PETALING JAYA – Businessman Robert Kuok is set to fly home to attend a government advisory council meeting next week, said Tun Daim Zainuddin.
In an exclusive interview with Nanyang Siang Pau, Daim, who heads the Council of Eminent Persons (CEP), said that he had personally spoken to Kuok over the telephone and confirmed that the businessman would arrive in Malaysia next week.
“Robert Kuok has extensive experience in business and finance. He is well-versed in the industries of commodities, real estate, hotel and tourism.
“Therefore, his suggestions are important. I can say that he is an all-rounder,” said Daim.
Kuok was named as one of the five members in the new CEP, two days after Pakatan Harapan toppled the Barisan Nasional government.
Daim also noted that Kuok, who now resides in Hong Kong, would not stay too long in Malaysia.
He said that PPB Group Bhd chairman Tan Sri Oh Siew Nam would attend meetings in Kuok’s absence.
Robert Kuok’s return adds optimism
THE unexpected return of billionaire Robert Kuok to the Malaysian scene has added optimism among investors and the public in the new government of Prime Minister Tun Dr Mahathir Mohamad.
It was an exciting news for the local Chinese community when Dr Mahathir named the global trader and businessman as one of the five members in the new Council of Eminent Persons, two days after he led Pakatan Harapan to topple the Barisan Nasional government of former premier Datuk Seri Najib Razak.
Since moving his business headquarters to Hong Kong from Kuala Lumpur in 1975, the richest man of Malaysia has pared down his local investments due to his disdain for the New Economic Policy, implemented after the May 13 riots.
The 94-year-old tycoon, estimated to have a net worth of about US$14.5bil (RM58bil) as of March, is also one of Asia’s wealthiest.
Kuok’s memoir, which shows he could not tolerate corruption, criticises some government policies as wrong.
For this, he suffered lowly name-calling by some. However, many, including Dr Mahathir, came to his defence.
“I have confidence he will be of great help to Malaysia. Although he could not return to meet with other council members often (due to health reasons), he may give his views and opinions via teleconferencing,” says Tan Sri Ter Leong Yap, president of the Associated Chinese Chambers of Commerce and Industry in Malaysia (ACCCIM).
With palpable excitement in his voice, Ter adds, “He is wise and knowledgeable. We had a lunch meeting with him last year, and he came across strongly as a patriot who has a lot of views and opinions to offer.
“He also showed his great love for the country.”
Tan Sri Micheal Yeoh, CEO of Asian Strategy and Leadership Institute (Asli), believes that the global entrepreneur can provide valuable business input on the various economic plans being developed by the Council of Eminent Persons.
The other council members are former finance minister Daim Zainuddin, former Bank Negara governor Zeti Akhtar Aziz, former Petronas president Mohd Hassan Merican and prominent economist Jomo Kwame Sundaram.
Dubbed the “Sugar King of Asia”, Kuok has set up a huge empire with cross-border businesses spanning from commodity trading to hotels, sugar and oil palm plantations, property development and entertainment.
His Kuok Brothers retains control of hotel, cinemas, flour, palm oil and property businesses in Malaysia after selling the local sugar business. The group’s listed entities here include PPB Group, Shangrila Hotels and FFM Bhd.
As the senior businessman may not be able to travel much, tycoon Tan Sri Chua Ma Yu sees the appointment of Kuok to the council as a “more symbolic” move.
“It can be seen as a form of support to the new government from Malaysia’s richest man to create confidence – domestic and international.
“But it will be more convincing if the group starts investing in Malaysia aggressively via action, after talking so much about loyalty to Malaysia,” adds Chua, who owns CMY International.
It is noteworthy that after PPB’s annual general meeting on May 15, its managing director Lim Soon Huat told reporters the group had plans to expand its flour business and build cinemas within three to four years.
Previously, the group had indicated intention to sell its Golden Screen Cinemas chain.
The group will also expand its participation in public utilities projects and purchase more land for property development.
