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!
Even if the shareholders were given a 0.05 sen profit, they would have been thankful. After 30 years, don’t they even deserve a wee bit for the sufferings that they have had to endure?
But to offer 80 per cent is not fair at all. The assets of Maika which include a potentially money-making insurance company and valuable land — besides other assets — should have been able to yield a better return for these poor Indians, who had been led up the garden path with rosy promises.
What is unforgiveable is the fact that it was an Indian effort to raise the welfare of the Indians that was so badly managed by Indians in positions of authority.
The 10 million Telekom shares that were offered to Maika in 1990 would have helped these unfortunate Indians to realise their dreams but the Great Leader of the Indians high-jacked 9 million shares and gave them to shell companies run by his cronies. He literally deprived them of their just dues. This unforgiveable betrayal robbed the Indians of what should have been theirs by right.
It looks as if 20 per cent of their assets will be given over to those who have come up with this package to buy up the shares of these frustrated Indians. Maika and MIC have caused enough misery to these shareholders to deserve their curse for ten generations! — Aliran
#1 by Thor on Friday, 4 June 2010 - 7:36 am
That’s the problem with most indians.
They’ve been swayed!
They’ve been duped!
And they’ve been pissed off by their very own kind.
Still they wanna treat Samy Veloo as their great leader and hero.
Maybe someday, when Samy dies, many will even carve a statue out of him and put it on their altar.
#2 by k1980 on Friday, 4 June 2010 - 8:18 am
10 generations only? Too short lah man
Make it 10 centuries— the Thousand Year Curse
#3 by k1980 on Friday, 4 June 2010 - 8:23 am
The Indians should remember the Maika scam forever by naming their offspring after it.
Such as Maika Singh/Kaur, Ramamaika, Maika Vellu, Maika Samy, Krishnamaika, Letchumaika, Yogesmaika, Kamalamaika, Vellmaika, Thambimaika, Mohanmaika, Maikamani…..
#4 by Bigjoe on Friday, 4 June 2010 - 8:29 am
Actually the way to look at what the shareholder lost is to compare them minimally to the performamce of EPF or PNB or ASN. ASN should probably be the closest because theoretically speaking Maika was given breaks and would have been given the same breaks as ASN if they were managed properly. My estimate is that the compounded return lost of between 7-10% p.a over the last 30 years. That translate the lost to something like 6X-16X times their original investment.
#5 by k1980 on Friday, 4 June 2010 - 8:34 am
A new word has been coined in the malay language–
maika (verb) : To fool, to make stupid
Eg: Anwar yang bijak itu telah dimaikakan oleh budak kecil Saiful
#6 by chengho on Friday, 4 June 2010 - 8:41 am
too much time spend on watching vanaavil movies on astro channel…
#7 by dagen on Friday, 4 June 2010 - 9:24 am
Chengho has a point. Indian movies. Lets not blame those movies. But watching and being interested in indian movies by the indians to my mind do indicate something about them. Malaysia lacks a true indian hero. Ananda is not a hero to them. He (my perception) is not indian enough. Actually samy vellu (again my view) would fit their perception of a true hero well. That is why samy could hang on for so long even though he had time and again deceived and dissapointed them.
Carry out a survey. Find out from the indians what they would see as important characteristics of a true leader. The result could be interesting.
#8 by victimofcorruption on Friday, 4 June 2010 - 10:17 am
anyone wana bet that Samy’s wealth can last for 10 generations? betting is legal now right? heard that he have millions of hectares of land in India….what a hero…
#9 by boh-liao on Friday, 4 June 2010 - 10:30 am
Don’t just larf at n curse MIC, Maika
What abt Kumpulan Semesta Sdn Bhd (KSSB), d Selangor government-owned company?
Big fat bonuses dished out 2 board of directors – so UmnoB/BN like
What rubbish is this, PKR/DAP/PAS/PR?!
Profits shd b used 2 benefit rakyat of Selangor, not just d bludi directors n employees of KSSB
#10 by limkamput on Friday, 4 June 2010 - 10:41 am
Make it 20 generations and start from now, from this generation and from the samy boy’s family.
#11 by victimofcorruption on Friday, 4 June 2010 - 10:45 am
good point!!!…just only started forming government and already show its stripes (but please do not drag DAP and PAS into it)…
#12 by k1980 on Friday, 4 June 2010 - 11:00 am
A piece of landed property in Penang Island bought for RM100,000 thirty odd years ago would fetch around a million bucks today. But the same RM100,00 if “invested” with maika would be worth RM80,000 now.
Loss in earnings = RM1,000,000 – RM80,000
= RM 920,000
#13 by sheriff singh on Friday, 4 June 2010 - 12:38 pm
Naw. They can do some poojas and the like and gain merits and perhaps lift the curse.
Lets face it. Samy is God-like, the Lord of all.
No one, not the then ACA, MACC, Police and the like, can touch him, or dare to. Not enough evidence.
But in the next life he could be born as a s……….
#14 by undertaker888 on Friday, 4 June 2010 - 12:40 pm
they cursed wrongly. MIC and maika did not do anything wrong. Do not curse the car. Curse the driver. It is that useless groundhog samy vellu and his cohorts. thieves, plunderers and murderers are truly blessed in bolehland.
But the law of nature cannot be defy. You reap what you sow. Samy will get his “blessing” soon.
#15 by sotong on Friday, 4 June 2010 - 1:06 pm
Lord Samy can help…..at least to ensure ordinary investors do not lose their original amount.
#16 by boh-liao on Friday, 4 June 2010 - 2:23 pm
While we r wondering who or what is 2 b cursed, start thinking d reasons as to why Saiful’s perianal area was moist when d loctors examined his now world famous @hole
Someone or something licked his smelly, not-washed-4-2-days backside
Looks like it, smells like it, feels like it, n is it really poke poke poke
#17 by Anti MIC Indian on Friday, 4 June 2010 - 2:24 pm
Honestly, I will not pity these Indians who lost money in Maika.
Despite the many evils and corruption of its leaders and hijacking of Maika shares, the community continued to support the MIC till 2008.
Even to today many still have faith in MIC.
At he Maika launch some MIC members came to my house with an assurance that the shares will hit RM 5.00.
I told them that I do not trust MIC and will not place a single sen with them. Even if I was only Indian in the country who has no shares in Maika, so be it, I told them.
#18 by ekompute on Friday, 4 June 2010 - 2:33 pm
30 years ago, a cup of coffee cost 30 sen. Today, it is RM1.10.
#19 by good coolie on Friday, 4 June 2010 - 2:40 pm
I too wanted to invest in MAIKA. Unfortunately, I was in a penurious position at that time. Looking back, the cause of the MAIKA debacle was entering into investments at a time when the economic bubble was just about to burst. MAIKA never recovered because of the people at the top, especially of the “God with Clay Feet”.
