Subramaniam firm on blocking sale of Maika sudsidiary

(Bernama) – Former MIC deputy president Datuk S. Subramaniam is sticking to his stand to prevent the sale of a Maika Holdings subsidiary company at a low price to ensure that the interests of the investors will not be compromised.

He said his stand was not politically motivated although he would be contesting the deputy president post in the party elections in September.

“Do not politicise the issue of the sale of the company and I do not want my stand on the issue to be misconstrued by certain quarters,” he told reporters, here, today.

Before this, Subramaniam had obtained a court injunction to prevent the company, Oriental Capital Insurance Berhad, belonging to Maika Holdings, to be sold at a low price and that it should be sold to a company owned by Indians.

Subramaniam said a certain interested party had once offered to buy the insurance company for RM149 million from Maika Holdings, which is the MIC’s investment arm, but this offer was rejected by the management without any explanation given.

He said if the Maika Holdings management faced difficulty in getting a buyer for the insurance company, he was willing to help find a buyer.