Was Maika Holdings financially distressed under Vell Paari?

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Maika Holdings Faced Financial Distress Under Vell Paari's Leadership

Datuk Seri S. Vell Paari has stated that Maika Holdings was already in a financially distressed state when he assumed the role of chief executive. He further claimed that any payments he received were reimbursements for funds he personally advanced to the company to help it meet its financial obligations. At the time of Maika's liquidation, Vell Paari asserted that the company still owed him a significant amount for these advances and for unpaid salaries.
Vell Paari's Financial Support for Maika Holdings

When Vell Paari took over as chief executive, he described Maika Holdings as being "financially distressed." He indicated that he occasionally provided personal funding to the company to ensure it could fulfil its financial commitments. These personal contributions were made to maintain the company's operations during difficult periods.
Reimbursement of Funds and Outstanding Debts

According to Vell Paari, when Maika Holdings had available funds, these were used to refund him for the monies he had advanced or paid on its behalf. He maintained that even at the point when Maika was being wound up, there remained a substantial debt owed to him. This outstanding sum covered both his financial advances to the company and his unpaid salaries.
Allegations of Fund Extraction and Vell Paari's Response

Previous reports alleged that Maika Holdings had transferred millions of ringgit to companies associated with Vell Paari, suggesting he had "extracted" funds leading up to the company's collapse. These allegations pointed to cash payments and other diversions of money. However, Vell Paari's statement counters these claims by framing the transactions as refunds and highlighting his own financial support for the company during its distress. He also mentioned that all shares in Maika have since been sold to G Team Resources & Holding Sdn Bhd.

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Was Maika Holdings financially distressed under Vell Paari?

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