THE CORRIDORS OF POWER
Raja Petra Kamarudin
Back in the 1980s, Khoo Kay Peng became the target of the Malay Chamber of Commerce and Industry. The joke then was that ‘Ku’ Kay (Khoo Kay Peng) and Ku Li (Tengku Razaleigh Hamzah) were ‘brothers’.
They were of course referring to the close association between the two.
When Ku Li was the Minister of Finance, Khoo Kay Peng was reported to have received a lot of favours from the government. And this riled up the Malay Chamber of Commerce who saw the newly launched New Economic Policy (NEP) as mere lip service while Chinese tycoons like Khoo Kay Peng received more favours than the entire Bumiputera business community combined.
And this was one of the reasons for Ku Li’s failure to win the Umno Deputy Presidency -- which would have resulted in him becoming the Deputy Prime Minister and possibly, later, the Prime Minister of Malaysia. The Umno and Malay Chamber of Commerce members perceived Ku Li as a tool of the Chinese tycoons, in particular Khoo Kay Peng.
It was believed that if Ku Li were to become the Deputy Prime Minister, and later the Prime Minister, then Chinese tycoons like Khoo Kay Peng would become the Lord of the Malaysian corporate scene. So the Malays rejected Ku Li in favour of Musa Hitam, a Malay nationalist who was considered loyal to the Malay cause.
Khoo Kay Peng and his flagship company, Malayan United Industries Berhad (MUI), were untouchable. The fact that Khoo Kay Peng financed Ku Li’s political activities, in particular his bid for the Deputy Presidency of Umno, made ‘Ku’ Kay very powerful.
One wonders why Khoo Kay Peng survived the political fallout when his ‘horse’, Ku Li, did not. This is because, as is customary for all Malaysian Chinese tycoons, Khoo Kay Peng financed all sides. He not only financed Ku Li but all the other top Umno leaders as well.
Umno leaders come and go. Khoo Kay Peng, however, remained powerful. And his policy on placing his money on all the horses in the race ensured this. Chinese tycoons are notorious for hedging their bets in case their horse does not win the race. So never mind who eventually wins the race in the bid for the Umno leadership. In the end, whoever wins or loses, they who financed all sides end up the winner.
But Khoo Kay Peng is smarter than the other Chinese tycoons. While those such as Vincent Tan, Francis Yeoh, Robert Kuok, etc., are always in the news, not much is written about Khoo Kay Peng. The only thing that most people know about him is that he is a staunch Born Again Christian like that slime-ball from PKR, Chua Jui Meng. And, just like Chua Jui Meng, Khoo Kay Peng is not exempted from un-Christian activities as well.
Talk amongst the Chinese tycoon community is that Khoo Kay Peng’s MUI Bank lost RM500 million in a bad deal and in 1994 was sold to Hong Leong Credit Berhad and renamed Hong Leong Bank.
Nevertheless, Khoo Kay Peng is still unknown so the many moves he is making is hidden from the public eye. But a storm is about to hit. The shareholders of MUI are questioning why RM400 million of the shareholders’ money has been illegally transferred to the Hope Foundation, an arm of the Born Again Christian movement. Many are asking why what is clearly a crime of criminal breach of trust is going unpunished.
When Teoh Beng Hock has to die for an alleged RM2,000 or so, how can this crime of RM400 million get amnesty and immunity and go unpunished?
Another shady deal is the acquisition of Eon Bank, which is a fait accompli. Khoo Kay Peng and Tan Kay Hock are trying to sabotage the deal and take it for themselves.
Khoo Kay Peng owns The Bank of East Asia Limited in Hong Kong, which in turn owns 20% of Affin Bank, while Tan Kay Hock owns Johan Holdings Berhad.
It is no secret that Tan Kay Hock is linked to Prime Minister Najib Tun Razak and on Thursday we shall publish the Wikileaks cables to show you the link between the two.
What is Ibrahim Ali doing about this? He is screaming about how the Chinese control Malaysia’s economy and how the Malays are second-class citizens in their own country. But when these shady deals involving two Chinese tycoons, Khoo Kay Peng and Tan Hock Hock, are perpetuated, Ibrahim Ali is as silent as a church mouse.
