dear government, explain to us maika holdings’ lost windfall, please

The Maika Scandal

The controversy surrounding the issue of Telekom Malaysia shares to Maika Holdings way back in 1990 refuses to dissipate.

On 23rd May, 2008 readers at the popular web site Malaysia-Today were able to access a copy of the police report filed by Klang resident Thiagarasan A/L Palaniaya (the website identifies Thiagarasan as the Klang MIC chairman) demanding that the police conduct an investigation on the alleged losses, misuse of power, mismanagement and criminal breach of trust which had occurred over the allocation of Telekom shares to MIC in 1990.

Thiagarasan states in the police report that back in September 1990, the Finance Ministry had made a special offer or allocation of 10 million Telekom Malaysia (TM) shares to Maika Holdings. At that time, TM shares were generally traded at price levels in excess of RM10 per share. In 1992, the Indian community found out that the MIC wound up with only one million shares.

What had happened?

—————————–

the above, an excerpt, was written by johann foo. please read further at the benar blog.

please also help to circulate the article – the government owe us an explanation!