Posted: 13 Nov 2013 10:40 AM PST
Pro-Opposition business portal Kinibiz.com is training their guns against Tan Sri Syed Mokhtar Al Bukhary again, for the subliminal intention to demonise the Malay Agenda.
(KiniBiz) - The sprawling empire of Syed Mokhtar Albukhary
The fact is that the Al Bukhary Group acquired the various corporations, businesses and projects at premium values. On top of that, the Group realised their own internal funds and raised their own financing from the capital and financial markets on their own strength and merit.
Majority of these acquisitions are actually rescue missions, to turn around ailing business groups and projects with the initial intention to realise the national service.
Example is the Pernas International Holdings. The hotel group with powerful brands such as Hilton and Meritus in Malaysia, was initially an MBO when Pernas Chairman Tunku Tan Sri Shariman Tunku Sulaiman took over the Group and Tradewinds.
When Tunku Shahriman could no longer service the financial commitment for the MBO, Al Bukhary Group took over. The Pernas International Group was consolidated and restructured.
The interesting bit about this story is that it would be reference for all the strikes against Tan Sri Syed Mokhtar and Al Bukhary Group. The Opposition and all those who wanted to see the Malay Agenda or New Economic Policy (NEP) fail, would demonise Syed Mohktar and Al Bukhary Group as an UMNO crony.
'Cronysim' is a dirty word depicted by Anwar Ibrahim's camp when they tried to start a revolt within UMNO and topple Tun Dr. Mahathir Mohamad's Presidency and Premiership. as far back as 1997. The opportunity presented itself when Neo Con Jewish hedge fund George Soros attacked Ringgit Malaysia and almost brought down the economy to its knees, when the domino effect almost tumbled the KLSE.
As a result, the Malaysian banking system almost crumbled due to the bursting of the economic bubble and over-gearing arisen from pledging of over valued shares.
At the time, the guns were trained on Malay corporate giants such as Tan Sri Tajudin Ramli, Tan Sri Halim Saad and Tan Sri Rashid Hussain. All of these successful Malay billionaires borrowed from commercial means to expand their respective business domain and did their bid for national service.
In fact, some of the feats they did were extraordinary, considering the mitigating circumstances and challenges 15-20 years ago.
The anti-NEP detractors now conveniently use and abuse the goodname Syed Mokhtar and Al Bukhary Group as the bogeyman in the UMNO tradition to maintain cronyism amongst Malay entrepreneurs.
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