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AIMST CHIEF QUITS

Contributed by Anonymous on Saturday, January 09 @ 09:14:43 CST

MIC
The Malay Mail, Frankie D'Cruz
Friday, January 8th, 2010 
Dr Ampikaipakan also resigns as MIED trustee
KUALA LUMPUR: Well-respected consultant chest physician Tan Sri Dr K. Ampikaipakan has resigned as chairman of AIMST Sdn Bhd, the management company of Malaysia’s first private university, Asian Institute of Medicine, Science and Technology University (AIMST).



He also tendered his resignation as trustee of the MIC’s education arm, the billion-ringgit Maju Institute for Education Development (MIED) that owns the university at Semeling, Kedah. The resignations took effect yesterday, said MIED founding member Tan Sri K.S. Nijhar. Nijhar said Dr Ampikaipakan did not state his reasons for resigning from both posts. The Malay Mail understands that at least two other directors are expected to follow suit, plunging the  management of the university into deeper problems. Nijhar said the remaining seven trustees were expected to meet soon to discuss Dr Ampikaipakan’s resignation and name the potential replacement. He said Dr Ampikaipakan had served AIMST and MIED with full dedication and that it would be difficult to find someone of his calibre as replacement. Dr Ampikaipakan, a community leader with an outstanding career of more than three decades in medicine and education, both in the public and private spheres, had been AIMST chairman since it was founded on March 15, 2001. Nijhar said Dr Ampikaipakan provided critical leadership to the university in its formative years and ensured its sustained growth in consonance with the aspirations of its founding fathers. Dr Ampikaipakan was not available for comment. Ampikaipakan implicated in 'hijack' move KUALA LUMPUR: Tan Sri Dr K. Ampikaipakan had been implicated land — alienated by the Kedah government to build the Asian Institute of Medicine, Science and Technology University (AIMST) — in the name of IMST Sdn Bhd. MIED founding member and former MIC treasurer-general Tan Sri M. Mahalingam was the first to mention the attempt by Dr Ampikaipakan at a news conference last October. Mahalingam had also implicated MIC chief Datuk Seri S. Samy Vellu for giving consent to Dr Ampikaipakan’s proposal. The little-known move was reportedly made in 2000 when Dr Ampikaipakan, as the chairman, held a 30 per cent stake in the company, The Malay Mail had reported. The other shareholders then were Datuk Dr T. Marimuthu (30 per cent) and Bumiputera shareholder Tan Sri Rashid Manap (40 per cent). The company then was not a wholly-owned subsidiary of the Maju Institute for Education Development (MIED), the education arm of the MIC, hence the placement of shares among the three individuals. The shares were returned to the MIED about two years ago, after the 30 per cent Bumiputera requirement for educational institutions was revoked. Certain MIC leaders had called for the resignation of Dr Ampikaipakan on grounds that he made the attempt to “hijack” the university when he was holding a 30 per cent stake. Mahalingam charged that Ampikaipakan wanted MIED to transfer RM8 million to AIMST Sdn Bhd from MIED to enable the company to pay the nominal premium to the Kedah government. He claimed the ex-CEO of MIED, Chithirakala Vasu, and himself prevented that move by pointing out the legal aspect of that matter after consulting Tan Sri G. Vadiveloo, another lawyer on MIED’s Board of Trustees. Monday date for trustees KUALA LUMPUR: Both MIED and AIMST have been in the limelight recently for all the wrong reasons. The MIED, that operates with government grants and public donations, has this year been functioning with an unlawfully constituted board of directors. It was revealed that MIED should have convened an AGM last year to obtain the sanction of members to allow six directors, all above the age of 70 in the year 2008, to hold office as directors for the year 2009. Matters came to a head when former MIC Youth chief S. Vigneswaran recently stepped up the pressure against both institutions in a letter to all eight trustees. Vigneswaran, who is also a MIED member, had in his letter alleged serious irregularities, ranging from financial mismanagement to abuse of power. The action by Vigneswaran, a lawyer, is expected to open the vault of “secrets” in the alleged issue of personal loans of some RM100 million to individuals and company officials. Prominent individuals with close links to the MIC leadership and former political leaders would be asked to explain their role in this fiasco that has wrecked the credibility of the party and  that of the MIED. Alleged flaws in awarding contracts for the construction of the MIED-run Asian Institute of Medicine, Science and Technology University (AIMST) in Semeling, Kedah, would also come under scrutiny. Vigneswaran had initiated the derivative action under Section 181 of the Companies Act 1965 against the eight trustees. The section allows MIED, as an entity, to sue to recover or punish its trustees, directors and officers for losses, fraud, negligence and other failures. The trustees, including chairman and MIC president Datuk Seri S. Samy Vellu, have until next Monday to account for financial losses, abuse of power and other alleged discrepancies under the Companies Act. MIED sourced millions of ringgit from the Indian community, received about RM300 million from the government and acquired a RM220 million loan from Bank Pembangunan Malaysia to build the AIMST campus on a 228-acre site. The cost of construction ballooned from an initial RM230 million to close to RM500 million. MIED is not a business entity but a Section 24 company or a trust organisation that is limited by guarantee. There are many limitations on what MIED can and cannot do, and has a board of trustees, instead of directors, who are elected by the life members.

 
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