PNB was granted RM 200 million by the govt in 1978 (UM 5/4/08 at page 2) which grew to RM 540 million in 1981 and stands at RM 76.7 billion today in 2008 (NST 21/4/08 page 2), to become the world’s largest and most successful unit trust with ownership spread over 8.9 million people, to 10 times from 840,000 in 1981. (86.12% are from the lower income group – UM 5/4/08 at page 2). PNB today controls Maybank, Sime Bank, MIDF, Island and Peninsula, UMW Holdings among others.
In 1986 in a scandal involving 24 Deposit taking co-operatives (DTC) where half a million people mostly working class Chinese lost RM 1.5 billion in savings when they had deposited money into these co-operatives. When the stock and property markets fell following a recession, the government spent RM 2 billion to rescue the DTCs’ (NST 3/8/08 pg 12).
ASM’s average dividends is 7.12 cents per unit (UM 28/11/08 at page 18).
If only UMNO had also given Maika Holdings the initial RM 200 million soft loan, a substantial stake in Maybank, Sime Bank, MIDF, Island and Peninsula, UMW Holdings, etc, Maika Holdings as per the aforesaid today’s newsreport would not have an accumulated loss at RM 106.7 million. (See Star Biz 3/6/2010 at page 1).
UMNO can bail out the aforesaid Chinese MCAs MPH and DTC at RM 2 billion even way back in 1986, and similarly bail out Malay muslim BMF, Bank Rakyat, Renong, MAS, Perwaja Steel, Bank Bumi, etc spending billions, but chooses not to bail out Maika Holdings. What do you call this if not racism targeted specifically against the Indians?
Yet it is largely the Malays and Chinese bloggers who call Hindraf as being racist! Wah, lah eh!
P. Uthayakumar
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