As the song goes, Aiyo-yo Samy!
#20 by monsterball on Friday, 4 June 2010 - 3:29 pm
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#21 by ekompute on Friday, 4 June 2010 - 3:48 pm
Are Indians fated to be poor?
#22 by monsterball on Friday, 4 June 2010 - 7:01 pm
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#23 by monsterball on Friday, 4 June 2010 - 7:03 pm
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#24 by monsterball on Friday, 4 June 2010 - 7:13 pm
Ecompute….then you have the highly educated…lndians.
God bless you if you have found one real sincere and truthful….as a friend.
God help you..if you find Indian…who is mixed blood like Mahathir.
God save you….if you ever trust an Indian as your accountant in charge of you money..as an Accountant.
Gone are those days…Indians are noble and good.
More than 30 years educated by Samy Vellu and Mahathir….how to apply…’It’s God’s will” and ….’I forgot”….blaming God and how to lie…what do you expect?
#25 by monsterball on Friday, 4 June 2010 - 7:26 pm
But the Indians who join DAP….very good la…
Karpal and son…4 eyes watch and see how they behave.
Join keDAILan….a little bit problem…Anwar too soft hearted. NOW..no more…after beaten so many times….by defectors….sudah kras hati …hahahahahaha
Join PAS….PAS spiritual leader will make all so guilty…if they are not sincere.
So…Indians join DAP…best….no chance to be liars and crooks.
#26 by monsterball on Friday, 4 June 2010 - 7:41 pm
Next most stupid are the Hynanese….or Hylam…all cheated by Tan Koon Suan.
These two groups are like brothers…similar character…except skin colours.
PS: I am a half hylam…thank God…hahahahahahaha
#27 by sheriff singh on Friday, 4 June 2010 - 7:53 pm
Top half or bottom half?
#28 by monsterball on Friday, 4 June 2010 - 8:08 pm
Luckily bottom half.
Top half…good brainwaves…hahahahahahahaha
But bottom half…also problem…romantic…hahahahahaha
#29 by katdog on Friday, 4 June 2010 - 8:20 pm
Anyone know whats happening with the sand mining scandal in Selangor?
KSSB was set up by the PR government, and now it seems that KSSB was at best, mismanaged, at worst, there may have been corrupt or ‘under table’ elements.
Added to that is the ‘tidak apa’ attitude of the Selangor PR government on obvious evidence that officers of the state had obtained low cost housing even though they were ineligible. Till now no action taken.
Is this an example a what the new reformed government of PR is going to look like?
#30 by monsterball on Friday, 4 June 2010 - 8:29 pm
But as age catches on….bottom half under strict control by mind matters..all good now.
See…God cannot save you.
You change and save yourself.
UMNO B leaders know character reading very well…..and apply dirty politics…to control and use people.
They have made up their minds to talk anything they want…to be little Napoleons..taught by Mahathir…half Indian…half Malay.
Any half…OK…like Tunku…with some Siamese blood..and like many with Chinese blood…but not with Indian blood.
Then you have a real idiot like Najib…with no Indian blood…so proud to be that half Indian adopted son…..now a puppet to his adopted father.
This half Indian make sure UMNO B members love money…any which way they can get it….totally forsaking dignity and principles in life.
That’s why…he is aptly names.. the devil reincarnated and Najib…no more hope….the devil best student…so much so…devil love him like a son too.
And with his own born crooked bloodline….what is Najib now..biggest braggart and liar.
#31 by limkamput on Friday, 4 June 2010 - 8:31 pm
This stupid old fart never stops farting.
#32 by monsterball on Friday, 4 June 2010 - 8:36 pm
katdog….. cans and worms left by UMNO.
PR have priorities…and what you are talking about…only you see to be interested.
However….judging PR based of your whims and fancies and demands…you need to back off and learn to appreciate instead of insulting.
PR leaders are no fools….get that very very clear.
And PR leaders are fighting CORRUPTIONS…no favoritism…..got it?
#33 by monsterball on Friday, 4 June 2010 - 8:38 pm
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#34 by monsterball on Friday, 4 June 2010 - 8:42 pm
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#35 by monsterball on Friday, 4 June 2010 - 8:49 pm
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#36 by Yee Siew Wah on Friday, 4 June 2010 - 9:16 pm
Never ever seen a big black fat old thick skin shark.
This greedy bum will swallow one up whole with the bones.
Pity the poor indians. After 52+ years instead of getting better economically, they got worst.
Amazing that some still hang on to him like blood suckers.
#37 by HJ Angus on Friday, 4 June 2010 - 9:31 pm
admin
May I suggest you delete all comments that waste time on insults and vulgarities?
It is not being respectful to this blog that is trying to discuss serious matters.
If cannot delete for freedom of expression, at least inform the poster to moderate his comments.
#38 by monsterball on Friday, 4 June 2010 - 10:19 pm
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#39 by raven77 on Friday, 4 June 2010 - 10:29 pm
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#40 by katdog on Friday, 4 June 2010 - 11:12 pm
Actually, KSSB was set up by the PR government in Sep 2008.
in less than 10 months, bonuses worth half a million were paid out to its staff with most of the bonuses going to senior officials.
Plus there are allegations that certain favoured persons where awarded prices that were considerable cheaper compared to others.
Are you sure, this is the kind of model of ‘good governance’ PR wants to emulate?
#41 by waterfrontcoolie on Friday, 4 June 2010 - 11:21 pm
Indians in Malaysia are divided into 2 camps; those who made it and those with MIC. And with those in MIC, either they follow Samy & gang or they just remain suckers to them. Having taken those poor Indians for a long long ride, they ditched them after finishing their sweat money. Today, we see so many of them on the wrong side of the law [ funnily, we too have erxceptional number of criminal Indian lawyers]. The other fact is also true, the accident victims seem to have higher % of Indians too. Why? I believe, those Indian charitable societies should take a hard look into this. Some years ago, with Malays being the majority in the population, we saw many Malay students tuang class, today we see mostly Indian students doing this. To an extent, I wanted o believe the Bollywood shows could have set the bad example but then many non Indians watch those shows too. The community really needs to rethink on this issue.
#42 by lopez on Friday, 4 June 2010 - 11:24 pm
don’t be pacified by small tiny handouts….that’s what happens to most of everybody…..since it is so difficult to even be heard at all
……waking up now is not too late..wake up to the millenium
stop praying to just any and every tree trunk
#43 by boh-liao on Saturday, 5 June 2010 - 12:43 am
Poor Indians get poorer, sodomised by SV n his bludi merry gang
But M’sians better watch out, as our PM may suddenly announce, like d PM of Hungary, dat M’sia’s economy is also in a very grave situation n needs a bailout
#44 by monsterball on Saturday, 5 June 2010 - 4:51 am
katdog…You can be sure…MACC will be the first..to arrest Khalid if misappropriation of government funds done like you said.
