PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) raided the office of MIC’s investment arm, Maika Holdings, in Klang and other offices linked to the company today.
Documents were seized by the raiding party in the operation that started at 10am.
The raids were conducted after a report was lodged by a whistle-blower several weeks ago.
MACC deputy chief commissioner Datuk Seri Azam Baki confirmed that an investigation on Maika for power abuse is underway but declined to comment further.
However, sources revealed that the MACC is in the midst of examining the seized documents to ascertain if there were elements of corruption and power abuse in the alleged losses suffered by the investment arm.
“We are in the process of gathering evidence and there are more locations that will be raided in the coming days,“ an inside source said.
“There is much to be scrutinised as they backdate to more than a decade. If there are incriminating evidence, then a full-scale investigation will follow. Past and present officials of Maika will be summoned to have their statements recorded.”
Maika Holdings was founded in 1983 by former MIC president Tun Samy Vellu.
It suffered massive losses purportedly from mismanagement.
The company had raised over RM106 million from over 66,000 investors, mainly the less-fortunate Indians who made up to more than two-thirds of the investors.
They were promised high returns when it was launched.
The investors did not see the profits and had since taken to attacking the MIC, accusing it of fleecing them.
Malaysian Anti-Corruption Commission headquarters, Putrajaya.