PM Anwar Ibrahim is unwilling, but perhaps new King Sultan Ibrahim Of Johor will reclaim Tune Protect Insurance for Malaysia's Indian community as part of his hunt for the corrupt of Kuala Lumpur

 by Ganesh Sahathevan 

Prime Minister  Anwar Ibrahim has been unwilling to reclaim Tune Protect for its rightful owners, the poor of Malaysia's Indian community. 

However, the new King,  Sultan Ibrahim  of Johor , has said that he intends to hunt the corrupt of Kuala Lumpur.  and so perhaps poor Indians can look to their King to do what Anwar Ibrahim will not, despite  being prime minister and Finance Minister.

TO BE READ WITH 

Tuesday, December 13, 2022

PM Anwar can help poor Indians by clawing back proceeds from the Tune Pro IPO,sale of Maika and Oriental Assurance Capital

 by Ganesh Sahathevan

                  Anwar: Indians among country’s poorest, but leaders ‘filthy rich’

While campaigning the then Opposition Leader Anwar Ibrahim declared a desire to help Malaysia's poorest, the Indians.

Now that he is Prime Minister and Minister For Finance  Anwar can help poor Indians by clawing back proceeds from the Tune Pro IPO and sale of Maika and Oriental Assurance Capital.

To Be Read With 

Wednesday, March 13, 2019

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

by Ganesh Sahatevan

                                               
                                  MAIKA'S SAVIOURS:THE TRUSTEES

Tan Sri G.Gnanalingam

Ravin Ponniah

Tan Sri Ir. Kunasingam 

                                                               A/L V. Sittampalam

                                                               Dato’ N. Sadhasivan 

                                                                           
                                                                                Datuk R. Karunakaran

The Maika  rescue was initiated via a  trust GT Resoruces Sdn Bhd, and the trustees were the following persons :


Gnanalingam said GT Resources, run by a board of trustees chaired by him and comprising Datuk Kuna Sithampalan, Bank Negara and Petronas director Datuk N. Sadhasivan, ex-Malaysian Industrial Development Authority director-general Datuk R. Karunakaran and special officer in the Prime Minister's Department Ravin Ponniah, had already obtained 12 per cent of the shares held by the Maika management.

(Maika payout by July 31;23 April 2010New Straits Times)

This morning Sarawak Report has shown how some RM 145 Million, being the proceeds from the sale of Maika's then primary asset, its stake in Oriental Assurance Capital was paid over by Maika to Gnanalingam's private company , Pembinaan Redzai Sdn Bhd.

That money needs to be clawed back, and the clawback should include any profits made by the trustees from the Tune Insurance IPO.

END 

Maika Papers Raise Further Concerns Over Shareholders' Missing Money

• 13 March 2019
   
• 0

Sarawak Report has viewed further documents that have so far remained hidden from the public relating to the disposal of Maika Holdings assets by supposed corporate ‘white knights’ deputed by the former government to ‘bail out’ the struggling fund.

The ‘rescue’ back in 2010 included a promise that any profits from the disposal of the company’s assets would be distributed amongst some sixty six thousand original shareholders of the fund – mostly members of the Malaysian Indian Congress party, linked to BN, who had received a paltry return on their investments over several years.

These papers indicate that in recent weeks liquidators have expressed acute concern that huge sums of cash arising from the sale of those assets went to the wrong place, namely a company owned by one of the said ‘white knights’ G Gnanalingam, instead of Maika Holdings itself (in order to be distributed to shareholders as was promised).

Loan at the centre of the dispute was from one of Mr Gnanalingan’s companies Pembinaan Redzai Sdn Bhd to G Team Resources & Holdings Sdn Bhd, which he set up to buy out Maika Holdings

Sarawak Report understands that the matter has now been referred to the police and MACC investigators, following a series of legal interchanges between the liquidators and G Gnanalingam viewed by Sarawak Report.

“Huge Mistake”

At the heart of the issue is what liquators described in a letter dated as late as September 4th of last year as a “huge mistake” on the part of previous managers of Maika Holdings, whom they say “wrongly transferred” the staggering sum of RM145,753,073.28 to Gnanalingam’s company Pembinaan Redzai Sdn Bhd, which had advanced a loan of RM140 million to buy out Maika shares.

The company that received the loan, G Team Resources & Holdings Sdn Bhd, was also owned by Gnanlingam and was the entity authorised by Maika’s board (with the blessing of the government) to buy up the majority of Maika shares in 2010 as part of the ‘bail out’ plan for the floundering fund which was failing to pay dividends to its thousands of modest shareholders and had stopped producing accounts.

