by Ganesh Sahathevan
The way forward: Ruben Gnanalingam (L) and Tony Fernandes, pic courtsey of
BackPageImages.tsEmir Gnanalingam operates his father Tan Sir G.Gnanalingam's
varied business interests. The OAC Capital acquisition and the Tune Insurance IPO
was one of a number of deals in which the Gnanalingam and Tony Fernandes interests
collaborated. The QPR Football Team was another.
Fernandes and wife. The OCA shares, the proceeds from the saleof the shares, and the gains from the profits from the IPO wentinto a number of privately held companies. Maika shareholders would have to seek recovery from all these privately held entities.
Maika shareholders in search of what is rightfully theirs ,the Oriental Assurance Capital (OAC) company, have a number of targets that they can pursue for the recovery of that asset.
The asset lost and which they can recover is not merely the cash consideration for the OAC shares, it would now include their fair share of the listed entity , Tune Protect Group Bhd which was formed out of OAC,as well as any IPO profits.
The entities that they can pursue include those controlled by the trustees, including family companies, and the relevant private entities controlled by Tony Fernandes. Trusts for the benefit of these individuals' families may also be targets for asset recovery.
Tony Fernandes and wife.Family interests including trusts could also be targeted for asset recovery.
Maika and the Oriental Assurance Capital sale: Trustees led by Gnanalingam have no right to the proceeds ; RM 145 Million sent to Gnanalingam's Pembinaan Redzai should be clawed back;together with Tune Insurance IPO profits