KUALA LUMPUR, May twenty-two The DAP wants port aristocrat Tan Sri G. Gnanalingam to hand over increase made from a RM153 million sale of his controlling stake in Oriental Capital Assurance (OCA) which he bought from a 66,000 former shareholders of Maika Holdings.
Maika was set up in 1981 by a MIC underneath a leadership of Datuk Seri S. Samy Vellu who promised mixed earnings for Indians, most of whom went in to debt to pour in a sum of RM108 million in to a investment vehicle.
But it was in a future bailed out by Gnanalingam, who set up a special purpose car called G Team Resources in 2010 to buy out a 66,000 shareholders for a sum of RM106 million, or 80 sen per share, with OCA being a resplendent light in a troubled investment company.
DAP vice-chief M. Kulasegaran(picture)said in a matter currently which Gnanalingam had promised which a insurance firm, "the crown jewel" of Maika, "would usually be sold to an Indian concern" as well as deduction reduction a price of a Maika takeover "would be distributed to Indian-based charities." "We want Tan Sri Ganalingam to rught away exhibit in detail all a large increase which will be obtained with a sale of OCA. It would be great if a former shareholders who had suffered detriment by investing in to Maika be compensated with a distribution of a large profits," pronounced a Ipoh Barat MP.
Tune Ins Holdings Sdn Bhd, tranquil by aviation lord Tan Sri Tony Fernandes, had last month entered an umbrella share sale to take 78 per cent of OCA from Maika as well as G Team for RM153.13 million cash, or RM1.965 per share.
OCA's net discernible resources per share was during RM1.22 as of Dec 2009. Principally concerned in a underwriting of all classes of ubiquitous insurance business, it ended a 2009 financial year with a net distinction o! f RM12 m illion before being taken over by G Team.
"In reduction than two years of a takeover by G Team Resources of Maika, a large volume may have been realised by G Team from sale of OCA," Kulasegaran said.
He pronounced which before to a 2008 ubiquitous election, Samy Vellu, who was in a future degraded during a polls, had promised to lapse RM1.30 for each Maika share of RM1 though "his guarantee never materialised."
"Will a monies be ploughed behind to a shareholders as a infancy of a 66,000 have mislaid thousands of ringgit due to a earlier mismanagement of Maika?" he asked.
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Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
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