G Team used the RM140 million to buy out the majority of those ordinary shareholders, offering them just 80% of the original share price they had paid in for when the fund was launched in the 1980s at RM1.00 a share.

Publicly, Mr Gnanalingam, the board and the government made clear that any later profits to be raised from the sale of the fund’s remaining assets (most particularly a slice of land and a profitable insurance company) would subsequently also be returned to the self same original shareholders.

This was because Gnanalingam had been appointed to the task, without the discussion of other options or tenders, on the basis that he was acting as a “trustee” for the benefit of the shareholders only:

“G Team is supported by a Cabinet committee set up by the Prime Minister [Najib] which includes HSS Integrated executive director Datuk Kuna Sitthampalan, Bank Negara and Petroliam Nasional Bhd director Datuk N. Sadasivan, former Mida director-general Datuk R. Karunakaran and Prime Minister’s Department special officer Ravin Ponniah.
“They will become trustees of Maika when we take over the company,” Gnanalingam said.
[How it was explained at the time – Star newspaper]

However, according to the letter sent by the liquidator, when the majority of the insurance company Oriental Capital Assurance Berhad (OCA) was indeed sold to Tune Insurance Holdings (part of the Tony Fernandes controlled group of companies) the above sum of over RM145 million was then transferred by cheque straight back to Pembinaan Redzai Sdn Bhd as an apparent repayment plus interest – rather than to Maika itself for proper distribution.

G Team itself meanwhile acquired 3.75% of the shares in insurance giant, for RM7,379,129.13.

Letter from the liquidator to Gnanalingan as owner of Pembinaan Redzai

It appears that Mr G Gnanalingam has refused to comply with the requests of the liquidators to rectify the “huge mistake” made back in 2015, which clearly meant that what profits there were from the sale of the insurance company to Tune were not distributed as was the declared intention.

There is another problem linked to this thorny issue, as several commentators have pointed out, which is that the valuation of the insurance giant at the time of that hasty sale appears to have been woefully underpriced. Tune Insurance (comprising mainly OCA) was floated a year later after the sale in 2012 for a hundred million dollars soon amassing a market capitalisation of RM1.2 billion.

That meant vast profits for Tune and G Team, which retained shares. It is understood that family members of Mr Gnanalinghan had also been absorbed onto the board of Tune Insurance.  However, none of these profits went towards swelling the miserable pay out originally provided to the ordinary shareholders.

A separate issue linked to the list of concerns surrounding Maika’s unusual ‘bail out’ relates to the disposal of money owed to some 5,800 shareholders of the fund (6.9%) who did not claim their pay out.  The approximately Rm7 million owing to them was not paid over to the public exchequer via Bank Negara, as demanded by the law, according to information available to the liquidators.

“It cost some RM79 million to pay off the shareholders” says one source, who has researched the documents passed to the MACC, “yet some RM179 million was raised from the land sale and the sale of OCA. It means certain entities kept over RM100 million”.

And that was before the floatation of OCA

Sarawak Report provided evidence of the Maika Holdings theft in 2019 - Anwar Ibrahim has the evidence to pursue Gnanalingam's estate, and Tony Fernandes' Tune Insurance for the recovery of assets stolen from poor Indians, but has yet to take any steps towards recovery

 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

The matter of the Maika theft has been reported extensively on this blog since 2019. Reporting has been based on documents made public by Sarawak Report in 2019, in a story that includes this excerpt:

It appears that Mr G Gnanalingam has refused to comply with the requests of the liquidators to rectify the “huge mistake” made back in 2015, which clearly meant that what profits there were from the sale of the insurance company to Tune were not distributed as was the declared intention.

There is another problem linked to this thorny issue, as several commentators have pointed out, which is that the valuation of the insurance giant at the time of that hasty sale appears to have been woefully underpriced. Tune Insurance (comprising mainly OCA) was floated a year later after the sale in 2012 for a hundred million dollars soon amassing a market capitalisation of RM1.2 billion.

That meant vast profits for Tune and G Team, which retained shares. It is understood that family members of Mr Gnanalinghan had also been absorbed onto the board of Tune Insurance.  However, none of these profits went towards swelling the miserable pay out originally provided to the ordinary shareholders.

