Maika shareholders want AGM and answers





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Uploaded on Jun 10, 2009

It has been two years since MIC's ailing investment arm Maika Holdings held its last annual general meeting, and shareholders are vexed over the managements silence on the matter.

The company, which was initiated in 1982 to enable Indian Malaysians to have an increased equity in the countrys economic growth, had raised some RM106 million within two years despite the global financial recession at the time.

The money came from 66,000 investors, who were predominantly estate workers.

However, the investment company had failed miserably with little returns from its business ventures and submerged in countless allegations of mismanagement and corruption.

Speaking to Malaysiakini, two investors S Nadarajah and M Jayashangker demanded answers as the deadline for the next AGM will expire on June 30.

Full story in Malaysiakini.com


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