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Unit trust scheme to reverse Indian equity drop

June 26th, 2008
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The hottest news among the concerned Indians surely have to be the news that Indian equity DROPPED to 1.1% from previous 1.2%. This is a big blow to MIC, and if used properly, will spell the end of Samy Vellu and MIC. For all they claimed on stages and advertised in papers, what we ended up with is a drop in equity. When everyone else registered positive growth, ours went the opposite way. Even though the value of investment increased (by/to?) RM575.2million or 9% within the period 2004-2006.
Unless there is proof that from 2006 to 2007, some sort mini miracle happened to improve the percentage…it will be a body blow for MIC.

Yeah, equity may not be all, but as it is an indicator fondly used by other races, so I guess its fair that we too treat it as an important indicator.

The non-privileged, normal Malaysians share increased from 40.6 percent in 2004 to 43.9
percent in 2006, meaning the Chinese community’s hold increased 3.3%, far more than the privileged and Indians communities.

For non-bumiputeras, it increased from 40.6% in 2004 to 43.9% in 2006. Chinese ownership group saw an increase from 39.6% to 42.4%, while for Indians it showed a slight decline from 1.2% to 1.1%.

However, there was a decline in foreign ownership from 32.5% to 30.1% while for nominees, it fell from 8.0% to 6.6%.

Also, the contentious “privileged’ people equity is being put at 19.4% whereas alternative figures quote more than 45% (google for ASLI’s report on bumiputra equity), increasing from 18.9% in 2004. ?During the period, individual ownership increased from 15.0% to 15.1% while for institutions, including Permodalan Nasional Bhd, it increased from 2.2% to 2.6%. The government’s target under the 9MP is to attain bumiputera equity ownership between 20% and 25% by 2010, which excludes government companies like Petroliam Nasional Bhd and Khazanah Nasional Bhd. The equity ownership is based on the par value of the shares and not on market capitalization.

The irony is privileged people’s equity increased 0.5% and below are among the measures to reach the target of 20 to 25% being introduced by PM:
» Read more: Unit trust scheme to reverse Indian equity drop

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Maathias Chang blunder

June 26th, 2008
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Really surprising that Dr Mahathir Mohamad’s former political secretary Matthias Chang can make such a blunder. Surely he know at least his ex-boss race!

As mentioned in Malaysiakini:

“He (Ian Chin) must be sacked for slandering a great Malay leader,” the lawyer told reporters after lodging a police report against the judge for allegedly making defamatory remarks against the former prime minister.

Its not “great Malay leader”, you silly! Its “great half-Malayalee leader”! If that’s too difficult, just say Indian leader lah… Well, I can accept Indian-Muslim leader as well. 🙂
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did or did not?

June 25th, 2008
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Hmm..yesterday was quite interesting. RPK gave a statutory declaration that included statement saying PM Badawi received a report from military intelligence. But Badawi denied it.

Then, if you remember the indelible ink issue during the last election, the Election Comission’s chairman Abdul Rashid said that it was the Cabinet decision that “instructed” him to not use the inks (bought for RM2 million – can purchase land and build one Tamil school!) just days before the election. If I’m not mistaken the chairman implicated PM Badawi as well. In yesterday’s Parliament session, PM gave a written reply to Lim Guan Eng’s question. According to the reply, the Cabinet only “suggested” and the decision was still with the commission.

So, who is lying and who is not?

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Posted in BornInMalaysia

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job fairs see less indians participating

June 23rd, 2008
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I’m kind of surprised that Dr S.Subramaniam is saying “it was disappointing that the participation of the Indian community in job fairs was not encouraging.” He also mentioned that “indian youngsters should take an initiative to attend job fairs so that they could look and apply for jobs which might be suitable based on their qualifications.”

Time to time, I do attend such fairs (and also those related to education) and can notice significant number of Indians roaming around. The awareness is there to a certain extent.

I know that concerned members of the community do take the initiative to spread information on such job fairs via emails, forums, and SMS. That reaches many of the Internet-enabled students and graduates. As for those in the outskirts or without Internet access, they have to rely on media and also more conventional methods. This is where MIC, IPF, NGOs, and various temple committees come into play. These people should be having good network of contacts, and thus able to use their premises to display news on job fairs. Newspapers which are own by political parties do highlight such fairs from time to time, but more prominence should be given.

When you provide something that is beneficial to the people, people will come to you. No need to waste money on publicity campaigns or rebranding exercises.

Of course there are those fraction of people who wait forever for things to fall onto their laps. But that is common among all communities.

Now, the next questions will be: How many of those who attend get selected? Are job-seekers wary of discrimination by employers? Are the job-seekers qualified and well equipped with the necessary skills?

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Sayonara Vigneswaran

June 22nd, 2008
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Today’s NST analyses the reasons on why efforts are underway to get remove of MIC youth chief S.A. Vigneswaran from him post. Similarly, few other MIC youth leaders (S.Ramis-deputy, M.Kumaresan-secretary, K.Raj Kumar-information head, and S.Murugesan-CWC representative) who are above the “retirement” age of 41 would be asked to relinquish their post.

Meanwhile according to NST, his deputy, S. Ramis said some of the youth council members who, too, were asked to leave, would meet Samy Vellu in two weeks to seek an explanation. “Not all of us want to seek legal opinions on the age limit. We just want to ask Datuk Seri why we were asked to leave,” he said.

The NST says that members are not buying the reason given by MIC leadership on the removal of Vigneswaran.

Why was S. Vigneswaran, the once blue-eyed boy of the MIC president, asked to vacate his Youth chief post only now, two years past the due date?  This is the million ringgit question on the lips of those interested in MIC politics.

The party constitution says that the youth chief must vacate his post when he reaches his 41st birthday, yet Vigneswaran was allowed to stay on beyond the age limit. He is now 43.

Many are asking why not wait until he finishes his term, which ends next June, since he was an elected chief?

Vigneswaran had also been skipping CWC meetings and the Selangor MIC AGM recently.

Youth wing members said Vigneswaran’s absence from several central working committee meetings and the Selangor AGM further fuelled speculation that he could not see eye to eye with Samy Vellu.

A senior member of the party argued that since the Youth chief was elected, he should be allowed to finish his term. She also questioned why the Puteri and Putera chiefs were allowed to stay even though both had exceeded the age limit.

“If it was because Vigneswaran did not attend meetings, then he should have been referred to the disciplinary committee, not told to vacate his post,” she said.

Sources in the party said the sudden move to ask Vigneswaran to vacate his post was to ensure that he would not openly question the party supremo at the MIC annual general meeting next month.

» Read more: Sayonara Vigneswaran

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