PM Anwar has the evidence to  help poor Indians, as he says he will,  by clawing back proceeds from the Tune Pro IPO, and the sale of Maika and Oriental Assurance Capital, but has yet to do anything despite the available evidence. 

TO BE READ WITH 

Maika Papers Raise Further Concerns Over Shareholders' Missing Money

• 13 March 2019
   
• 0

Sarawak Report has viewed further documents that have so far remained hidden from the public relating to the disposal of Maika Holdings assets by supposed corporate ‘white knights’ deputed by the former government to ‘bail out’ the struggling fund.

The ‘rescue’ back in 2010 included a promise that any profits from the disposal of the company’s assets would be distributed amongst some sixty six thousand original shareholders of the fund – mostly members of the Malaysian Indian Congress party, linked to BN, who had received a paltry return on their investments over several years.

These papers indicate that in recent weeks liquidators have expressed acute concern that huge sums of cash arising from the sale of those assets went to the wrong place, namely a company owned by one of the said ‘white knights’ G Gnanalingam, instead of Maika Holdings itself (in order to be distributed to shareholders as was promised).

Loan at the centre of the dispute was from one of Mr Gnanalingan’s companies Pembinaan Redzai Sdn Bhd to G Team Resources & Holdings Sdn Bhd, which he set up to buy out Maika Holdings

Sarawak Report understands that the matter has now been referred to the police and MACC investigators, following a series of legal interchanges between the liquidators and G Gnanalingam viewed by Sarawak Report.

“Huge Mistake”

At the heart of the issue is what liquators described in a letter dated as late as September 4th of last year as a “huge mistake” on the part of previous managers of Maika Holdings, whom they say “wrongly transferred” the staggering sum of RM145,753,073.28 to Gnanalingam’s company Pembinaan Redzai Sdn Bhd, which had advanced a loan of RM140 million to buy out Maika shares.

The company that received the loan, G Team Resources & Holdings Sdn Bhd, was also owned by Gnanlingam and was the entity authorised by Maika’s board (with the blessing of the government) to buy up the majority of Maika shares in 2010 as part of the ‘bail out’ plan for the floundering fund which was failing to pay dividends to its thousands of modest shareholders and had stopped producing accounts.

G Team used the RM140 million to buy out the majority of those ordinary shareholders, offering them just 80% of the original share price they had paid in for when the fund was launched in the 1980s at RM1.00 a share.

Publicly, Mr Gnanalingam, the board and the government made clear that any later profits to be raised from the sale of the fund’s remaining assets (most particularly a slice of land and a profitable insurance company) would subsequently also be returned to the self same original shareholders.

This was because Gnanalingam had been appointed to the task, without the discussion of other options or tenders, on the basis that he was acting as a “trustee” for the benefit of the shareholders only:

“G Team is supported by a Cabinet committee set up by the Prime Minister [Najib] which includes HSS Integrated executive director Datuk Kuna Sitthampalan, Bank Negara and Petroliam Nasional Bhd director Datuk N. Sadasivan, former Mida director-general Datuk R. Karunakaran and Prime Minister’s Department special officer Ravin Ponniah.
“They will become trustees of Maika when we take over the company,” Gnanalingam said.
[How it was explained at the time – Star newspaper]

However, according to the letter sent by the liquidator, when the majority of the insurance company Oriental Capital Assurance Berhad (OCA) was indeed sold to Tune Insurance Holdings (part of the Tony Fernandes controlled group of companies) the above sum of over RM145 million was then transferred by cheque straight back to Pembinaan Redzai Sdn Bhd as an apparent repayment plus interest – rather than to Maika itself for proper distribution.

G Team itself meanwhile acquired 3.75% of the shares in insurance giant, for RM7,379,129.13.

Letter from the liquidator to Gnanalingan as owner of Pembinaan Redzai

It appears that Mr G Gnanalingam has refused to comply with the requests of the liquidators to rectify the “huge mistake” made back in 2015, which clearly meant that what profits there were from the sale of the insurance company to Tune were not distributed as was the declared intention.

There is another problem linked to this thorny issue, as several commentators have pointed out, which is that the valuation of the insurance giant at the time of that hasty sale appears to have been woefully underpriced. Tune Insurance (comprising mainly OCA) was floated a year later after the sale in 2012 for a hundred million dollars soon amassing a market capitalisation of RM1.2 billion.

That meant vast profits for Tune and G Team, which retained shares. It is understood that family members of Mr Gnanalinghan had also been absorbed onto the board of Tune Insurance.  However, none of these profits went towards swelling the miserable pay out originally provided to the ordinary shareholders.

