AGM of Maika

Media Statement by M. Kula Segaran MP for Ipoh Barat and DAP National Vice Chairman at 31st October2006 at 3pm in Kuala Lumpur

AGM of Maika a fiasco and a let down to the Indian community

The much-awaited Annual General Meeting (AGM) of Maika Holdings Berhad(Maika) proceeded today at Legend Hotel as scheduled despite much protest.

Nearly over 500 shareholders of Maika attended the meeting to day. During the Chairman’s speech, Tan Sri Abdul Rashid bin Manaf’s , he informed the house that the Board had decided not to table the Motion seeking approval for the sale of the Oriental Capital Assurance Berhad(OCAB) shares. I believe that decision was a result of the overwhelming public sentiments and news in the media that OCAB was a valuable asset of the community and the ailing Maika Holdings, and that it’s is the only investment of the Company yielding profits.

After the Chairman’s speech I immediately stood up and informed the Chair that the AGM must be adjourned as many share holders have not been properly notified of today’s meeting. Many shareholders have not received the Annual Report and the financial statement of Maika. I had on last Friday written to the Board of Directors of Maika urging them to postpone the meeting to give an opportunity to over 64,000 shareholders to attend the AGM. I also informed the Chairman that many who bought the shares in 1983 had pawned jewellieries sold their dairies, and came from the down trodden and poor Indian community who all invested on the assurance that their investments would bear fruits handsomely. They should be given sufficient Notice of the AGM. The Chair disagreed that the AGM need to be adjourned and said he was of the opinion that the due notice of the AGM has been given and there was no necessity to postpone the AGM.

The meeting proceeded with the First agenda of the AGM namely “to receive and adopt the Audited Financial Statements for the year ended 31 December 2005 together with reports of the directors and Auditors”. Then the Chairman answered some queries raised by the shareholders. Thereafter the Chairman put the First agenda for adoption of the members by way of show of hands. Votes were taken by show of hands. It became clear that nearly 70% of those present voted against the adoption of the accounts as being correct. Having realized the defeat, he refused to inform the house of the results. Despite repeated request and demands by many present including Mr Kumarasen and Mr Vembarasaan and others the Chairman insisted to proceed with agenda number 2 without announcing the results.

Furthermore, the Chairman of the meeting reiterated that it was his prerogative not to reveal the results. He further exercised his right as the Chairman of the meeting to call for a poll. I insisted that he should be fair and accountable enough to reveal the vote count of hands before adopting another mode for the adoption.

The Auditors, Messrs Ernst & Young, as scrutinizers and the officers carried out the counting of those who were in favor and against the resolution. Accordingly Ernst & Young were supposed to announce the results to the shareholders but despite repeated plea from the members they too failed to discharge the duties.

As I was then addressing the Chair and told him that many Indians all round the country had invested in Maika with lots of hope and aspirations and in the interest of justice and fair play the Chairman must disclose the results without any further ado. At this juncture a guy sitting on my right side approached me and elbowed me and pushed me away from the mike. A commotion broke out and all ran loose. The person who elbowed me was the Tenggaru State Assemblyman from Johore. Some others with him also used foul language against others and threatened me for raising questions.

We also heard the Chairman calling for order many times but it was just getting worse when voices from the floor requested for the announcement of the results in response to the call. I then heard the Chairman saying the meeting was adjourned and as the commotion was not under control we then staged a walk out.

I am surprised with the conduct of the some shareholders whose acts was no different from gangsters in nature and was done in a very uncivilized manner. The chap who elbowed me is a State Assembly man and this speaks volumes of the party he comes.

Many a time I have spoken in an out of Parliament that gangsterism is a serious problem among the Indian community as 33% of all crime in this country involves the Indian Community. Nearly 50% of the restricted residents at Simapng Renggan are also Indians. There is an urgent need by the authorities to address this. Now the question is how deeply involved are BN political parties in patronizing gangsterism?

M.Kula Segaran