Daim and AK: towering legacies of 2 tycoons

 

Malaysia has seen the passing of two iconic national figures within days of each other in November – Daim Zainuddin, a businessman and two-time finance minister under the (also two-time) prime minister Dr Mahathir Mohamad, and T Ananda Krishnan, the billionaire owner of equally iconic Malaysian businesses Maxis, Astro, and Tanjong plc.

They were both 86. They were both supremely wealthy. In another coincidence, they were both also born within days of each other in April 1938, on the cusp of what would turn out to be the second world war.

The coincidences don’t stop there. Though immensely wealthy and powerful, they remained rather reclusive, keeping themselves mostly out of the limelight, especially in the case of Ananda Krishnan, or AK as he was more commonly known.

They let their actions speak for themselves. And what actions indeed!

Rising to the top

Daim accrued immense wealth as a businessman, and then went into politics – reluctantly if some people are to be believed – to help manage and grow Malaysia’s wealth as finance minister from 1984-1991.

He reprised this role during Mahathir’s unexpected second premiership in 2018. Both stints caused a lot of controversy, with much of it still reverberating today even if Daim is no longer around.

Ananda, meanwhile, started from a humbler position as a Brickfields-born Colombo Plan scholar and a Harvard MBA, at a time when that degree had not become an icon in itself.

He then went on to trade oil and help organise the Live Aid charity concerts that raised millions in the eighties, and built a business empire that spanned almost everything from telecommunications, media, satellites, oil and gas services, properties, power production and even gambling.

These businesses remain a legacy that will be around for a while yet, a testament to his acumen and enterprise.

The Mahathir connection

One thing Daim and AK had in common was a close relationship with Mahathir, the most powerful and controversial figure in Malaysia’s history, and Malaysia’s longest serving, and only two-time prime minister.

That relationship, as in many other similar power relationships, was part transactional and part personal, but was a tremendous help with their ambitions, even if it didn’t help them much in the end. And Mahathir, older than both by many years, is still around, perhaps out of sheer willpower to outlive everybody, friends or enemies.

A bystander’s thoughts

I can hardly claim to know Daim or AK. I am not and never was in the same pay grade as them – off in fact by a factor of billions. But I have been an observer, both as a citizen and also as an employee in some of the more interesting companies in Malaysia, including one associated with one of these figures.

These three people always come to mind when I ponder my favourite question of when enough is enough.

The fact I actually bother to ask myself that question is the prime reason that I am not, nor ever was, or will ever be, in the same pay grade as them, not to mention my lack of business acumen, guile, ruthlessness, energy and cunning.

I am a testament to the fact that charm and good looks alone (ahem ahem) aren’t enough to make you rich and powerful.

Going out on a low

Daim ended his days in court, facing multiple charges from his time in business and politics. Many claim the charges against him were politically motivated, which could very well be but that doesn’t necessarily mean they are baseless.

He died before the conclusion of the trial (which was likely to be the first of many) leaving many questions hanging in the air, and creating many new questions too.

AK also ended his days not quite on a high. His businesses are no longer the juggernauts they once were. He was clearly a recipient of political patronage early on, as that was indeed the game back in the gung-ho days of Mahathir-versus-the-world.

But unlike many of his crony contemporaries, he had the brains to make his businesses work.

Perhaps he was helped by his Harvard MBA, or more likely that he was actually smart enough to be accepted to do a Harvard MBA.

Under a cloud

However his wealth took a tumble as the valuations of his venerable telecommunications and media companies shrunk amid the challenges of new patronages, stiff competition and emerging business models that an old Harvard MBA didn’t quite prepare him for.

AK also ended his days under a cloud – or rather with a curt request for his presence in India regarding some allegations of impropriety with his earlier business forays in that country.

His Indian business plays also didn’t quite pan out as intended – not to mention a few other similar investments in other countries. Business life wasn’t all sweetness and light for him.

AK and Tony Fernandes

AK’s travails in India remind me of Tony Fernandes, another Malaysian tycoon of Indian descent. (An interesting aside: many used to refer to AK as a Tan Sri, even though he never was conferred such a title, perhaps out of his own refusal and desire to remain private).

Fernandes and AK both saw the obvious potential of India in their respective specialities – telecommunications and media – as well as low-cost airlines. Both sashayed into the country with high hopes and in Tony’s case, a huge amount of fanfare. In both cases, they exited with their tails between their legs.

They also had various court decisions and legal instruments requesting for their presence in India to explain some aspects of their business ventures there. It was never likely for them to ever grant the Indian authorities the honour of their presence. But their travel and holiday plans are somewhat curbed.

Both also learnt that just being of Indian ancestry and being superstars in their business arenas don’t guarantee success in Mother India, a harsh place to do business, especially for foreigners, as opposed to China, where many ethnic Chinese Malaysians have indeed found their mojo and pot of gold.

Role in Petronas

But I digress. AK also helped to start Petronas, Malaysia’s national oil company that is now a behemoth in its own right and, as far as national oil companies go, one of the best-run in the world.

That is not a fact known to many, and Malaysia indeed owes AK a huge gratitude, even if he indeed has had his ample rewards in many other ways.

But I can’t help but feel sorry for Daim and AK. They had their highs early on in life, only to end it in less happy circumstances. They both left behind a rather messy legacy, in reputation as well as in wealth, that means many years ahead of lawyers getting rich.

Earlier this year we had a similar death of another rich and powerful old Malaysian, Abdul Taib Mahmud, the controversial previous chief minister of Sarawak. In my article at the time, I again pondered way beyond my pay grade, even if perhaps with some degree of self-satisfaction and schadenfreude.

As someone who wonders often about when enough is enough, I’d say enough right here.

I wish no disrespect to these bigger-than-life personalities even as I urge everyone to put their own lives in perspective. And I offer my sincere condolences to those who loved them and miss them. - FMT

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.