A separate issue linked to the list of concerns surrounding Maika’s unusual ‘bail out’ relates to the disposal of money owed to some 5,800 shareholders of the fund (6.9%) who did not claim their pay out.  The approximately Rm7 million owing to them was not paid over to the public exchequer via Bank Negara, as demanded by the law, according to information available to the liquidators.

“It cost some RM79 million to pay off the shareholders” says one source, who has researched the documents passed to the MACC, “yet some RM179 million was raised from the land sale and the sale of OCA. It means certain entities kept over RM100 million”.

And that was before the floatation of OCA

Posted by Unknown at 5:26 PM No comments: 

Westport a critical national asset, cannot remain a family heirloom with mysterious shareholders guided by astrology - Shareholding structure needs to be broadened, institutionalised, management reviewed

 by Ganesh Sahathevan 

Westports Holdings Bhd is  a critical national asset. However, in keeping with that peculairly Malaysian habit where listed companies no matter how large are controlled by a single shareholder, the bulk of its shares are held by the estate  of the late G.Gnanalijgam (see above). However , as reported, the identity of its shareholders remains a mystery. 

Meanwhile  Westport's ability to raise capital is constrained by the desire to keep control of the company and it's management in family hands.  Clearly the company's shareholding structure needs to be  broadened, and institutionalised.  It will then be for the new shareholders to review its  management and make the necessary changes. 

The late G. Gnanalingam's marketing skills included a talent for selling astrological forecasts. That skill served him well, but Westport's management cannot be led by the stars even if it in the business of  providing a harbour for ocean going ships.

TO BE READ WITH 

Wednesday, July 12, 2023

Westport was privatised in the mid 90s to Azran Abdul Rahman, and Mohd Nazari Abdul Rahman, not the late G.Gnanalingam and heirs- Passing away of Westport Gnanalingam a good time for Prime Minister Anwar Ibrahim resolve the mystery of Westport's ownership

 by Ganesh Sahathevan 

Westport Gnanalingam's death leaves Anwar Ibrahim with few if any excuses to not immediately claw back proceeds from the Tune Pro IPO

Who Owns Westport? 

Probably not the Gnanaligam family ,as this report from Halal Journal, since removed , implies :
THERE are not many who have a business to inherit, and even if they do, the business would seldom be out of the ordinary.

For Ruben Emir Gnanalingam, he has been handed a port to run, taking over from his father Tan Sri G. Gnanalingam, a majority stakeholder in Westports Malaysia Sdn Bhd, the operator of Westports in Port Klang.

The elder Gnanalingam's increasingly less frequent visits to the port is an early indication of his son's ascent to the captain's seat. Ruben, in recent times has also become more exposed to the media.

Or even as stated here on the Westport website,but no longer: 

HIS father may own Westports but this did not mean that Ruben Emir Gnanalingam could start his career there at the top. ....This time around I was better prepared to fully immerse myself in the family's business," he said. His father, Westports executive chairman Tan Sri G. Gnanalingam was the main reason for his return.   

 

 

FOR, one recalls from the newspaper of record the New Straits Times, from that famous list published in 1998: 

FOLLOWING is the list of privatised projects, the companies they are awarded to, and the names of principal shareholders in parenthesis, as released at the Umno general assembly yesterday:

104. Privatisation of the West Port, Klang (Westport Holdings Sdn Bhd - Azran Abdul Rahman, Mohd Nazari Abdul Rahman).

(Source:Recipients of privatised projects.
21 June 1998,New Sunday Times (c) 1998 New Straits Times Press (Malaysia) Berhad)

It is time for the mystery to be resolved,by Prime Minister Anwar Ibrahim, who was the Finance Minister who oversaw the Westport privatisation.

END 

Westport was privatised in the mid 90s to Azran Abdul Rahman, and Mohd Nazari Abdul Rahman, not the late G.Gnanalingam and heirs- Passing away of Westport Gnanalingam a good time for Prime Minister Anwar Ibrahim resolve the mystery of Westport's ownership

 by Ganesh Sahathevan 

Westport Gnanalingam's death leaves Anwar Ibrahim with few if any excuses to not immediately claw back proceeds from the Tune Pro IPO

Who Owns Westport? 

Probably not the Gnanaligam family ,as this report from Halal Journal, since removed , implies :
THERE are not many who have a business to inherit, and even if they do, the business would seldom be out of the ordinary.

