Our prediction that the Maika Holdings repayment of a Ringgit for a Ringgit is a lie is proving itself out now . Today is 2nd of May 2010 – where is the buyout offer by the White Knight? No signs of it at all.

We made the following prediction on the 23rd of April 2010 about the lie of GT resources/MIC/and their puppetmaster UMNO that GT resources making the buyout offer of all the Maika shares by the 1st of May 2010 in the article titled “Hulu S’gor: Why does GT resources have to bail out MAIKA Holdings, why not the BN Government themselves as in all the previous bailouts like the Deposit Taking Co-operatives,Bank Rakyat, MAS, Syarikat Perkapalan.Bank Bumi, Renong etc. And why is there no written commitment about any of the offer yet – why only press statements” -April 23, 2010 in these same columns.

Let me quote the pertinent section from that article:

“In any case, we do not think that the GT resources will make the offer on the 1st of May 2010 to buy back the shares from MAIKA shareholders. This is a Hulu Selangor Election gimmick. Just you wait and see. This is no more than gimmick. If this is not so, then can they issue a legally binding document to this effect, but they do not. Either the MAIKA Holding Management to its shareholders and put it up on the website or from GT resources to MAIKA holdings and put it out on the MAIKA website. They will surely not do this as we see this as just a pre-election gimmick.

Also we do not think that the shareholders will get their cheques by the 31st of July 2010 as Gnanalingam is assuring . All this is just to simply delude. There is no firm commitment to any of these schedules. This is exactly what we have seen all these 52 years from the MIC/UMNO/BN politicians. Just the same theatrics.”

maika holdings logo

Today is the 2nd of May 2010 and what do we have – a deafening silence – that’s all. Where is the buyout offer so promised by GT resources. I am sure they will have some silly excuse . Here is yet another prediction, today the 2nd of May 2010, we predict that if the MIC/UMNO colluding combine ever do come out with an offer, there will be another breach of their promise of a Ringgit for a Ringgit buyout, the repayment to the shareholders will be less than a Ringgit, and the cheques will not reach the shareholders by the 31st of July 2010 that they have promised.

Again the MIC/UMNO combine cheats the poor Indians. This seems to be an unending saga. Only the Indians themselves can end this treachery, by booting UMNO/MIC completely out of power.

Naragan