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| I have acted in the best interest of Maika
Tan Sri Vadiveloo continues to make selective
reference without giving a true and complete account
by Tan Sri G K Rama Iyer
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I stand by the statement I have made in this regard which was carried in full in the Malay Mail dated 10th December 2003. However, I only wish to make a few brief points with specific reference to this article. (1) Tan Sri Vadiveloo�s letter fails to quote the Board Paper dated 6.10.1990 in full where I had in discharging my duties as the then Managing Director, put forward the potential benefits and risk factors associated with the purchase of the STMB shares. The writer has chosen to only highlight the risk factors but fails to put forward the positive points I had made in the Board paper. That the Board decided to purchase 10 million shares evidences that these potential benefits outweighed the risk factors. (2) The writer once again attempts to suggest some sinister motive for dealing with Cik Munirah in relation to the shares. He has also suggested that I acted without the knowledge of the members of the Board in trying to secure 10 million shares. The decision of the Board at its meeting of 8-10-1990 and as reflected in its minutes shows that the Board deliberated the issue extensively. I reproduce the relevant parts of the Board minutes of 8-10-1990 in full so that this matter may rest with the record:- �Noted : The Chairman briefed the Board on the rationale to subscribe STMB shares. Should MHB be successful in obtaining 10 million shares at the issue price of $5 per share, a profit of $20 million would accrue at a price of $7 per share and this in turn would offer a great opportunity to put the company on a sound footing.Noted : That the Ministry of Finance had initially informed MHB in writing that the allotment for subscription for the Company was 10 million shares. However, subsequently the Ministry of Finance had retracted the letter and had written a second letter allocating only one million shares.Noted :
That Arab Malaysian Merchant Bank Berhad had indicated that it would be prepared to finance the purchase by providing a loan facility for the full amount based on the number of shares allotted by the Ministry of Finance for subscription and taken up by the Company.Noted : The Chairman said that MHB should still make a bid for 10 million shares and should the Company succeed in obtaining an allotment for the amount, � of the shares should be disposed off immediately after acquisition and the capital gain is to be used to settle part of the loan. The Company could retain the balance of 5 million shares for further capital appreciation.Resolved : That the company do hereby accept an allotment of 10 million ordinary shares of Syarikat Telekom Malaysia Berhad offered by the Ministry of Finance in its letter dated 27th September 1990 at an offer price of $5.00 per share involving a total cost of $50 million��������.Finally, I reiterate that the writer was not a member of the Maika Board at the relevant time and has no personal knowledge as to what transpired thereat. The writer continues to make selective references without giving a true and complete account of the events that had transpired. This is both misleading and inaccurate. I stand by the statement that I have made, clearly showing that I had acted in the best interest of Maika, the shareholders, and the Malay-sian Indian community.
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I reiterate that the writer was not a member of the Maika Board at the relevant time and has no personal knowledge as to what transpired thereat.
