The trio are MIC central committee member SM Muthu, Perak MIC chairperson V Elango, and R Alameloo. Malaysiakini reported that they filed the case at the Kuala Lumpur High Court on April 19.
P Punithan, an MIC central committee member who is coordinating the case, said the suit was filed following alleged “oppression against minority shareholders”.
Named in the suit were G Team Resource & Holding Sdn Bhd, West Port Sdn Bhd executive chairperson G Gnanalingam, HSS Engineering Sdn Bhd founder S Kunasingam, and Maika Holdings liquidators T Arasu and A Ramesh.
Punithan was quoted as saying: “We want to know the mystery behind the disappearance of a substantial amount of money which should have been distributed to the shareholders.”
He also claimed that G Team had failed to distribute profits from the sale of assets to the remaining shareholders of Maika.
G Team had purchased a 93% stake in the troubled company, which was the MIC’s investment arm, from 66,400 shareholders. The remaining 7% (comprising 5,000 shareholders) did not sell their shares to G Team.
Maika was founded in the 1980s by MIC president Samy Vellu, father of S Vell Paari. It was meant to be an investment vehicle, with a focus on the Indian community.
It raised RM106 million from the 66,400 shareholders — 70% of whom were low-income earners — for its investment activities, but its profits were allegedly channelled elsewhere.