Recall cry for justice by UMNO B toads on the giving of cows to the poor on an Islamic festival….where Nik Aziz defended Khaild..no corruptions?
What you wrote …..no one responded and I honestly do not know what you are talking about….and if your so call sand mining rumour is true..it will not be a scandal…under Najib.
He will love to put all PR politicians into jail or into trouble.
We used the word :”scandal” against UMNO B corruptions as it is very difficult to get real actions for justice under a gang of thieves who controls the government and the country and holding all the aces …with few police yes men..and the laws…all twisted to favour them.
But they do not hold the real aces in terms of might and permanent justices…and that will be decided by the People’s Power…once every 4 years.
On People’s Power….Najib is helpless….and People will surely be concern about any corruptions….and you can be very sure..Najib will try all stunts to win People’s confidence.
So what you accused or suspected…is a crooked deal done.. by Khalid government in Selangor and Federal government does not take any actions…means all what you wrote are rumours spread by UMNO B toads…like what they did to Lim Guan Eng too in Penang.
Does my reply sound sensible to you?
#45 by monsterball on Saturday, 5 June 2010 - 5:37 am
I like raven77 Friday…10.29pm message.
‘God saw…and delivered in kind”..raven 77 said.
Yes God will make Indians become half past sixes too……if the do not straighten their lives with strong minds and clear understandings.
It seems.so many wish to make the label…”Indian snakes” come true.
You know….see a snake and an Indian..kill the Indian first.
That is figuratively speaking…not real killing.
It means trust the snake more than an Indian.
It is up to Indians to make sure that label is meaningless.
Just like…labels for Chinese and Malays.
The Sibuan Chinese have made us proud …not to be trap by a crooked PM..using money to bribe them.
It is time..majority Indians show clear sign ..who that are…and not be.. flip floppers.
Indians want to play racist politics lured by MIC… must be the most stupid Indians.
Samy Vellu should be born a cow…to be that selfish and cruel to his own race with his double headed snake personality.
He know Indians minds are s weak….yet he make sure..all depended on him..making him..king of Indians….to be powerful in politics.
He does not help or love his own race..sincerely.
He does not free their minds .fighting very hard to make sure all Indians stay racists with Indians schools.
This cruel dirty politic tactics should have be abandoned 20 years ago…or at least hear Samy say he is sorry to Indians…seeing PR is a good alternative..and Indians need not stay as coolies to Najib anymore.
He should confront UMNO B and correct all the wrongs he did by confessing.
No..but instead….keep carrying Najib’s balls..just like MCA and Gerakan.
But majority Chinese do not support MCA or Gerakan.
Majority Indians does support MIC in the good old days…and he had the power to right all the wrongs he did to Indians.
No…he kept fooling his own race.
I say..to all Indians …forget about MIC…and join any PR party to serve the country.
Let those few snake fight in out in MIC.
It is a dead party.
#46 by isahbiazhar on Saturday, 5 June 2010 - 6:18 am
We have to curse all those who ran Maika from day one including the present buyers which indirectly includes the BN government.All these people have sucked and drank the poor Indian blood.Many have died.May their soul rest in peace.All the living owners should donate their money to the government to be used for the welfare of deserving students who are deprived of government scholarships because MIC had no say in the government.In this way the coming bankrupt BN government will be grateful to the Indian community.
#47 by monsterball on Saturday, 5 June 2010 - 7:42 am
In my company…I have helped so many Indians because certain simple jobs…they are the best to employ….for the fact…they ask for salaries that are reasonable.
I trained them…and hope for productive work with their own initiative …as months went by.
Not one…after few years.
They ganged up to bluff….to play company politics…to instigate.
I also eat lunch or breakfast with them regularly…even now..to gain their trust with no success.
They still lie and cheat.
I felt very sad…they will be the ultimate loosers…but they seems to feel OK..no problem being terminated with good valid reasons they signed and accepted.
I am seeing few having to work as part time lorry drivers..earning less….yet no regrets.
I can never understand how they think…except…so used to be poor…got a job earn more..OK…no job.also OK..and no sense of responsibilities to their families..except earn more…brag more with false jewelleries and behaving like rich Indians.
Worst of all…never ever have a grateful thought….how kind you are to them.
In the late 70s…the smart ones love to interfere with factories..to get members and fight for so call equals rights as individual union leaders.
They apply the insurance concept..to get as many members under their control..with a small monthly fee paid workers they have convinced as their protectors…..and perform their acts….to give so many factories problem…out of no reasons.
Where was Samy Vellu? Why did he not know..how terrible Indians were at that time?
As you can see….all are under control now..as no matter who control the government.it is darn stupid to think bosses are unreasonable or cruel to workers.
Yes…some stupid bosses may slave drive workers…but those are the uneducated ones…that produces mostly products…copying originals.
Yes…I have years of experiences that Indians are very ungrateful and cunning.
I have smart Indian lawyer I helped so much…yet can play me out in a joint venture. By the time I knew that…it was too late.
He is so rich now…and still my friend..and when I tell him the past…he keep saying..’I cannot remember”
I told him maybe good for him not to remember how bad he was in the past..to look forward…and he agreed.
But I was looking for an apology…never come..yet we are still friends…as I need him as my lawyer. That no problems….as he love good customers that can pay..
I am not saying other races do not behave that kind of humans too.
I am going to focus on Indians as God only knows how much I care for them..because they are so poor.
Strange as it may seem….Chinese weird and ungrateful fellas….plenty…but somehow…they can change so fast to be better and can stand on their own two feet faster…as self employed or better worker..to a luckier boss.
#48 by monsterball on Saturday, 5 June 2010 - 8:08 am
Tunku said..Indians love politics.
One….you have one political party.
Two….you have two political party.
#49 by monsterball on Saturday, 5 June 2010 - 8:17 am
And Samy Vellu said…if UMNO do not help the Indians…MIC will.
So his son help himself with RM108 million..contributed by Indians to buy MAIKA shares..30 years ago..all gone to thin air.
Only after 30 years…and days before Hulu Selangor by election…a good Indian Samaritan promised to repay…making Indians voted for Najib.
How nice to be MIC President.
