Why cry for Ananda Krishnan, Syed Mokhtar monopolies? – Kunjuraman Karuppan

There was a couple of Bloomberg news reports that caught my eye today that related to General Election 2013 and impact of an unlikely Pakatan Rakyat (PR) victory.

One was that companies controlled by billionaires T. Ananda Krishnan and Tan Sri Syed Mokhtar Al-Bukhary would be at risk of increased competition and government scrutiny if Barisan Nasional (BN) lost power in the polls.

The other was BN chairman Datuk Seri Najib Razak predicting a plunge in the stock market and ringgit if PR captures Putrajaya. I don’t know about that but sounds like a warning to keep the status quo.

Frankly, I don’t see what the fuss is all about. Our stock market is controlled by institutional players and pension funds and the ringgit isn’t exactly sterling these days.

More so, I don’t see why any one would shed tears for Ananda or Syed Mokhtar if they had to compete on a level playing field under PR rule.

Serves them right They have already benefitted from the monopolistic situation in Malaysia, be it sugar, rice or pay-television services.

And both of them have become very rich thanks to the BN government. So who cares if they “suffer” from a PR win.

And if there is a turnaround for a more equitable system, why should we pity these tycoons.

As it is, Ananda controls about 42 per cent of Astro, according to data compiled by Bloomberg. He also owns shares of Maxis Bhd, the nation’s second-largest mobile-phone operator by market value.

Astro and DRB shares have fallen at least four per cent this year, compared with the FTSE Bursa Malaysia KLCI Index (FBMKLCI)’s 1.1 per cent gain, Bloomberg reported.

CIMB research had also named DRB, MMC Corp (MMC) and Padiberas Nasional Bhd ― all controlled by Syed Mokhtar ― among companies “perceived to have political connections,” according to the Bloomberg report.

The billionaire owns 52 per cent of MMC and 55.9 per cent of DRB.

Private companies linked to Syed Mokhtar also control Tradewinds (Malaysia) Bhd, which owns 73 per cent of Padiberas (PNK), the supplier of 45 per cent of the nation’s rice, data from Tradewinds’ website show.

So, they’ll still remain rich and not be in the poor house if PR comes to power. Now let’s all of us just focus on getting a proper system for businesses in the country if there is a change of government.

Like BN says, we demand a better nation. One without cronies and monopolies.

* Kunjuraman Karuppan reads The Malaysian Insider.