NST
KUALA LUMPUR: The Maju Institute of Educational Development (MIED) has filed
a whopping RM100 million suit against its chairman Datuk Seri S. Samy Vellu for misappropriation. The sum includes special and general damages.
A source told the New Straits Times that eight others have also been named as defendants in the suit, touted as unprecedented in the history of civil action in Malaysian courts.
It was filed at the High Court here after 3pm yesterday.
Seven of the nine defendants are Tan Sri M. Mahalingam, Datuk Dr T. Marimuthu, Tan Sri K.S. Nijhar, Tan Sri Dr K. Ampikaipakan, Tan Sri K. Kumaran, Datuk G. Palanivel and Tan Sri G. Vadiveloo. The source, however, refused to name the ninth defendant.
Apart from misappropriation, MIED is claiming damages for breach of fiduciary duties, breach of statutory duties, negligence and other damages deemed fit by the court.
MIED member S. Vigneswaran, represented by Vas and Co, filed the suit on behalf of MIED. He is the former MIC Youth chief and former Youth and Sports Ministry parliamentary secretary.
Last month, MIED got the green light from the High Court to initiate a suit against its trustees.
“MIED is worth RM1 billion and its beneficiary is the Indian community,” said the source.
It is learnt that the action taken by Vigneswaran is to prevent another Maika Holdings Berhad fiasco.
Maika, established in 1982 to enable Indians to participate in the country’s economic growth, is alleged to be plagued by problems including mismanagement, corruption and abuse of funds.
KUALA LUMPUR: The Maju Institute of Educational Development (MIED) has filed
a whopping RM100 million suit against its chairman Datuk Seri S. Samy Vellu for misappropriation. The sum includes special and general damages.
A source told the New Straits Times that eight others have also been named as defendants in the suit, touted as unprecedented in the history of civil action in Malaysian courts.
It was filed at the High Court here after 3pm yesterday.
Seven of the nine defendants are Tan Sri M. Mahalingam, Datuk Dr T. Marimuthu, Tan Sri K.S. Nijhar, Tan Sri Dr K. Ampikaipakan, Tan Sri K. Kumaran, Datuk G. Palanivel and Tan Sri G. Vadiveloo. The source, however, refused to name the ninth defendant.
Apart from misappropriation, MIED is claiming damages for breach of fiduciary duties, breach of statutory duties, negligence and other damages deemed fit by the court.
MIED member S. Vigneswaran, represented by Vas and Co, filed the suit on behalf of MIED. He is the former MIC Youth chief and former Youth and Sports Ministry parliamentary secretary.
Last month, MIED got the green light from the High Court to initiate a suit against its trustees.
“MIED is worth RM1 billion and its beneficiary is the Indian community,” said the source.
It is learnt that the action taken by Vigneswaran is to prevent another Maika Holdings Berhad fiasco.
Maika, established in 1982 to enable Indians to participate in the country’s economic growth, is alleged to be plagued by problems including mismanagement, corruption and abuse of funds.
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