The recent case of controversial Thailand Prime Minister indicated that it is better for businessman to remain focus on it core competencies....business rather than enter into politic.
The first example of businessman turn politician in Malaysia is Tan Koon Swan. He founded Supreme Coporation and Multi-Purpose Group. He was elected as the President of Malaysia Chinese Association (MCA), second largest political party in Malaysia. However, he was involved in the Pan-El crisis in Singapore which cause the closure of Malaysia and Singapore stock exchange for consecutive 3 days, a first time in history in Singapore & Malaysia. He then sentence to jail in Singapore and later in Malaysia for criminal breach of trust. His family now control a small property company listed on Bursa Malaysia, Crimson.
The second is Joseph Chong of Westmout Industries Bhd which control Sabah Shipyard Bhd at one point of time. He was Secretary General of Gerakan and a Member of Parliament of Batu division. He has benchmark himself against Tan Koon Swan at one point of time. Who has amass wealth in business and get high ranking in politic. What an inauspicious benchmarking. He later persuade by rival of Gerakan President to challenge his mentor, President of Gerakan Tan Sri Lim Keng Yeik. He has to dispose off Westmout Industries Bhd after he loss in a contest as Gerakan President. However, he able to cash out before Asia financial crisis. Thus, I believe he still maintain some wealth.
Update: The third is Soh Chee Wen. Soh Chee Wen started as a distributor of a direct selling company or multilevel marketing company, and later founded his own direct selling company. He nearly went bankrupt when recession hit Malaysia. He later take over Lake View in Subang Jaya and successfully make a come back in corporate sector. He then take over numerous golf club and make a name in leisure industry. After 1993 stock market bull run in Malaysia. Soh Chee Wen have control numerous public listed companies. He then become MCA Petaling Jaya Division Head and MCA Selangor State Liaison Commitee Chairman. He held son of ex-MCA President Datuk Seri Ling Leong Sik to gain control of several public listed companies. Share price of public listed company control by Soh Chee Wen and son of Ling has depleted substantially. His relationship with Ling turn sour. Now, Soh still have court case with Security Commision and Ling. Ling's son , however, has become Deputy President f MCA 's Youth Division.
Bumiputra entrepreneur, Tun Daim Zainuddin exist corporate sector to serve government as Finance Minister of Malaysia. He transfer an officer who "disappear" during office hour to "minum teh" out of Finance Ministry after being told he unable to remove a civil servant. His Ministry quickly become as efficient as private sector after that incident. However, his private sector style was unpopular among civil servant and UMNO member. He was recently involve in a controversial court case.
The fate of the above four persons must be difference if they remain in business and distance themselves from politic.
In Korea, Hyundai founder also joint politic at the age of 70. His sons, however, was charge by government on corruption. He pass away with disappointment and unhappiness.
What is the fate of Thailand Prime Minister Thaksin Shinawatra is yet to be see!
Update: Thai PM defends record after five years in power
Update: Global Voice Online
TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market
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