subsidiary of TIHB, which was the one listed,” he said.
V
ell Paari (left) said he had explained all of this during a central working committee (CWC) meeting of the MIC, but that Jaspal had not raised any questions then.
“Instead, he went to to senate and used his senate privileges to say things like ‘greed’ and ‘mismanagement’ to try to give the impression that G-Team and I have committed fraud against the Maika shareholders,” he said.
“I knew this (that Jaspal thought Oriental Capital was listed). That’s why I allowed him to shoot his mouth off. Give a man enough rope and he will hang himself with it.”
Vell Paari said he has passed all relevant documents and information to his legal advisers to pursue action against parties who have made "defamatory statements" against him, including a Tamil newspaper that he said is aligned to Jaspal.
He further challenged Jaspal to repeat the claims outside the senate so that legal action can be taken against him.
Jaspal, seen as a close associate of Samy Vellu's successor G Palanivel, had raised the issue in the Dewan Negara two weeks ago, in a move that some suspect is linked to the coming MIC elections.
Vell Paari: Repeat claims out of senate
When contacted, Vell Paari urged Jaspal to get his facts rights before “shooting himself in the foot”.
He explained that contrary to Jaspal’s claims, it was not Oriental Capital that was listed, but its mother company, Tune Insurance Holdings Bhd (TIHB).
“TIHB already has its own insurance businesses. Then in 2012, it purchased 83 percent of Oriental Capital, which was renamed as Tune Insurance Malaysia Bhd (TIMB). That is not the listed vehicle but just the subsidiary of TIHB, which was the one listed,” he said.
V
ell Paari (left) said he had explained all of this during a central working committee (CWC) meeting of the MIC, but that Jaspal had not raised any questions then.“Instead, he went to to senate and used his senate privileges to say things like ‘greed’ and ‘mismanagement’ to try to give the impression that G-Team and I have committed fraud against the Maika shareholders,” he said.
“I knew this (that Jaspal thought Oriental Capital was listed). That’s why I allowed him to shoot his mouth off. Give a man enough rope and he will hang himself with it.”
Vell Paari said he has passed all relevant documents and information to his legal advisers to pursue action against parties who have made "defamatory statements" against him, including a Tamil newspaper that he said is aligned to Jaspal.
He further challenged Jaspal to repeat the claims outside the senate so that legal action can be taken against him.
Jaspal would then be forced to “furnish proof of his claims in court”.
“If he was so sure, why didn’t he lodge a report with the Malaysian Anti-Corruption Commission himself instead of instigating others to lodge a report?” he asked.
“If he was so sure, why didn’t he lodge a report with the Malaysian Anti-Corruption Commission himself instead of instigating others to lodge a report?” he asked.
Vell Paari said this in reference to Jaspal’s call for the anti-graft body to probe the sale of Oriental Capital.
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