Albukhary the Epitome Last Man on the Field

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Title: Syed Mokhtar Albukhary : A Biography
Author: Premilla Mohanlall
Genre: Biography
ISBN: 978-967-415-806-4
Publisher: pVm communications Sdn Bhd
Year: 2012

The British brought Chinese and Indian to work in tin mines and rubber plantations. The Malays remained in the periphery as farmers. Years subsequently, the Malays find their country's wealth under the grip of the minorities. There was a need to bridge this divide and hence, the New Economic Policy. Syed Mokhtar quickly capitalised his fate in that opportune moment.....

LBUKHARY is another SuperMokh but he ain't a footballer. He is an entrepreneur. A successful one. Motivated by the state of Malay economy during his younger days, Tan Sri Syed Mokhtar made a promise to himself that he will charge to the maximum. Back then (or still is, now), the Malaysian economic power rested with the Chinese, who were richer, better educated urban dwellers. The British colonial administration brought Chinese and Indian labour to work in tin mines and rubber plantations as well as in the colonial administration, adequately supported by well built amenities such as schools and hospitals. The Malays remained in the periphery as fishermen and farmers. Years subsequently, after they (colonial masters) had left, the Malays find their country's wealth under the grip of the minorities. There was a need to bridge this divide and hence, the New Economic Policy (the "NEP") was introduced in 1970. Syed Mokhtar quickly capitalised his fate in that opportune moment, and the rest, as they say, is history.

The Government's affirmative actions surrounding the NEP was strongly revolving in its efforts to raise Bumiputera equity from 1.5% in 1969 to 30% by 1990. Although the achievement, as we all know, is far from the target, it is believed that Syed Mokhtar played an instrumental role in enhancing and preserving whatever is left of the Bumiputera's representation in the equity market. Through his various stakes in many businesses, locally and internationally, across many industries consisting of both public listed entities as well as private proprietary holdings, he has made himself well at the top of the list as one of the richest Bumiputera alive in the world (excluding the Sultan of Brunei, or perhaps, Tun Daim Zainuddin as well).
 

When deduced, we are awed by the overwhelming presence of Syed Mokhtar's businesses in our lives. We eat rice and red meat. We consume sugar. We cook in palm oil using gas or electricity. We communicate with families via postal service. We buy books from MPH. We buy apparels from Crocodile. We may have, at one point of our lives, used Proton or Honda cars. Our security is the product of the army who wears apparels that he supplied. In fact, almost everything imported from overseas may have passed through one of the ports that he owns.

If the Chinese inherited their hard working attributes from their ancestors who underwent the hardship of four seasons in main land China, how could Syed Mokhtar have the same trait? The Malays didn't have the same environment. They had fish by the river and vegetables by the forest. The clue is in his name. His blood originated from the harsh land of Bukhary, from where his father came to rename himself when migrated to Malaya. So, really, we ought to call him Syed Mokhtar of Bukhary. In 1950, the family naturalised as Malaysians as well as native Malays by operation of law. Malaya was generous enough to embrace many into the Malay category as the constitution provides for Malays to include those who professes Islam, habitually speaks Malay and conforms to Malay customs. Albukhary family hit jackpot on all three.

Ali Baba business involves a Malay taking up equity allocated to them and trading it off to a Chinese. Temptation did come across Syed Mokhtar. He refused to enter into any Ali-Baba arrangements, especially in Chinese dominated industries.

Many of us are aware (but reluctantly remain silence) that the special privilege of the Malays have been misused is various schemes. A famous term often used is the Ali Baba business. It involves a Malay taking up equity allocated to them and trading it off to a Chinese. The Malay is in business in name only and the Chinese runs it (and keeps majority profits). This is a major cause of the unsuccessful NEP. It hinders the progress of Malays that was intended by the very creation of NEP. Temptation did come across Syed Mokhtar. He remained true to the NEP's course. He kept whatever Bumiputera licenses that he has and refused to enter into any Ali-Baba arrangements, especially in Chinese dominated industries.

Tun Mahathir was quick to identify Tan Sri Syed Mokhtar in his good book. Both are Kedahans who came from poor families and have had to struggle to prominence. Although both have strong non-Malay roots (the former Indian and the latter Arab), they consider themselves Malays as they were raised in the Malay culture and have the values of a Malay. In fact, they had to struggle harder because of this. With many things in common, he (Syed Mokhtar) was also quick to identify Tun as his mentor. This relationship prospered alongside the prosperity of his businesses. When Tun Mahathir was replaced by Tun Abdullah, Syed Mokhtar's propensity to grow frozen like a troll turning into a stone at the exposure of the ray of lights from the rising sun upon the Middle Earth horizon.
 

... he safeguarded strategic Bumiputera assets when other Malays were liquidating their assets like they were jumping onto a boat escaping a sinking Titanic. He was reluctantly avoiding the 'Get Out of Jail' ticket.

 

The change in administration was not the only downfall to Syed Mokhtar. Earlier he faced the bubble burst of 1997. Capitalism is not without its ugly Mr Hyde. The Asian economic crisis crucified him but yet he survived. With devalued Ringgit, Syed Mokhtar's assets shrank from RM3 billion to RM600 million. This impairment tantamount to 80% of the market capitalisation of his businesses; but yet, he safeguarded strategic Bumiputera assets that were entrusted to him when other Malays were liquidating their assets like they were jumping onto a boat escaping a sinking Titanic. Not only he was suffering, he was reluctantly avoiding the 'Get Out of Jail' ticket.

This matter multiplied his credibility over night. He was concerned that the NEP was being raped by both Bumiputeras as well as Non-Bumiputeras. He holds strong to the believe that the NEP benefited the Non-Bumiputeras significantly as well. Malaysia's richest men today trace their wealth back to NEP and political patronage. To name a few, Robert Kuok, Ananda Krishnan, Lim Goh Tong, Jeffrey Cheah, Yeoh Tiong Lay and Vincent Tan. Why should Syed Mokhtar be criticised for being an opportunist? After all, weren't those opportunities created for Bumiputera like him and others? Notwithstanding the justification and fairness of it all, Syed Mokhtar did not escape the painful strikes of mass media. They bowled him numerous spinning balls but he took it like Brian Lara sweeping the whole oval with his might, his business acumen and entrepreneur valour.

"In my (Syed Mokhtar) opinion, Bumiputera allocations should not be sold since they were awarded to us (Bumiputeras) to achieve the NEP's 30% corporate equity target."

 

* kopihangtuah



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