#50 by lopez on Saturday, 5 June 2010 - 8:20 am
injuns are confused lot, strangely many are quite intelligent like becomes a mamak and get best of both worlds, …
it is more than a good deal,
and then trouble starts…
#51 by lopez on Saturday, 5 June 2010 - 8:27 am
it is same game plan, when GE13 comes , immediot reinstate subsidies, less income tax, toll free loads, english as main stream in education, more chairs for other races in higher education,,,,sounds familiar…if you are old enough…
after illection ,,,,oh we must be no. one here and there, whole world knows where we are, and floats on cloud nine again,
#52 by Lee Wang Yen on Saturday, 5 June 2010 - 8:30 am
sorry, off-topic.
http://www.timesonline.co.uk/tol/news/world/middle_east/article7144099.ece
‘…The Israeli commando who killed six of the passengers of Mavi Marmara, the Turkish ferry owned by the IHH charity, said that he had been the last of 15 soldiers to rappel down the rope from an overhead helicopter on to the decks of the ship, which he described as “a battlefield”.
Identified for security reasons only as Staff Sergeant S, he said that contrary to initial Israeli Army reports, the shooting had started within minutes as he and his comrades were set upon by a “mob of mercenaries”.
As he landed on the ship’s top deck, he said he saw three of his superior officers who had landed ahead of him lying wounded, one with a bullet wound to the stomach, another shot in the knee and the third beaten unconscious.
Taking charge, he formed his men in a perimeter around the wounded, pulled his 9mm Glock pistol and opened fire on passengers he accused of shooting at the boarding party with guns taken off the first soldiers, who had been overwhelmed as they landed one by one.
“When I hit the deck, I was immediately attacked by people with bats, metal pipes and axes,” the sergeant recalled. “These were without a doubt terrorists. I could see the murderous rage in their eyes and that they were coming to kill us.”
He said he saw one of the passengers holding a seized pistol to another Israeli commando’s head.
His accusation that his assailants were mercenaries was based on the large amounts of cash found on a number of the detained and killed passengers, although other officials have suggested the money was destined to be given to Hamas in Gaza if the convoy succeeded in breaking the Israeli naval blockade.
New footage released by Israel, and apparently filmed by activists before the boarding had started before dawn on Monday, showed an Israeli assault craft full of helmeted commandos pull alongside the Mavi Marmara, where men waving metal pipes and a chain leant overboard to ward them off.
Others were emptying fire hoses at the Israeli boat below, while a stun grenade was dropped into the vessel, exploding among the soldiers…’
#53 by Jeffrey on Saturday, 5 June 2010 - 8:55 am
In the first place in our political/business culture of race/patronage Malaysians especially the poor and not so educated should not believe political rhetoric and invest their life savings in these politically connected companies run by politicians and their children or cronies.
Maika for Indians was launched at around the same time as Multi-Purpose Holdings (“MPH”) for the Chinese to defend Indian and Chinese capital against the NEP giving preferential assistance to Malay capital – with UMNO’s blessing.
UMNO encouraged the formation of these ethnically orientated capital mobilization vehicles (MPH & Maika) because it enabled it to on one-hand channel economic resources of the State into GLCs & vehicles like the PNB to get Malay support and yet try retain Chinese and Indian support by getting MCA & MIC to start all these “self help” ethnically structured conglomerates to allay the fears of their constituents that they would not economically lose out in the era of the NEP….
But how could these vehicles succeed in long run – when they are run by politicians or their cronies?
Surely the Politician’s children at the hlem weren’t parachuted there because of their business acumen track record or savvy or dedicated to increasing shareholders values. Telekom shares given to Maika at IPO also “kena” highjacked! MPH did better, saw phenomenal growth for a decade through series of M&A deals under Koon Swan venturing into finance real estate plantation shipping gambling etc (in part it could draw on Chinese business experience and capital, a significant portion of which from deposit taking cooperatives like KSM) whereas Maika from 66,000 mostly poor estate Indians! Even then eventually MPH kaputed (changed hands) to you know who! Corporate captain : TKS charged for share manipulation at Pan El crisis, and taking of business expertise, even his flag ship Grand United became insolvent with subsidiary Supreme Finance straddled with acquired deficit of over Rm600 Million, taken over by Maybank Group during Daim’s time of bank mergers.
Malaysians should remember : granted access (due to political mpatronage/connections) is no promise to making returns. One still have to manage it. Execution is still the issue whether you are the investment arm of Umno, MCA or MIC! That’s where the problem of mixing politics with business, politicians & their children, cronies & proxies masquerading as businessmen run the business entity into trouble especially in economic cyclical down turn when banks pull back loans assets deflate in market values, demand shrink and cash flow problems loom.
Mostly these CEOs are masturbating their hopes on grandiloquent mega size projects awarded by patronage/political connection, leveraged the companies by loans to the eyeball, like a python trying to swallow an elephant. Then there’s cost overruns – no open tender, giving contractors carte blanche to cover round tripping kick backs justified on grounds of contributions to political funds (and one’s private pockets or to wives’ shopping spree or divorce settlement!); other times clear cut abuse like high jacking Maica’s Telekom IPO allocations. In deposit taking cooperatives case cronies of politicians raked from common people funds precisely because cooperatives then were not regulated by Companies Act requiring governance in related parties transaction, so they took advantage of loophole and got their personal assets sold to these cooperatives at exorbitant prices. I am generalising of course but the political and corporate history of this country is replete with examples of vthe well connected smart ripping off the not so educated, connected and naive. Beyond veneer, Malaysia truly runs on the law of the jungle and survival of the fittest and most duplicituous!
#54 by limkamput on Saturday, 5 June 2010 - 9:02 am
Dr Wee “also said that the DAP should not hit out at him because the awarding of the scholarships was not under his ministry.”// quoted from the Star on why top scholars not given shcholarship.
Oh, you are not responsible because you are not in the Ministry or department that dispenses scholarship. How convenient, no wonder many have been saying all along, MCA ministers are just in charge of longkang and H1N1. Let me ask you Dr Wee, is MCA still in the government? Are MCA ministers represented in the Cabinet (I know you are not, being overlooked recently)? Is the cabinet jointly and collectively responsible? You see, the statement you made showed your utter ignorance and your extreme tendency to avoid responsibility. You are spineless and you can not be counted to represent the interest of the people. Once you even said that the Chinese owe their citizenship to Alliance and BN. I wrote to you in a MCA blog and I hope you still remember your messed up brain and mentality.
#55 by monsterball on Saturday, 5 June 2010 - 9:06 am
Malaysian Indians roots are from India.
Mostly not educated 70 years ago…it was Charlie Chaplan the Indians learned alot from.
His silent movies..all can understand.
He was India hero…so all copy Charlie. Must have a mustache to look fierce.
Just look at how Tamils actors in old films act…exactly like Charlie…playing with facial and eyes expressions…even in talking movies!!
India became a country of comedians.