Kuok has not replied to Sunday Star’s email on his future plans.
Apart from being admired for his business achievements, Kuok is seen as the most appropriate person to help mend the currently uneasy relations between Malaysia and China due to the council’s move to review mega Chinese projects here.
Dr Mahathir and his Pakatan coalition members have promised to cut down corruption and impose transparency in the awarding of contracts, and review mega contracts with unfair terms and shady dealings.
With national debt at 51% of the gross national product, Malaysia needs to cut down its spending on mega projects.
Under the previous government, China-linked projects worth RM300bil-RM400bil had been approved or were being planned, according to some estimates.
Perhaps, Kuok is the only Malaysian who can lay claim that he had been invited to meet all the top leaders of China, from the late Deng Xiaoping to current President Xi Jinping.
China and its people have great respect for Kuok for his help and contributions to the mainland’s economic development from the 1970s.
After transferring his headquarters to Hong Kong, Kuok ventured into China and was one of the earliest investors to help develop the economy of backward China then.
While China was facing sugar shortage in the 1970s, the deft international commodity trader engineered a complicated trading scheme to help the poor country buy sugar at low prices. He let go a great golden opportunity to earn big in the international sugar market.
For all his good deeds towards China, Beijing is grateful, according to cyber posts.
“I believe Robert Kuok can help our Government to renegotiate contracts with China and help resolve any issue pertaining to these negotiations,” says Yeoh of Asli.
On Thursday, BMI Research said a project at risk of cancellation is the RM55bil East Coast Rail Link (ECRL), awarded to China Communications Construction Company without open tender last year.
The Star reported on Wednesday that Malaysia Rail Link, the company handling ECRL, was being questioned on doubtful drawdown.
And under intense scrutiny leading to major revisions and potential cancellation are the Malaysia-China Kuantan Industrial Park and Kuantan Port, according to BMI Research.
The Bandar Malaysia project, a flagship project of the controversial 1Malaysia Development Bhd (1MDB), will also come under review. Many Chinese companies are keen to invest in the project.
“If Malaysia starts cancelling railway projects and other projects of China, and negotiations hit the rock, Kuok may assist by going between them,” opines Chua.
Indeed, Kuok’s ability and China contacts should have impressed Dr Mahathir, who had witnessed how the tycoon helped Malaysia pass secret messages to China.
In the 1980s when Dr Mahathir was Prime Minister for the first time, Kuok had played an “intermediary role” in ending the 40-year-long communist insurgency by passing messages to and fro in risky situations.
The Malayan Communist Party (MCP) had to give up its arms struggle in the jungles of Peninsular Malaysia in 1989 after Beijing ended financial aid to MCP.
Anxious over of the fate of Chinese projects in Malaysia, the Embassy of China in Kuala Lumpur has requested for a meeting with Dr Mahathir to talk about cooperation.
It is learnt that last Friday, Ambassador Bai Tian met with a close friend of the Prime Minister to arrange for a meeting.
Bai Tian tells The Star: “China is ready to work closely with the new government for the sustained development of our bilateral relations.
“We are willing to make concerted efforts to further promote China-Malaysia ties to new heights.”
Apart from Chinese investments, Malaysia is an important regional partner of China in international affairs, particularly in relation to Asean and East Asia.
When Dr Mahathir helmed the country in the 1990s, he had lent support to China when the West warned of “China Threat” as the mainland was developing its economy fast.
Under the previous government, Malaysia and China relations kept hitting new highs. In 2013, Beijing upgraded China-Malaysia ties to comprehensive strategic partnership.
China has been Malaysia’s largest trading partner for eight consecutive years and it is one of the leading investors in the country.
But China can take consolation that after assuming office on May 10, Dr Mahathir said the new government supports the Belt and Road Initiative, and Malaysia welcomes FDI from all countries, including that from China.
The seasoned politician could also see that being friendly towards China – which is developing to become the world’s biggest economy, there is more to gain for Malaysia in terms of business opportunities and economic cooperation.
– ANN
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