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Tuesday, June 29, 2010

Samy Vellu’s ‘missing Maika cerificates’ raise more questions

Former MIC central working committee (CWC) member G Kumar Aamaan is curious to know how party president S Samy Vellu and his son Vell Paari could have lost their Maika share certificates.

“It is no paltry sum we are talking about. The lost shares certificates are worth RM1,015,000 and RM447,375 owned by Samy Vellu and Vell Paari respectively.

“Have they lodged a police report on the lost certificates? I am also surprised that Tamil Nesan is the only daily that carried the news,” he said.

On June 27, local Tamil daily, Tamil Nesan, highlighted a report saying that Maika founder, Samy Vellu and his son, who is Maika’s chief executive officer, lost their share certificates amounting to almost RM1.5 million.

Kumar also wants to know how many shares the duo actually held, given that they are valued at RM1.5 million.

“Samy Vellu had declared many times that he has nothing to do with Maika. Will he now come clean on how much stake he has in the troubled firm?”

Meanwhile, another former CWC member KP Samy said the newspaper’s report itself was very confusing.

Said KP Samy: “Why are they announcing this now when G-Team Resources has already acquired 51% stake in Maika?” (G-Team Resources is a specially set-up vehicle which has offered to purchase the stake belonging to Maika's 66,000 shareholders at RM100 million.)

On Vell Pari’s admission that he lost his certificates, he said “It’s a joke. He’s the CEO of Maika. It shows how capable Vell Pari is in reality.”

courtesy of FMT

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