Blind protester wants his money back

Launched in 1983, MIC's investment arm Maika Holdings Bhd raised some RM110 million from ethnic Indians, particularly among the rural poor, who were promised returns many times their initial investment.

Visually impaired masseur S Gopal, 25, was one of them. His parents, now deceased, bought two lots of Maika Holding shares about 10 years ago.

Despite his disability, Gopal attended a protest today at the MIC headquarters in Kuala Lumpur against the Maika Holdings management to voice his disgruntlement.

"I am here because I want to appeal to Maika - give me back my money. I'm very poor and there is no one to support me," he told Malaysiakini at the sidelines of the protest.

Back in the 1980s, some 66,000 Indians were lured with promises of lucrative returns, resulting in often heard cases of investors selling off assets and spending their savings on Maika Holdings shares.

Following a string of questionable investments, Maika Holdings shares - which were sold at RM1 in 1986 - are now worth well below half that amount.

PM must answer

"This issue has been allowed to fester for too long. Some of the investors are already dead," lamented another disgruntled investor, Subang Jaya Municipal Council member Michael Tamil.

"At the time, people were taken in. Some sold their jewelry and land while others mortgaged their houses just to become investors," he added.

Another investor and Klang PKR politician P Krishnasamy said he borrowed from a bank to invest two lots in the 1980s due to the "sky high" promises by MIC president S Samy Vellu.

He said since 1992, this had become the core issue among ethnic Indians but despite numerous protests against the lack of accountability by Maika Holdings, no action has been taken.

"The Barisan Nasional government is defending Samy Vellu and his son (S Vell Paari, Maika Holdings chief executive officer). The government is not protecting us.

"Prime Minister Najib (Abdul Razak) must answer to this scandal and take stern action against the MIC because it involves the hard earned money of the Indian poor," he added.

SPECIAL REPORT: Maika - the failed venture