High noon clash at MIC HQ- Malaysiakini

The MIC headquarters in Jalan Rahmah, Kuala Lumpur today became the focal point for two groups of people with different agenda involving the party's investment arm Maika Holdings.

The first group of about 150 people was led by Penang Deputy Chief Minister 2 Prof P Ramasamy and several other Pakatan Rakyat leaders. Also with them were several disgruntled Maika Holdings shareholders.

These people had marched towards the MIC HQ at 12 noon, demanding to know the financial status of Maika and the return of their investments.

The second group was led by Maika CEO S Vell Paari along with shareholders who were happy with the way the company was being run.

This group has started gathering at Maika's headquarters which is located within the MIC building since 9am.

Upon arriving at the MIC headquarters, Ramasamy's group was not allowed to enter the party building to meet Vell Paari to submit a memorandum on the financial status of Maika.

Vell Paari's supporters were meanwhile kept within the party building.

Both sets of supporters were monitored by police personnel as well as members of the Light Strike Force Unit. The police have also closed the roads leading to the party building.

At about 12.30pm Vell Paari came out of the MIC building to meet with Ramasamy's group. He was jostled by the hostile crowd and had to be mobbed by the police to protect him.

Watching him being hassled by the people from the Ramasamy group, Vell Paari's supporters ran out of the party building to 'protect' the Maika CEO.

This resulted in open squaring between the two sets of the supporters. Several people were seen to have been injured.

The police immediately brought in back up in the form of Federal Reserve Unit personnel to contain the situation.

While the situation outside the party building was getting unruly, MIC president S Samy Vellu was inside the building chairing a central committee meeting.

Blaming Nesa cooperatives

The gathering organised by Pakatan today was a result of unhappiness among many shareholders with the performance of the company and are seeking the return of their investments.

Vell Paari, who is party president S Samy Vellu's son, however has stated that he was ready to repay the shareholders but was unable to do so due to an injunction obtained against the sale of an insurance company by Nesa Cooperatives, which is headed by former deputy president S Subramaniam.

Vell Paari had originally intended to sell off Maika's cash cow Oriental Capital Assurance Bhd (OCAB) but the deal was objected by Nesa, which is a Maika shareholder, on the grounds that the sale would not fully benefit the shareholders.

Earlier this week Vell Paari told Malaysiakini that he welcomed Ramasamy's group so that he can explain the status of Maika to them.

However he added that in return Ramasamy must also explain on the steps he had taken to solve the problems facing Kampung Buah Pala villagers in Penang.

Vell Paari also said that he would invite Ramasamy's group to join him to march to Nesa's office in Sentul, Kuala Lumpur to protest against their injunction which has halted the sale of the insurance company, thus delaying the pay off for the shareholders.