Ah, but then we must not forget the ‘hedging of bets’ and ‘putting your money on all the horses’ that only the Chinese tycoons know best how to do. And the likes of Vincent Tan, Francis Yeoh, Khoo Kay Peng and Tan Kay Hock will not hesitate to donate generously to Ibrahim Ali’s ‘cause’ just to keep him off their backs.
And that is how the ‘smart partnership’ between the Malays and Chinese are perpetuated in Malaysia. The Malays do all the screaming and the Chinese do all the feeding. So the Malays will focus on screaming about the Chinese opposition while leaving the Chinese tycoons alone no matter how crooked they may be.
And that is why Chinese tycoons like Khoo Kay Peng can buy off the Malays, conduct their shady deals, and escape punishment.
Anyway, we shall continue on Thursday with the Wikileaks cables from the US Embassy in Kuala Lumpur that were sent to Washington to show the links between the Malays in the corridors of power and the Chinese tycoons who finance these Malays and get away with murder because of this political patronage.
So stay tuned for more.
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Laura Ashley Holdings PLC
Tan Sri Dato' Dr. Khoo Kay Peng serves as Non-Executive Chairman of Laura Ashley Holdings PLC. He joined the Board in February 1999.
He is the Chairman and Chief Executive of The MUI Group, which is a diversified group with business interests in the Asia Pacific region, the United States of America and the United Kingdom. He is also the Chairman of Corus Hotels Limited, UK and Morning Star Resources Limited, Hong Kong. Tan Sri Dr Khoo is a Director of Pan Malaysian Industries Berhad, Malaysia, SCMP Group Limited (South China Morning Post) and The Bank of East Asia Limited in Hong Kong.
Previously, Tan Sri Dr Khoo had served as the Chairman of the Malaysian Tourist Development Corporation (a Government Agency), the Vice Chairman of Malayan Banking Berhad (Maybank) and a Trustee of the National Welfare Foundation, Malaysia.
Tan Sri Dr Khoo is a trustee of the Regent University, Virginia, USA, and a board member of Northwest University, Seattle, USA. He also serves as a Council Member of the Malaysian-British Business Council, the Malaysia-China Business Council and the Asia Business Council. Tan Sri Dr Khoo is Chairman of the Nomination Committee as well as the Remuneration Committee.
The Bank of East Asia
Incorporated in Hong Kong in 1918, The Bank of East Asia ("BEA") is dedicated to providing comprehensive commercial and retail banking services to its customers in Hong Kong, Mainland China, and other major markets around the world.
BEA is the largest independent local bank in Hong Kong, with total consolidated assets of HK$534.2 billion (US$68.7 billion) as of 31st December, 2010. The Bank is listed on The Stock Exchange of Hong Kong and is one of the constituent stocks of the Hang Seng Index. BEA also operates one of the largest networks of any bank in Hong Kong, with 87 branches, 57 SupremeGold Centres and 3 i-Financial Centres throughout the city.
In Mainland China, BEA's operational presence dates back to the opening of the Bank's Shanghai Branch in 1920. Today, BEA Group operates one of the largest networks of any foreign bank, with nearly 100 outlets in major urban centres nationwide.
(Read more here: http://www.hkbea.com/hk/ci/company_profile/index.htm)
Malayan United Industries Berhad
Malayan United Industries Berhad (MUI) is listed on the Main Market of Bursa Malaysia Securities Berhad. It was incorporated in Malaysia on 28 May 1960 and listed on 30 June 1971.
MUI is an investment holding company. Through its subsidiaries and associated companies, the MUI Group is primarily engaged in retailing, hotels, food & confectionery, financial services, properties and travel & tourism.
With its corporate headquarters based in Malaysia, the Group's international operations span the United Kingdom, Continental Europe, the United States, China and the Asia Pacific region.
The MUI Group today has total assets of RM2.8 billion and shareholders' funds of RM698.6 million. The corporate philosophy of the Group has remained constant for over 45 years, conceptualized by three key attributes defined as strong, efficient and trustworthy, which together form the guiding principles for its business practices and corporate governance.
(Read more here: http://muiglobal.com/)
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