Malaysiakini:
Aug 20, 07 4:50pm
Ten shareholders of Maika Holdings Bhd have complained to the Companies Commission of Malaysia (CCM) about the choice of date and venue for the MIC-linked company’s annual general meeting (AGM).
Led by DAP’s Ipoh Barat parliamentarian M Kulasegeran, they submitted a memorandum to Deputy CEO Zaharah Abdul Wahab Fenner in Kuala Lumpur this morning, seeking the CCM’s intervention.
In it, they urged CCM to instruct the Maika board to defer the date and to change the venue - the Sime Darby Convention Centre in Mont Kiara, located in the suburbs of Kuala Lumpur.
Kulasegaran, himself a shareholder, said the date was inappropriate, being the eve of a national holiday for Merdeka which “all peace-loving Malaysians” celebrate.
“(Like other Malaysians), shareholders will be on vacation to attend various functions at state and national level,” he told reporters.
“To the best of our knowledge, no public-listed company in Malaysia holds an AGM on the eve of Merdeka. Why only Maika?”
Many members feel that the board deliberately selected the date to prevent many shareholders from attending the AGM.
Kulasegeran also took issue with the choice of venue, saying it is “located too far from the city centre” and could therefore deter shareholders from attending the meeting.
He urged the CCM to send at least two representatives to observe how the AGM is conducted and to appoint a neutral officer to record the minutes.
“(At) the last meeting, I was manhandled for asking a question (deemed unfavourable),” he said.
This upcoming meeting is expected to be fiery as some shareholders plan to quiz the board over the proposed sale of Maika’s cash cow - the insurance division of Oriental Capital Assurance Bhd - to an engineering firm for RM129.8 million. The deal can only be concluded with shareholder approval.
Another item is the proposed share buy-back scheme mooted last year, whereby Maika proposes to pay RM130 for every RM100 invested in it.
Date remains
Zaharah, however, told the group that the CCM could not do anything to postpone the meeting.
“We can’t adjourn or postpone the meeting as it is out of our control, and it is more to the internal matters of the company,” she said, but added that she would look into other long-standing complaints of shareholders.
On that note, Kulasegaran urged the commission to “get teeth and to bite” Maika Holdings.
“We have lodged many complaints against Maika, but nothing has been done so far,” he added.
Maika has periodically been in the news over the years, over transactions like the sale of Tumbuk Estate in near Sepang, and re-channelling of 9 million Telekom Bhd shares and almost all of the 10 million Tenaga Bhd allocated for sale to the Indian Malaysian community as part of equity distrubution.
Maika Holdings was set up in 1982 as the investment arm of MIC president S Samy Vellu. It currently has about 66,000 shareholders, the majority of whom are from the lower-income group.
POSTED BY kula ON 08.22.07 @ 4:03 am |
4 Comments »
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mic president samy veloo,plz stop this!!! v indians dny ve ne thing and u are makiing things worse.y ur doin this to ur own ppl?y swindle their money? v indians are a laughing material 2 other races now.mic is doin shit for indians.no business loan,not enough educational loan,old ass holes in mic positions.. n many more.if u cant help indians FINE!!! but dont swindle our hard earned money!!
Comment by frustrated indian — August 22, 2007 @ 5:35 am
Where are all the money gone?
To Buffulo Samy’s stomach, of course.
Comment by Jim — August 25, 2007 @ 10:33 am
Dear YB this is a thank you note for your fight against the amanedment for the Industrial Relation Act on August 28th, 2007.
Thank you for fighting to get rid of the amendment to limit backwages. I am facing a matter in industrial tribunal where my previous employer blatantly told me that he got the money.
In fact, the practice direction and subsequent decision of Federal Courts,itself were ultra vires the parent act whereby limiting the powers of the tribunal to award what is deemed to be fair award based on the merits of each case.
Otherwise, we will have employers who will get away with their wrong doing with just 24 or 12 month liability which is in most case a small sum for many.
Please keep fighting on the basis that the award is to compensate and to act as deterent to future errant employers. And the the award and the uncertainty and the discretionary powers of the tribunal act as the most effective tool to force both employers and employees to reach settlemnet without even going to court.
In fact, ( me think) the trend to go to cout increased since 90’s bcoz now the employers are very well aware of the actual loss they going to face thereby they rather get rid of a employee for a sum not more then 24 month of his/her salary.
This is wrong. Please keep fighting for the employees.
Thanks.
Comment by Littlebird — August 29, 2007 @ 12:28 am
YB,
Can you give us an update of what actually occurred at the AGM?
I find Maika’s actions totally deplorable. I also believe that your statement about the buy back is incorrect. What I had heard is that they will buy back at RM1 for every share.
Please make police reports about the fracas, and get the board in trouble.
Comment by lakshy — August 31, 2007 @ 7:57 pm
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