Malaysian Indians was same….until recently…gave up copying Charlie… now see so many gangsters movies.. love to be like a ..Chicago crook.
Indians have weak minds..like to py…and can easily be influenced and Samy have brought them to hell…to carry the balls of the devil reincarnated Mamak..half snake..half human.
God is great..Mamak no more respect Samy..and Samy security blanket…taken away.
His last hope was Hulu Selangor. It worked…..but UMNO failed in Sibu ..so Najib said..time to get rid of Samy..to divert attention.
Play dirty politics ….one by one…judgment day will come.
Naturally the dirtiest who holds the power..will go last.
Now we are back on the topic.
#56 by limkamput on Saturday, 5 June 2010 - 9:09 am
In my company…I have helped so many Indians because certain simple jobs…they are the best to employ….for the fact…they ask for salaries that are reasonable.
I trained them…and hope for productive work with their own initiative …as months went by.
Not one…after few years.
They ganged up to bluff….to play company politics…to instigate.
I also eat lunch or breakfast with them regularly…even now..to gain their trust with no success.
They still lie and cheat.// monsterball
I tell you guys, this old fart is not just farting all day. He is a farting racist who should be banned from the blog. Ya, only simple jobs offered to Indians. Ya, you trained them, but they were ungrateful and ganged up against you. Ya, they lied and they cheated. Look, you farting hypocrite, you employed them for dangerous and dirty jobs and you paid them peanuts. You expect them to be productive from day one, and if they made mistakes you fired them on the spot. If they complained, you told them they have only red ic and no birth certificate and should be deported even though they are born here. I am usually right when describing the Malaysian unscrupulous businessmen.
#57 by limkamput on Saturday, 5 June 2010 - 9:19 am
Was it Stalin who once said, you if want loyalty, get a dog, or something like that. So, to you poor souls out there, please learn the lesson well: if you want better life for you and your children, you have to work harder and smarter. To depend on your communal political parties to invest and make money for you, you can dream on. It is not just MIC that squandered the money of its own community. MCA and UMNO too. Of course UMNO can always get the bail out from the Government. As for the Chinese, they moved on, and for some like this monsterball, he just has to exploit the Indians a bit harder to recover all his losses in KSM, Kojadi, UNICO etc.
#58 by ktteokt on Saturday, 5 June 2010 - 9:21 am
All three major component parties in BN, i.e. UMNO, MCA and MIC have cheated members of their own respective race by issuing shares.
Remember MCA with its MPH shares? Actually, the shares were issued for the sole purpose of financing the construction of Wisma MCA only. MCA members were conned into purchasing these shares which today have ended up as sheets of useless paper.
Then, UMNO came up with its Amanah Saham in the disguise of helping the Malays. What has happened so far proved UMNO’s insincerity towards people of its own race.
Now, even MIC is doing the same thing, milking money from these poor MIC members by promising them heaven and hell.
#59 by Jeffrey on Saturday, 5 June 2010 - 9:31 am
Gnanalingam/G team’s offer of 80 sen per share represents a premium of 245% or price-to-book ratio (PBR) of 3.45 times over Maika’s latest NTA. (As at Dec 31, 2006, Maika’s audited NTA stood at 72.5 sen per share while it stood at 23.2 sen per share as at Dec 31, 2008 (as per the management accounts).
Its naïve to think the “white knight” is all driven by altruistic intentions without an angle somewhere to make commercial profit. Anyway the white knight is business entity, no one couild blame it for pursuing a profitable deal notwithstanding couched in jigoistic public relations talk of doing charity or helping community.
[Now the trend anyway is for some brigjht sparks to follow American style of forming charity foundations ostensibly to do charity but actually to have profits mitigated off taxes and outside strict corporate governance where perks given to charity could also be harnessed for personal use].
With backing of powers-that-be – and competent corporate finance advice frtom CIMB – the gesture (to help win Indian votes in Hulu Selangor by election) is sure to be compensated by some sweetners somewhere – haircut from Danaharta/creditors, most important the two valuable assets (an agricultural land in Sepang and a 74.1% stake in Oriental Capital Assurance Bhd). Sure the excess proceeds of divestment of these assets will be channelled into a fund for the community but we don’t know at what price to whom and what other sweeters will be thrown at the acquirer to add value of these assets!
The basic problem is divergent perception where detractors perceive this a bail out though couched in commercial livery/mantle. So they would expect – give us a price 10 times market value, 3 times NTA, to factor in inflation, interest cost opportunity costs etc After all Govt bailed out dolar for dollar MCA’s cooperative’s collapse in 1986 on the spot. Why as far as Indian community is concerned no bail out but “commercial” take over on commercial terms by G Team? Isn’t it true a MIC’s venture like MCA’s asking their constituents to invest – as part of the political scheme of things of promoting ethnically structured capital I tandem to NEP’s diversion to malay capital – deserving of bail out instead of commercial take out based on NTA? these are the questions that will be asked.
This is where the problem. On the other side of the equation : Govt can’t afford loh. Bad precedent at this moment. Govt got no money that’s why its sounding out cutting on subsidies even in spite of such a measure being politically unpopular. Also we can’t have DAP coming out to say that one lets MIC Maika’s constitutents bleed for decades and then throw out a bail out come Hulu Selangor by Election, can we??? Already so many bail out for failed ventures by GLCs and other ventures of companies suspected linked politically.
#60 by limkamput on Saturday, 5 June 2010 - 9:42 am
One more off topic, it seems our Sdr Lim has taken an extended holiday:
This Junior Chua, the son of MCA president was once a CFO of a GLC (which one I don’t know). Of course Senior Chua would say he was qualified to be appointed just like he is eminently qualified to be deputy minister of agriculture now (but I think he has not seen how a yam plant or a potatoe plant look like, want to wager with me?). Now, I also know they are other MCA leaders whose children also work or have worked in GLCs. So, may I now conclude that GLCs are meant for UMNO cronies and children of MCA leaders? Why not anyone of us, despite whatever qualifications we have, apply for a job in any of the GLC. If you get it, please tell me.
#61 by chengho on Saturday, 5 June 2010 - 10:01 am
uncle Monsterball,
u find fault and blame everyone , which planet and species are u?
#62 by boh-liao on Saturday, 5 June 2010 - 10:14 am
MIC, Maika deserve to be cursed for 10 generations
In spite of d Curse, sadly lots of Indians still happily support SV n MIC, n continue 2 b exploited n raped/sodomised by MIC/BN
Now another vulture Gnanalingam merrily descended 2 pick d bloodi carcasses
#63 by undertaker888 on Saturday, 5 June 2010 - 10:25 am
there are 2 types of indians. one is the samy vellu kind. the other is the tony fernandez kind.
the vellu kind, once they have power and riches, they will behave like the world is their slave especially to their own kind. they will demand respect from you, not earn, but demand. they are boastful and behave like gangster. You will find no humility or humbleness. if you see it, it is just for show, to get something from you. exactly the same type as one miniature testicle here.
i am fortunate enough to have the fernandez kind as best friends. not saying fernandez type dont have flaws, they do, but more acceptable. same as all races i guess.