For Ruben Emir Gnanalingam, he has been handed a port to run, taking over from his father Tan Sri G. Gnanalingam, a majority stakeholder in Westports Malaysia Sdn Bhd, the operator of Westports in Port Klang.

The elder Gnanalingam's increasingly less frequent visits to the port is an early indication of his son's ascent to the captain's seat. Ruben, in recent times has also become more exposed to the media.

Or even as stated here on the Westport website,but no longer: 

HIS father may own Westports but this did not mean that Ruben Emir Gnanalingam could start his career there at the top. ....This time around I was better prepared to fully immerse myself in the family's business," he said. His father, Westports executive chairman Tan Sri G. Gnanalingam was the main reason for his return.   

 

 

FOR, one recalls from the newspaper of record the New Straits Times, from that famous list published in 1998: 

FOLLOWING is the list of privatised projects, the companies they are awarded to, and the names of principal shareholders in parenthesis, as released at the Umno general assembly yesterday:

104. Privatisation of the West Port, Klang (Westport Holdings Sdn Bhd - Azran Abdul Rahman, Mohd Nazari Abdul Rahman).

(Source:Recipients of privatised projects.
21 June 1998,New Sunday Times (c) 1998 New Straits Times Press (Malaysia) Berhad)

It is time for the mystery to be resolved,by Prime Minister Anwar Ibrahim, who was the Finance Minister who oversaw the Westport privatisation.

END 

Westport Gnanalingam's death leaves Anwar Ibrahim with few if any excuses to not immediately claw back proceeds from the Tune Pro IPO,sale of Maika and Oriental Assurance Capital transactions stolen from poor Indians

 by Ganesh Sahathevan

         The late Tan Sri G Gnanalingam 

Billionaire G.Gnanalingam has passed away. There are now no reasons, if any at all, for PM Anwar Ibrahim to not claw back proceeds from the Tune Pro IPO,sale of Maika and Oriental Assurance Capital transactions stolen from poor Indians.

Tuesday, December 13, 2022

PM Anwar can help poor Indians by clawing back proceeds from the Tune Pro IPO,sale of Maika and Oriental Assurance Capital

 by Ganesh Sahathevan

                  Anwar: Indians among country’s poorest, but leaders ‘filthy rich’

While campaigning the then Opposition Leader Anwar Ibrahim declared a desire to help Malaysia's poorest, the Indians.

Now that he is Prime Minister and Minister For Finance  Anwar can help poor Indians by clawing back proceeds from the Tune Pro IPO and sale of Maika and Oriental Assurance Capital.

To Be Read With 

Wednesday, March 13, 2019

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

by Ganesh Sahatevan

                                               
                                  MAIKA'S SAVIOURS:THE TRUSTEES

Tan Sri G.Gnanalingam

Ravin Ponniah

Tan Sri Ir. Kunasingam 

                                                               A/L V. Sittampalam

                                                               Dato’ N. Sadhasivan 

                                                                           
                                                                                Datuk R. Karunakaran

The Maika  rescue was initiated via a  trust GT Resoruces Sdn Bhd, and the trustees were the following persons :


Gnanalingam said GT Resources, run by a board of trustees chaired by him and comprising Datuk Kuna Sithampalan, Bank Negara and Petronas director Datuk N. Sadhasivan, ex-Malaysian Industrial Development Authority director-general Datuk R. Karunakaran and special officer in the Prime Minister's Department Ravin Ponniah, had already obtained 12 per cent of the shares held by the Maika management.

(Maika payout by July 31;23 April 2010New Straits Times)

This morning Sarawak Report has shown how some RM 145 Million, being the proceeds from the sale of Maika's then primary asset, its stake in Oriental Assurance Capital was paid over by Maika to Gnanalingam's private company , Pembinaan Redzai Sdn Bhd.

That money needs to be clawed back, and the clawback should include any profits made by the trustees from the Tune Insurance IPO.

END 

Maika Papers Raise Further Concerns Over Shareholders' Missing Money

• 13 March 2019
   
• 0

Sarawak Report has viewed further documents that have so far remained hidden from the public relating to the disposal of Maika Holdings assets by supposed corporate ‘white knights’ deputed by the former government to ‘bail out’ the struggling fund.

The ‘rescue’ back in 2010 included a promise that any profits from the disposal of the company’s assets would be distributed amongst some sixty six thousand original shareholders of the fund – mostly members of the Malaysian Indian Congress party, linked to BN, who had received a paltry return on their investments over several years.

