After letters condemning MIC’s 300 million claim appears in papers (not to mention in kedai kopi and blogs too), Samy clarifies that the money WILL not pass through MIC, not even a single sen! Hmm…it would have been a non-issue if this clarified earlier. Perhaps they thought they can get away with it, but brader…this is 2008, not 1980s! Let’s hope for good news from PM in July.
Anyway, doing the maths reveals that:
100 mil -investment fund
50 mil – SME/SMI
30 mil – micro-credit
10 mil – agro business
50 mil – new schools
15 mil – pre-school
30 mil – hostel
15 mil – single mothers / poor families
total: RM300 million.
MIC not profiteering from RM300mil request
source
By CHAN LI LEEN
IPOH: The proposed RM300mil annual fund aimed at improving the Indian community will not be handled by the MIC, its president Datuk Seri S. Samy Vellu said.
Hitting out at critics that the proposal was another scam by the MIC to make money out of the Indian community, Samy Vellu said:
“Not a single sen of the RM300mil yearly allocation sought to raise the equity of Indians will pass through the MIC.”
The party, he said, would have no hand in the decision-making, selection process or the disbursement of funds. “The money is to be given out in the form of loans by financial institutions as well as development programmes and support schemes by government agencies,” he told reporters Monday before opening the Perak MIC Convention here.
As the ones who initiated the proposal, Samy Vellu said the MIC, through its Social Rehabilitation Foundation, could act as part of a monitoring body.
He detailed that of the total yearly amount being sought from the Government under the Ninth Malaysia Plan, RM100mil would be disbursed in loans or grants to the poor for the purpose of trust fund investments. “The funds are to be handled by Permodalan Nasional Bhd or any others set by the Government,” he explained.
He said RM50mil would go towards loans to help small and medium industries or enterprises, RM30mil in micro-credit loans for 2,000 participants, and RM10mil to agro-based businesses.
“Under the Tamil schools development programme, RM50mil will be used to build new schools, and RM15mil for 100 new pre-schools and RM30mil to create hostel facilities at 50 schools on a yearly basis,” he said.
Another RM15mil would be used to help displaced poor families and single mothers under a welfare support scheme, he added.
Noting that the proposal had already been submitted to Deputy Prime Minister Datuk Seri Najib Tun Razak, Second Finance Minister Tan Sri Nor Mohamed Yakcop and Minister in the Prime Minister’s Department in-charge-of the Economic Planning Unit Senator Datuk Amirsham Abdul Aziz, he said the MIC would later be meeting the Prime Minister on the proposed fund next week. “Hopefully, Datuk Seri Abdullah Ahmad Badawi will make a favourable announcement when he opens the MIC national convention in July,” he added.
‘RM300m is not for the MIC’
source
IPOH: MIC president Datuk Seri S. Samy Vellu has slammed those in the Indian community who do not want the government to give the RM300 million annual allocation sought by the party to improve Indian-owned equity. Venting his anger on those who had written in to newspapers urging the government not to hand over the money to the MIC, Samy Vellu said they should first find out who would disburse the money and how.
“Let me clear the air here. The MIC has asked the government to allocate RM300 million annually for the betterment of the Indian community. But we are not asking the government to hand over the money to us (the MIC). “The allocation should be disbursed by ministries, agencies, departments or banks appointed by the government. The MIC will not be getting the money. It will go straight to deserving Indians,” he said here yesterday.
Speaking before opening the 62nd Perak MIC convention, Samy Vellu said the community only had one per cent equity holdings and MIC wanted this increased to 2.9 per cent. “We have requested the government to allocate RM100 million for this and the funds can be managed by Permodalan Nasional Berhad or any body appointed by the government.”
He said an allocation of RM50 million for small and medium industries/small and medium enterprises development programmes and a further RM30 million for micro-credit scheme would be sought to help Indians succeed in business. Samy Vellu said the party was asking for the allocations because a majority of Indian businesses could not secure loans from banks.