KUALA LUMPUR: Sacked MIC veteran V Subramaniam wants the government to intervene in the Maika Holdings purchase to ensure that investors are not taken for a ride.
“Right now, the poor Indian investors who suffered from this scandal for 26 years are being shortchanged with the 80 sen per share deal,” said the former Petaling Jaya MIC division chief.
Tycoon G Gnanalingam, through specially set-up vehicle, G-Team Resources, has offered to purchase the stake belonging to Maika's 66,000 shareholders at RM100 million.
Subramaniam, who is better known as Barat Maniam, also questioned Gnanalingam's statement that it was an act of social service.
“How can forcing poor shareholders to accept this offer within a month be considered social service?” he asked, referring to the May 22-June 22 deadline. The deadline has now been extended to July 13.
Subramaniam said the government should instead consider giving Maika's cash cow insurance firm Oriental Capital Assurance Bhd (OCAB) a life insurance licence.
“The licence will allow OCAB's value to soar by almost three times from its current value and this will attract the attention of investors in the market.
“With this, Maika's share value will shoot up three-fold automatically and shareholders can get better returns from their investment,” he added.
Subramaniam aslo urged the government to appoint an international audit firm or receivership to transact the business of shareholding upon issuance of a life insurance licence to OCAB.
“If the Barisan Nasional government can do this, the ruling coalition can wrest back Indian votes in the coming general election,” he said.
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