These papers indicate that in recent weeks liquidators have expressed acute concern that huge sums of cash arising from the sale of those assets went to the wrong place, namely a company owned by one of the said ‘white knights’ G Gnanalingam, instead of Maika Holdings itself (in order to be distributed to shareholders as was promised).

Loan at the centre of the dispute was from one of Mr Gnanalingan’s companies Pembinaan Redzai Sdn Bhd to G Team Resources & Holdings Sdn Bhd, which he set up to buy out Maika Holdings

Sarawak Report understands that the matter has now been referred to the police and MACC investigators, following a series of legal interchanges between the liquidators and G Gnanalingam viewed by Sarawak Report.

“Huge Mistake”

At the heart of the issue is what liquators described in a letter dated as late as September 4th of last year as a “huge mistake” on the part of previous managers of Maika Holdings, whom they say “wrongly transferred” the staggering sum of RM145,753,073.28 to Gnanalingam’s company Pembinaan Redzai Sdn Bhd, which had advanced a loan of RM140 million to buy out Maika shares.

The company that received the loan, G Team Resources & Holdings Sdn Bhd, was also owned by Gnanlingam and was the entity authorised by Maika’s board (with the blessing of the government) to buy up the majority of Maika shares in 2010 as part of the ‘bail out’ plan for the floundering fund which was failing to pay dividends to its thousands of modest shareholders and had stopped producing accounts.

G Team used the RM140 million to buy out the majority of those ordinary shareholders, offering them just 80% of the original share price they had paid in for when the fund was launched in the 1980s at RM1.00 a share.

Publicly, Mr Gnanalingam, the board and the government made clear that any later profits to be raised from the sale of the fund’s remaining assets (most particularly a slice of land and a profitable insurance company) would subsequently also be returned to the self same original shareholders.

This was because Gnanalingam had been appointed to the task, without the discussion of other options or tenders, on the basis that he was acting as a “trustee” for the benefit of the shareholders only:

“G Team is supported by a Cabinet committee set up by the Prime Minister [Najib] which includes HSS Integrated executive director Datuk Kuna Sitthampalan, Bank Negara and Petroliam Nasional Bhd director Datuk N. Sadasivan, former Mida director-general Datuk R. Karunakaran and Prime Minister’s Department special officer Ravin Ponniah.
“They will become trustees of Maika when we take over the company,” Gnanalingam said.
[How it was explained at the time – Star newspaper]

However, according to the letter sent by the liquidator, when the majority of the insurance company Oriental Capital Assurance Berhad (OCA) was indeed sold to Tune Insurance Holdings (part of the Tony Fernandes controlled group of companies) the above sum of over RM145 million was then transferred by cheque straight back to Pembinaan Redzai Sdn Bhd as an apparent repayment plus interest – rather than to Maika itself for proper distribution.

G Team itself meanwhile acquired 3.75% of the shares in insurance giant, for RM7,379,129.13.

Letter from the liquidator to Gnanalingan as owner of Pembinaan Redzai

It appears that Mr G Gnanalingam has refused to comply with the requests of the liquidators to rectify the “huge mistake” made back in 2015, which clearly meant that what profits there were from the sale of the insurance company to Tune were not distributed as was the declared intention.

There is another problem linked to this thorny issue, as several commentators have pointed out, which is that the valuation of the insurance giant at the time of that hasty sale appears to have been woefully underpriced. Tune Insurance (comprising mainly OCA) was floated a year later after the sale in 2012 for a hundred million dollars soon amassing a market capitalisation of RM1.2 billion.

That meant vast profits for Tune and G Team, which retained shares. It is understood that family members of Mr Gnanalinghan had also been absorbed onto the board of Tune Insurance.  However, none of these profits went towards swelling the miserable pay out originally provided to the ordinary shareholders.

A separate issue linked to the list of concerns surrounding Maika’s unusual ‘bail out’ relates to the disposal of money owed to some 5,800 shareholders of the fund (6.9%) who did not claim their pay out.  The approximately Rm7 million owing to them was not paid over to the public exchequer via Bank Negara, as demanded by the law, according to information available to the liquidators.

“It cost some RM79 million to pay off the shareholders” says one source, who has researched the documents passed to the MACC, “yet some RM179 million was raised from the land sale and the sale of OCA. It means certain entities kept over RM100 million”.

And that was before the floatation of OCA