Rightways

Tuesday, December 5, 2017

How to measure a politician?

Use technology to learn more about them before casting your vote

Cheah taking a wefie with Tanjung Bungah assemblyman Teh Yee Cheu (behind Cheah) and (from left) Berapit assemblyman Lydia Ong, Speaker Datuk Law Choo Kiang and state officials during a break at the Penang state assembly in November.

KEBUN Bunga assemblyman Cheah Kah Peng of PKR is the man of the moment in the political scene in Penang.

Chief Minister Lim Guan Eng barred him from helping with the registration of flood victims for the RM700 aid in his constituency.

Lim, in his Facebook page, said in Chinese that he wouldn’t sit idly when elected representatives do not perform.

He stopped short of naming Cheah, except to say that he heard grouses from Hong Seng Estate residents about not seeing “their assemblyman” during the floods on Sept 15 as well as on Nov 4 and 5. We do not know if this is true.

In any case, Cheah got a letter from the State Secretariat relieving him of the registration duty. Lim and Pulau Tikus assemblyman Yap Soo Huey took over the task.

Cheah, showing his usual gentleman’s demeanour, declined to comment. But this is not the first time he has come under attack from the state administration.

It was learned that he was reprimanded for being unhappy with the passing of the Penang State Park (Botanic) Corporation Enactment 2017.

Penang Botanic Gardens is in his constituency and he feared the Enactment would affect people’s rights after the park was corporatised. It is said he was informed only a few days before the Bill was tabled.

In 2015, Cheah, Penanti assemblyman Dr Norlela Ariffin, Ong Chin Wen (Bukit Tengah), Dr T. Jayabalan (Batu Uban) and Lee Khai Loon (Machang Bubok) were dubbed the ‘PKR Five’ for abstaining in a vote against a Barisan Nasional motion on land reclamation in the state assembly.

Their relationship with Lim soured after that.

How do we define good elected representatives? Keep count of how many times they visit their constituencies?

And then there is the old question: Should we vote for the person or the party? There are many views on this, but as a journalist, I have an occupational advantage.

I have seen a few assemblymen turning up at gotong-royong, spend less than 30 minutes there for photo opportunities and leave. Yes, I know who you are and I am a voter too.

And then I had the chance to cover many state assembly meetings through the years.

This is where we expect constructive debates among the ‘Yang Berhormat’ on issues that affect us. But on a few occasions, there were no fruitful debates or exchange of ideas.

National issues, which cannot be resolved in the state assembly, dominate the proceedings at times. Why? What were our assemblymen hoping to achieve by prattling about things that the hall cannot act on? They frequently call each other names and bicker in the august House.

In the last meeting, two assemblymen dragged out the name of a newspaper editor and attacked his character in the hall where the editor had no chance to defend himself due to the absolute privilege that lets assemblymen say anything they want there without fear of being sued.

But I was relieved because at least five other assemblymen stood up to defend the editor and talked those two assemblymen down.

Unlike them, I do not have absolute privilege so regretfully, I can mention no names.

With today’s technology, it is easy to get to know political candidates before giving them our votes.

Check out their Facebook pages or Google their names to learn about them.

If they are not up to mark, something might show in their social media exchanges.

Remember, the election season is just around the corner. Use your vote wisely.

By Tan Sin Chow

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25% discount on water bill to be extended from one to two months, says CM

THE one-off payout for each household and business operator affected by the floods on Nov 4 and 5 has been increased from RM500 to RM700.

(From left) Dr Norlela Ariffin (PKR – Penanti), Lydia Ong Kok Fooi (DAP – Berapit), Cheah Kah Peng (PKR – Kebun Bunga) and Teh sharing a light moment between sessions at the Penang State Assembly.

State hopes to learn from China

THE state government is looking at having an alternative early warning system on storms from China.

(From left) Dr Norlela Ariffin (PKR–Penanti), Law Heng Kiang (DAP–Batu Lanchang) and Chow having a light moment between sessions.

Caring groups do their bit to help flood victims

THE Malaysia-Singapore Coffee Shop Proprietors General Association handed RM125,000 towards flood relief efforts in Penang.

10,000 tonnes of rubbish cleared in flood aftermath

ALMOST 10,000 tonnes of waste have been cleared from the streets since Penang was hit by the worst floods in 30 years.

One of the temporary dump sites filled with giant heaps of rubbish collected from flood-hit areas in Bukit Mertajam, Seberang Prai.

Teh defends Penang Forum

A DAP assemblyman has come to the defence of the Penang Forum, saying that there was no need for the state government to criticise the coalition of 20 environmental and civil rights organisations.

Teh debating the state’s 2018 Budget at the state assembly sitting.

DAP rep wants commission to probe Penang sinkholes and landslides

GEORGE TOWN: A DAP assemblyman has proposed for a royal commission of inquiry to be set up to look into the sinkhole in Persiaran Tanjung Bungah and the landslides in Penang Hill.

Penang DAP's Tanjung Bungah assemblyman Teh Yee Cheu.

Residents stage silent protest against hill development

FIVE people stood quietly outside the state assembly building while the sitting went on.

Leng (left) with other residents showing pictures of the hillside development near their homes in Miami Green, Batu Ferringhi, outside at state assembly building in George Town.

Jahara: Seabed mining activity critical in Penang, can destroy marine ecosystem

OPPOSITION Leader Datuk Jahara Hamid (BN-Teluk Air Tawar) has alleged that seabed mining in the state has become critical.

