I REFER to Datuk Seri S. Samy Vellu’s response that “RM300m is not for the MIC” (NST, May 26) where he had replied to my statement urging the government not to hand over the money tothe Malaysian Indian Congress — “Rethink that MIC request for funds” (NST, May 21)

Samy Vellu said: “Let me clear the air here.

“The MIC has asked the government to allocate RM300 million annually for the betterment of the Indian community. But we are not asking the government to hand over the money to us (the MIC)”.

Well said!

This is an open admission that should any money be handed to the MIC directly, things could go wrong and end up the same way the Maika Holdings shares went after the government had given more than RM200 million via Telecom shares some three decades ago.

Rarely, if ever does the MIC president admit his mistakes but in this instance, wittingly or unwittingly, he has acknowledged, firstly, that Maika Holdings, the investment arm of the MIC, is a dismal failure and secondly, that MIC has little confidence in handling taxpayers’ money.

This public awareness was what we had wanted to establish and we are glad that we succeeded in doing just that.

Maika Holdings had promised to refund ringgit-for-ringgit the Maika shares to all shareholders at the beginning of the year and we are still waiting for that to happen.

The shareholders have waited for more than 30 years.

I presume Maika Holdings believes that keeping them waiting for a little bit longer would make little difference to their predicament, for they must have acquired some immunity by now.

DR A. SOORIAN, Seremban

Source: NST – May 29, 2008