#64 by drngsc on Saturday, 5 June 2010 - 10:32 am
Please do not curse any body. There is a God above who will see that justice is done. We must work hard to right the terribly wrong and corrupt system.
#65 by monsterball on Saturday, 5 June 2010 - 10:55 am
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#66 by HJ Angus on Saturday, 5 June 2010 - 10:56 am
I think investors should be aware that no investment in guaranteed even by state leaders as happened to the Amanah Johor where the MB tried to talk up prices. I understand that the state eventually paid back investors the original amount as I suppose it could have resulted in some Johor seats if no refund.
Nowadays even your bank deposits may not be fully guaranteed – so better to have more than one bank account; of which one should be HSBC or StanChart.
Don’t expect Maika to be topped up by government funds – the government is endangering Malaysia with Bankrupsi Negara.
The new Maika investors should show some good faith by offering to buy a controlling stake of perhaps 30% and then manage the company to produce the results they promise. Those who really need the cash can sell 100% but they need to take a financial hair-cut.
It is a painful lesson for many but a necessary one as people need to become more independent and not so trusting.
#67 by monsterball on Saturday, 5 June 2010 - 11:01 am
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#68 by limkamput on Saturday, 5 June 2010 - 11:05 am
#69 by undertaker888 on Saturday, 5 June 2010 - 11:06 am
there’s a planet called chow-high intelligence. intelligence up to below the waist. only a few live in it. and they all have miniature testicle although they like to boast otherwise. like tok samy.
#70 by undertaker888 on Saturday, 5 June 2010 - 11:15 am
and in this planet only employed indians whose intelligence is not much higher than the chow-high intelligent people. that’s why they like to boast how intelligent they are compare to the poor people.
they just got fed up and staged a robbery on this chow-high intelligent (CHI) people. you see, CHI like to boast how many millions they have by exploiting poor people.
this planet is a RIOT!!!
#71 by monsterball on Saturday, 5 June 2010 - 11:15 am
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#72 by monsterball on Saturday, 5 June 2010 - 11:30 am
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#73 by monsterball on Saturday, 5 June 2010 - 11:33 am
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#74 by chengho on Saturday, 5 June 2010 - 11:36 am
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#75 by limkamput on Saturday, 5 June 2010 - 11:38 am
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#76 by undertaker888 on Saturday, 5 June 2010 - 11:59 am
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#77 by House Victim on Saturday, 5 June 2010 - 12:30 pm
http://thestar.com.my/news/story.asp?file=/2010/5/21/nation/6305747&sec=nation
I believe having an independent Auditing is advisable. But having those MIC guys in the Committee is questionable, especially when they are related to Maika. The shareholders should ask some capable PR men to sit in the Committee if they are going to vote for an internal audit.
All of these problems are common in Malaysia because the legislation for monitoring is loose on the Corporation or any business entity, the Accounting/Auditing practice and the Government body. It can be found easily in the Housing sector.
Taking Wangsa Baiduri for example.
1. The condo was managed by Henry Butchery in 1993 until mid 1995 after CF in 1993. Management fee was paid to this co. and the first “audited” report was provided in 1996 by the Developer with a deficit of almost half a million with no audited account from HB. As such it increased the Service Charge from 150 to 285/month from 1996 onwards with the incorporating of “Sinking Fund”. This SF only came to Law in 2000 or later.
2. The Developer started o include Service Tax since end 1999.
3. The Developer dragged on providing audited account until 2003.
4. All Management fee, including an illegal maintenance fee, and expenses were via the Developer account.
But all of these expenses, including the Sinking Fund were not in the Developer Audited Account!!
5. However, the Developer “made” different “Audited account” for different buildings and the Townhouse with same group of employees, or service providers.
6. The financial year for the “Audited” account of the Buildings is end of each year. But, the financial year for the Developer is end of June.
7. The auditor for the Developer had changed since 1996/7 but the “auditor” for the buildings.
8. The Developer dragged with the issue of Strata Title until 2001, 2005 ….. and the first AGM without the present of audited account. And, the AGM was not properly constituted with non-registered proprietors (a few pro-developer owners) voting and elected as Council.
9. Up to now, the account had not yet been properly transferred.
10. The Strata Title for the Condo were issued as Apartment with the Club Facility (to qualify the project as Condo) was long transferred to the sister company of the Developer.
11. All were reported to the Respective government office, such as the Director of Land & Mine, Land office and ….
NOTHING HAD COME OUT. The Director of Land & Mine got her Datukship during these years!!
12. The Revenue of 2 buildings (about 200untis) in the project were more than 1 million per year with rental income of close to 150,000/year on renting the roof to Celcom.
When such thing can happened in a Housing Project supposed to be under different Act, such as Strata Title Act, etc.. where a few authorities are having obligations and duties to monitor and also been reported, the STRAIGHT violations can be so many!! One of the most important thing is, HAD THE AUDITED ACCOUNT BEEN DONE AS THEY SHOULD BE?
“A HAND CANNOT MAKE A CLAP BY ITSELF!!”
ALMOST ANY PART WHICH SHOULD MADE OR MONITOR THE OPERATION TO BE IN ORDER ARE NOT PERFORMING!! Even Awareness been there, IT WAS BLOCKED WITH ALL TYPES OF BUREAUCRACY AND SURELY CORRUPTIONS!!
The CURSE should GO TO ALL THOSE CONCERNED!!
Not only Maika but a lot of others can be found if anyone cares to voice out!! provided, if there are space for doing so!! Because the Authorities here are simply not doing their job!! Such as BANKS ARE BULLYING CREDIT CARDS HOLDERS!!
(Stolen card not blocked, expenses into monthly account with interest doubled up the amount in 3 months even Disputed!! Then Card blocked so as to pay or no card to be used and then lost the Bonus for the last 10-15years!!)
ANYTHING IN MALAYSIA IS IN THEIR PROPER PLACE OR ORDER?
#78 by siamo on Saturday, 5 June 2010 - 2:11 pm
This is another con job like the NEP, which is meant to benefit the masses of Malays but ended up fatting a few UMNOputras. Same here, Maika is meant to help the Indian masses but the leaders structure deals to fill their own pockets and leave the masses with the losses.
Samy has stayed in power for over 30 years through clever manipulations. As he said correctly, his power comes from the branch chairmen who elected him.
