Archive for June 4th, 2010

MIC, Maika deserve to be cursed for 10 generations

By P. Ramakrishnan | Aliran

More than 66,000 Indians, mostly poor and from the estates, invested RM103 million with high expectations of good returns. That was what they were promised, and they were enticed to rally around this Indian venture that was solely for the Indians. Many pawned their jewellery, others took loans or invested their entire life-savings to support this venture that was touted as a sure-win undertaking.

For almost 30 years, they waited in vain to enjoy the fruit of their investment. Many continued to service their loans and suffered. Others passed on, dejected and frustrated. There was no hope for them whatsoever and they stopped dreaming of the wealth that was promised them.

While the Maika shareholders suffered, the directors of Maika continued to be paid very well. They did not take a pay cut but enjoyed their full benefits.

Now, there is some kind of offer for these shareholders. They are now being offered RM0.80 for every RM1.00 they had invested. After waiting for almost 30 years, now they have to suffer not only a 20 per cent loss on their investment but also the purchasing power of whatever they receive now is a lot lower than it was 30 years ago. Instead of some gains, they are forced to suffer a further loss after 30 long years. What a tragic end to their dreams!
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