Samy Vellu faces wrath of a woman

[frags]

source : http://www.themalaysianinsider.com/index.php/malaysia/15770-samy-vellu-faces-wrath-of-a-woman-



Samy Vellu faces wrath of a woman








By Baradan Kuppusamy


KUALA LUMPUR, Jan 12 - MIC president Datuk Seri S. Samy Vellu, who
rules his party with an iron fist and has defeated all comers, may have
finally found his match – a young woman he had once admired, promoted
to high office but whom he is now blaming for alleged impropriety
involving millions of dollars in contracts connected with the AIMST
University.Chitthirakala Vasu featured in a Tamil newspaper.

Unlike
others caught in his cross-hairs who have submitted meekly to the
supremo, P. Chitthirakala Vasu, the erstwhile CEO of the Maju Institute
of Education Development or MIED, is defiant and, MIC sources said, has
even threatened Samy Vellu with a lawsuit if anybody pins any blame on
her.
This is the first time in his long career in which Samy Vellu has ever faced the wrath of a woman.




The confrontation between them is not just a personal disagreement
but could impact Samy Vellu’s exit plan, the financial health of the
AIMST University and how to resolve a big-sized headache – a RM230
million bank loan that has come up for repayment.

In addition, the issue is a massive cost over-run in the
construction and operation of AIMST University, supposedly owned by
MIED for the MIC and the Indian community through a subsidiary, MIED
Capital Sdn Bhd.

The financial dealings surrounding AIMST is murky and that’s not
surprising considering the way Samy Vellu has managed his and the
party’s affairs – more akin to a personal fiefdom than a well-managed
and transparent corporation.

But what is clear is that although Samy Vellu raised funds from MIC
members and the Indian community to build AIMST and although the
government contributed, according to senior MIC officials, nearly RM280
million in financial aid, the construction cost has ballooned to nearly
RM500 million.

Worst still, in July 2004 MIED Capital, the wholly owned subsidiary
of MIED, signed a Facility Agreement for RM220 million with Bank
Pembangunan and Infrastructure Malaysia Bhd that was witnessed by MIED
chairman Samy Vellu.

According to this agreement, RM160 million is for construction of
university facilities and the remaining RM60 million for equipment.

The loan has a validity period of 24 months and the repayment starts
from the 48th month of the first draw down. In other words, repayment
started in July 2008.
Unfortunately, the debt repayment, Samy Vellu’s political exit and a
“do or die” rebranding of the party all came together at the worst
possible time with the MIC in retreat after suffering its worst ever
drubbing on March 8.

MIED is having difficulties repaying and Samy Vellu, senior officials said, has approached the government again for help.

The issue is complex because repayment and the cost overruns are intractably tied with Samy Vellu’s political future.

Samy Vellu has publicly said he will defend the MIC presidency in
party elections to be held in March and hand over to a successor at a
time of his choosing. Even the March election date is not firm and is
likely to be postponed.

Challenger Datuk M. Muthupalaniappan has been issued with a
show-cause letter for allegedly tarnishing the party’s image and is
likely to be suspended, thus disqualifying him from the contest and
allowing Samy Vellu’s re-election without opposition.
Top MIC sources said Umno wants Samy Vellu to hand over power before
Prime Minister-designate Datuk Seri Najib Tun Razak takes over in March.

Samy Vellu is amenable to handing over power but it must be based on
a timeframe “comfortable” to him and with all his affairs – personal,
party, political and financial – properly settled.

It is in this context that Samy Vellu has formed a three-man
committee to probe the affairs of the MIED, especially how contracts
were given out and why there is a massive cost overrun.

That’s why the spot light is on Chitrakalla the CEO of MIED.
But according to sources Chitrakalla, married with three children,
has threatened Samy Vellu during a confrontation between the two and
has warned if she is being dressed to take the rap, she would sue Samy
Vellu.

With his plate overflowing, the last thing Samy Vellu wants is a public trial.
Worse, she could give Malaysians an insider’s look into the foggy world of Samy Vellu.

It is no secret that Samy Vellu had admired her and allowed her near
complete freedom in managing MIED affairs. Now he blames her and wants
to investigate her.
The opening salvo is peanuts – alleged impropriety involving
contracts like grass cutting, when the real issue is the millions
involved and who is to be blamed.
Only an independent investigation by an outside party can really answer the question at the core of the MIED scandal.

Instead of an independent probe that might well have hang him out to
dry, Samy Vellu has appointed a three-man committee of his cronies to
investigate.

He also removed his old buddy Tan Sri M. Mahalingam as MIED Capital
chairman last month and has given the job to MIC vice-president Datuk
S. Sothinathan, another Samy Vellu-insider who has previously handled
his financial affairs.

Chitrakalla has gone on leave pending the probe, according to MIC
officials, and Samy Vellu has appointed another wide-eyed woman from
Sungei Siput to manage MIED in the interim.

[VJeyaa]

[rishi]

vinai vithaithavan, vinai arruppan

[tgopal]

I have something to share...
In 2003, when this lady was not even the CEO of MIED, she managed to convince the top people in MIED to buy a policy with an Insurance company, the premium being in the region of 1.3million. The beneficiary is none other than the great Semi Value and guess who is the agent for that policy.....Mr.Vasu, her husband. Those in the insurance line can guess the estimated income from this kind of premium (paid as a single premium), not to mention about the overseas trip for the so called one of the top agent.....
If I'm not mistaken, it's during this time they have decided to reduce the education loans to our Indian makkels.......

[VJeyaa]

The estimated income for the 1st 3 years is abt 520,000rm annually, since its a single premium, if not mistaken. Gowri should know better.

[rishi]

wow, they can realy do all this stuff.

i dont think i can ever be as good as them.

it will haunt my conscience for sure

[mirugam]

money speaks louder than anything else in this world.....when you're just within a few moves to get your hands on millions.....hmmmm.....greed overcomes everthing....

[rishi]

so much bad karma

[gowri]

Insurance ?
Is it real ? Then sure he gain something ......more n big...

If i can have the company details ? which insurance ?

[yankee]

hahahhaahaha

[Revam]

snake in leg snake ariyum