There are over 3,000 MIC branches. Let’s working out the maths. 10% of the population of 25 million are Indians. Assume half of them are adults. So, if 50% of the Indians support MIC (a spurious assumption), there will be 1.25 million. That means that on the average, an MIC member has 218 members. This is assuming Indians are all spread out. It this assumption is not applicable, you could have branches with 5 members. Samy can control these branches’ chairmen like puppet strings. And, so Samy gets elected every 5 years, easy. And Samy can have all the benefits of being President of MIC, provided the toe the UMNO line lah. The massess of Indian suffer, not Samy’s problem lah.
#79 by monsterball on Saturday, 5 June 2010 - 3:04 pm
It looks like the three stooges are back.
And nothing can be done to Samy Vellu or Ling Liong Sik as long as UMNO B is in power.
Do something…Mahathir…Rafidah.. Najib…all will fall like dominoes.
Yes….DO SOMETHING ..is the only solution to save so many Malaysians…becoming half pass sixes and crooks.
Some stubborn mules will stay as they are…but at least Najib’s lying days days are numbered..if all Malaysians dare to speak out truths with no fear.
As for me….a MCA…a UMNO B toad and a Gerakan nobody…have teamed up to prove I am a liar…an a sick old idiot.
This is to me…good news….for young readers can read all my messages and learn who is smart and wise…and who are braggarts and liars.
#80 by boh-liao on Saturday, 5 June 2010 - 3:33 pm
BN politicians r inefficient n cheats
Yet they r richly rewarded – a ex-minister spud is now made d chairman of d new Land Public Transport Commission (SPAD); failed BN politicians r made tan sri n datuk
With so much corruptions, open bribery, n failed projects, NR proudly declared dat all d six NKRAs hv achieved d Key Performance Index or KPI set
#81 by monsterball on Saturday, 5 June 2010 - 3:43 pm
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#82 by limkamput on Saturday, 5 June 2010 - 4:02 pm
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#83 by monsterball on Saturday, 5 June 2010 - 4:39 pm
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#84 by monsterball on Saturday, 5 June 2010 - 4:42 pm
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#85 by newchief on Saturday, 5 June 2010 - 5:44 pm
the indian people especially who voted for bn in hulu selangor should be the ones to be blamed just becuase of their selfishness thinking that bn would help them out.
the shareholders who didn’t vote for bn should now demand the difference / loss per share from these selfish people !!!
its really a pity these people never learn. after +50 years in sufferings, they still believe in bn !!!!
it also is a pity that the oppositions are un-able to convince these bn voters with DARE TO CHANGE…for better or worst because its already shit-worst with bn !!!
#86 by undertaker888 on Saturday, 5 June 2010 - 5:48 pm
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#87 by House Victim on Saturday, 5 June 2010 - 9:53 pm
The Wangsa Baiduri is a Scandal with Land from PKNS stolen from Land for Water Retention Pond for Subang Jaya since the 1970’s. The Retention Pond is also meant for Town Park for Subang Jaya. However, part of it is under a “wrongly issued” Title under Sime UEP, the Developer for Subang Jaya.
And, part of it has long been used for other buildings.
The Project worth around half a billion with the Club House to qualify the Project as Condo to include some 400 units Townhouse and around 1000 units Highrise. Voices were made by the Townhouses in having to pay Maintenance Charge while they have also to pay Assessment to MPPJ. The Developer even taken the Townhouse to court. Nothing worked out as MPPJ, the lawyers, the Judge and the Assemblyman lost their hearts. The Developer had no Rights under any Housing Act or Strata Title to collect the charge as they had never been the landowner of the Townhouse. And, PKNS has transferred the land of the Club House to the sister company of the Developer even before the Land for the Town House was sub-divided. However, the Authorities – Ministry of Hosing, MPPJ continued to approve the Developer to sell building units as Condo with Club Facilities. MPPJ even approved a Building to be built in only half a lot of the Land (which is undersized under the law) and allow the other half lot of mis-appropriated lot to build Service Apartment so as to combine with the Club house into Hotel – the Holiday Villa where LWB knowing approved. The recreational area promised to the Townhouse since 1990 has never been realized. With LWB transferred to MPSJ, further misappropriation continued with over-building (1710 instead of 1429 units) and more common area mis-appropriated. Even turning a common area of the building into “Town Park”. Allowing SJMC to take away part of the Town Park land into Car Park. Even dared to start a motion for State to acquire the Title back as Town Park!!
So, the Victims are not more than 1,700 house owners, with Lawyers, Doctors, Financial Controllers, Architects, Business men, Management personnel, foreigners……
Why can’t they fight the Crooked!! Because a few of them are also running for the Developer!! The Ministers concerned had ignored the complaints and MPPJ/MPSJ and the Councillors/Assemblymen continued to bully. Even allowing USJ residents to join during the 2007 Subang Ria Objection hearing where Subang Ria meant for Subang Jaya and not USJ!!
Complained to MAC during that period was replied with LWB on leave!!
Complaint to R Liu 2 years ago after 12GE remains silent!!
Can 66,000 Indians fight for their Rights under the existing system?
NOT ONLY INDIANS BUT ANYONE THE CROOKED POLITICIANS CAN HAVE A HAND ON, IT WILL BE SMASHED EVEN WITH PRESENTATION OF “AUDITED” ACCOUNT, COURT CASE, OR, OFFICIAL COMPLAINTS TO EACH AND EVERY DEPARTMENT OR OFFICE WHO HAS A DUTY AND OBLIGATION TO ACT!!
ALL PLAY DUMMY!!
The Land for the Club house and the building was re-valued for a company of the Developer to be put up in KLSE. How many shareholders of this list company realize that their stock is based on “stolen” land!! So, not only taking house buyers as fool but also share holders!!
What are Malaysians having?
#88 by monsterball on Saturday, 5 June 2010 - 10:01 pm
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#89 by monsterball on Saturday, 5 June 2010 - 10:08 pm
The moment Sime Darby developed USJ…so many strange things happened.
Land meant to be a parks..converted to be something else..clearly seen.
Sime Darby have broken all their promises…except houses are of qualities stuffs…as expected.
#90 by lopez on Saturday, 5 June 2010 - 10:18 pm
dare to be different,,,,are you up to it or you just another follower of popular culture.
dont be a dummy and add further hatred
wake up spent your energies here where you are needed most..in bolihland…wake up
the jews are anytime more determined than all you people who have nothing else to do but get mess with internal affairs of others.
#91 by House Victim on Sunday, 6 June 2010 - 7:43 am
#39/89 by monsterball on Saturday, 5 June 2010 – 10:08 pm
The moment Sime Darby developed USJ…so many strange things happened.
