KUALA LUMPUR: Former MIC president S Samy Vellu today dismissed calls by PKR Youth for an inquiry into a loss-making initiative meant to help the Indian community, saying the issue was “finished”.
Speaking to FMT, he said there was nothing to comment on regarding Maika Holdings.
“I do not want to talk about anything,” he said.
“They (PKR Youth) have nothing to do. They are all just looking for something to ‘eat’.”
He was responding to the youth wing’s call today for Putrajaya to set up a Royal Commission of Inquiry (RCI) into the losses incurred by Maika.
Penang PKR Youth leader A Kumaresan said more than RM100 million was raised from almost 66,400 shareholders, a majority of whom were estate workers and those from the low-income group.
He claimed they had pawned their jewellery and withdrawn their savings just so they could invest in Maika.
Samy Vellu established Maika in 1982 to enable Malaysian Indians to participate in the country’s economic growth. However, the initiative failed to provide good returns.
In 2000, it was taken over by tycoon G Gnanalingam’s G Team Resources for RM106 million to help resolve issues and pay off shareholders. -FMT
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