Land meant to be a parks..converted to be something else..
——————–
1. Sime Darby developed Subang Jaya in 1970’s, then, USJ in 1980’s.
2. The Town Park is to contain a Water Retention Pond with WATER area about 5% of the SJ Town (583ha). So, the Park should be around 10% in total (58ha). The water Retention Pond is to collect monsoon rain water to avoid flooding to the residential area. As such,
a) NO HOUSING to be built, but only for recreation, such as Town Park.
b) It is an essential Public Amenities for a Township. So, the land is a Public Reserved Area under National Land Code that cannot be re-alienated.
c) The Water Retention Pond is under the Drainage Department.
d) Other Park facilities should be built/equipped by the Developer – Sime Darby then transferred to MPPJ/MPSJ for servicing so as to qualify MPPJ/MPSJ to collect Assessment.
e) The Land Title in the hand of Sime UEP is only 29.39ha in which more than 1 acre was approved by MPSJ (LHB) to build a car park for SJ Medical Centre (Sime Darby’s). Meanwhile, at least half of the land (about 29ha) nearby has gone for building, hotel (Sheraton, SJ Medical Center…..)
f) Wangsa Baiduri is enclosing half of the biggest Retention Pond – therefore, technically, it should not be there.
Not only a overlook of flooding risk in SJ, especially to Wangsa Baiduri, but also to allow MPPJ/MPSJ to take assessment for doing nothing!!
Every area in SJ, numbered as SSXX should have 10% of land reserved for recreation, such as playground for the kids. And, MPPJ/MPSJ has misappropriate most of them in SJ.
In additions, there are also reserved area which cannot be alienated such as buffer area for green land or boundary block to cut away from the Railway or Highway. But, they are also manipulated or mis-appropriated for buildings by the Land Office and MPPJ/MPSJ.
SJ is only a corner of the Iceberg in Selangor. But, similar problems can be found via PKNS on land matters.
SJ is only a small part of MPSJ!!
FOR SJ, it is already a matter of Billions!!
See the Reason why Selangor is so much “CARE” to find a most “suitable” GM for PKNS?
#92 by waterfrontcoolie on Sunday, 6 June 2010 - 10:14 am
Suband Jaya was developed by Goh of DAP, an architect and had to dispose it to Sime Darby which after the demise of the late Tun Tan and those nurtured by him has become what it is today! Business cannot be run by nominees of politicians for sure because the mode of management is different! So all projects given on a plate to their cronies can only survive when the leverage is on, it will collapse the moment the TONGKAT is removed. Hence, looking at this nation with the majority indoctrinated to fear their own shadows, we are not going very far. We loved to ignore the rest of the Asean members, with the sole thought of competing with Singapore in the last 20 years; at the moment I believe Thailand has already left us behind [although the hiccups of Red and Yellow shirts might slow them a little], Vietnam will catch up within the next 5 years , so would Indonesia [ if current leadership stays put]. So from having a certainty in the Final competition, we may have to fight for even a quarter-final place in the Asean arena. I was told in today’s scenario, the efficiency of the logistics industry gives very good indicators of the nation’s competitiveness. I was told that IN SPITE OF ALL the obstructive practices in this sector, we are still floating; so you can imagine what efforts of those SMIs and their agents must have been doing to ensure their survival. in this sense, I must say Malaysia Boleh! I also would to think such challenges, although come at a price, are good for those involve because with more open environment, they would certainly take on all comers!! In that respect, I hope our down trodden brothers and sisters, no matter what community you are, there is hopewhen yopu are willing to take that challenge; it would a FAR MORE BETTER HOPE, if you could put a cross correctly to change the current situation. surely you know what to do! We are all thinking Malaysians! and MALAYSIA BOLEH- CHANGE!!!
#93 by Jeffrey on Sunday, 6 June 2010 - 11:12 am
///Business cannot be run by nominees of politicians /// – #42 by waterfrontcoolie
Some obvious reasons:-
1. There’s no business expertise/record. Whilst your “political horse” in power, the object is to leverage maximum on what he could via his power dish out. The bigger and more mega the better because profits forcast bigger. So we have novice going into all kinds of business that they have no experience in. Its “Make Hay while Sun Shine” syndrome!
2. What is lacking in experience/track record is compensated by buying talents and in case of foreign at high prices contributing to cost overruns. This is not to factor in hidden cost of political contributions and other costs to fund potician patron’s needs. Or financing costs because with size of projects banks like to finance notwithstanding risks due to pressure on credit managers to push for growth of bank assets, and where there are risks to farm out and distribute risks via syndication…The calculation is that if the business run into difficulty banks will be pressured by politicians to give time and reschedule loan repayments or give hair cut, and meanwhile look for bailout either from Govt, quasi govt agencies & equity fund like Ekuiti Nasional Bhd or foreign (Middle East) cash cows & white knights!
3. Once political horse falls from power ie lost in election, lost position in cabinet, then project gets “sangkut” because the next guy taking over having no financial interest in the project will prefer to shelve the project and re-locate funds to his own projects run by his proxies and cronies.
4. As watercoolie said the management – I would shareholders mood – is different. They’re looking long term, creating and developing “value” for business: theirs is short term of Make Hay while Sun Shines. Then again one closes one eye to favourite down line employees – one’s lieutenants – in ‘stealing’ a bit of money from the company in terms of all benefits from entertainment expense, to cars club membership because one needs their help to clse one eye to what one as a boss does at higher level and ones political bosses do, at yet higher up… There’s a lot of wastage and leakages this patron feudal syndrome of ” I protecty you, you loyal to me, and everyone scratches everyone else’s back” quid pro quo arrangement both political extended to corporate – for mud raking search for profits at the shortest available time.
#94 by Jeffrey on Sunday, 6 June 2010 - 11:14 am
Typo ommission nin para 4 – “They’re NOT looking long term, creating and developing “value” for business”
#95 by undertaker888 on Sunday, 6 June 2010 - 11:19 am
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#96 by undertaker888 on Sunday, 6 June 2010 - 11:24 am
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#97 by limkamput on Sunday, 6 June 2010 - 12:44 pm
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#98 by monsterball on Sunday, 6 June 2010 - 2:18 pm
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#99 by monsterball on Sunday, 6 June 2010 - 2:21 pm
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#100 by limkamput on Sunday, 6 June 2010 - 3:17 pm
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#101 by Indran on Monday, 7 June 2010 - 9:46 am
Investing in Maika is just like investing in the thousands and thousands of investments out there. The fact that Maika Holdings could get away with so much wrongdoings (in the interest of the majority shareholders) reflect badly on the regulators in our country. I think even co-ops have better corporate governance. So put the blame on the regulators who allow such injustice to occur.