Jahara (middle) addressing the press conference at the state assembly building. She is flanked by Sungai Acheh assemblyman Datuk Mahmud Zakaria (left) and Sungai Dua assemblyman Muhamad Yusoff Mohd Noor.

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Sunday, December 3, 2017

Penang-lang fearing the death of a dialect

Like most Penangites who are proud of their heritage, the writer is troubled that Hokkien isn’t spoken as much as it used to be.

IF there’s one clear feature that separates Penangites from the rest of the ethnic Chinese in Malaysia, it is the distinct northern-accented Hokkien.

It doesn’t matter whether we are in Kuala Lumpur, Johor Baru, London or Timbuktu but we can pick up a Penangite whenever we hear this northern style dialect with its rich sprinkling of Malay words that denotes its nyonya-baba linguistic roots.

But each time I return to Penang, I can feel the linguistic changes that are taking place. Whether we realise it or not, Penang Hokkien is slowly disappearing.

Mandarin is quickly taking over this unique Penang Hokkien dialect and for sure, English is also being affected in daily conversations.

Penangites are fiercely proud of their Hokkien as it is entirely different from the one spoken in Singapore, Taiwan or Xiamen in China.

As older Penangites, perhaps we can be a little snooty, as we sometimes dismiss the Hokkien spoken elsewhere as somewhat crass and unrefined.

Only the Hokkien spoken by the Chinese community in Medan closely mirrors that of Penang Hokkien, presumably because of the proximity between Penang and the Indonesian city.

Whether rightly or wrongly, or plainly out of ignorance, Penangites feel the sing-song delivery sounds better.

Words such as balai (police station), balu (just now), bangku (stool), batu (stone), cilaka/celaka (damn it), campur (to mix), jamban (toilet), gatai/gatal (itchy) gili/geli (creepy), sabun (soap) and kesian (pity), are an integral part of the Penang Hokkien dialect.

If the person is not from Penang, then he or she has to be from Kedah, Perlis or Taiping.

Even Penangites of other racial groups can easily speak, or at least understand Hokkien. My fellow moderation advocate, Anas Zubedy, speaks excellent Hokkien. So do my colleagues executive editor Dorairaj Nadason and sports editor R. Manogaran.

But the daily use of the dialect is rapidly being replaced by Mandarin. Go to most coffeeshops today and the hawkers or helpers are likely to tell you the price of food in Mandarin.

I am feeling a little uncomfortable because I am a very parochial and sentimental Penangite. It doesn’t help that I do not speak Mandarin.

Although I am a Cantonese, Hokkien is the spoken language in my family home and the changes that are taking place do have an effect.

Even most of the Penang state government leaders are not from Penang. Chief Minister Lim Guan Eng was born in Johor and grew up in Melaka.

Senior state exco member Chow Kon Yeow is from Kuala Lumpur but he studied in Universiti Sains Malaysia. Deputy Chief Minister II Dr P. Ramasamy is Sitiawan-born but he spent most of his time in Selangor.

Exceptions are the children of the late Karpal Singh – state exco member Jagdeep Singh Deo and Bukit Gelugor MP Ramkarpal Singh Deo – and other state assemblymen.

The Penang Monthly bulletin, in its May issue, dramatically headlined the situation “Penang Hokkien on life support.”

In an interview with Penang Monthly, the Penang Hokkien Language Association secretary Ooi Kee How was quoted as saying that “people think there’s no benefit in learning or speaking Hokkien, which is not true. Yes, you can survive if you do not speak Hokkien; you can get by with speaking only one language your entire life.”

“But the thing is, something will diminish. Our creativity, our cultural identity, will decline. A lot of innovations will disappear, because different languages shape the way we think differently.”

And what has brought about the decline of the Penang Hokkien? It’s a combination of factors. For one, a whole generation of Penangites have been educated in Chinese schools, at least at the primary level.

This is unlike the older generation of Penangites like me, who are now in the 50s, who attended schools using English as a medium of instruction. In the absence of Mandarin, we spoke mainly Hokkien and English but people in their 30s and 40s find it more comfortable conversing in Mandarin – and for sure, not English.

Then there is this huge impact of Chinese TV shows, especially over Astro. They are entirely in Mandarin, with shows from mainland China and Taiwan, and in Hokkien, which is spoken in a manner more similar to those used in Melaka and Johor.

It is no surprise that the sales staff at malls also expect the Chinese community to speak in Mandarin, and understandably they will begin the conversation in Mandarin – because you are expected to know the language.

There is also the impact of China as the new economic powerhouse of Asia, if not, the world. Mandarin has taken over the dominant spot as a language with economic value, and certainly prestige. That is the reality but it may well be at the expense of a rich heritage. Catherine Churchman, a lecturer in Asian Studies, in the School of Languages and Cultures in Victoria University of Wellington, New Zealand, who studied the Taiwanese and Penang Hokkien dialects, reportedly said: “Penangites have become increasingly used to hearing Taiwanese Hokkien, but the Taiwanese are not used to hearing Penang Hokkien.

“Simply replacing Malay loan words with the Taiwanese equivalents does not turn Penang Hokkien into Taiwanese Hokkien either. The grammatical structure of Penang Hokkien is different.”

Fearful of the danger of Penang Hokkien dying, Penang Monthly further quoted Churchman as saying “languages often die the same way, and one of the reasons is simply the existence of a generation gap.”

That melodious Penang Hokkien may not be heard, decades from now, if this frightening trend continues.

On The Beat by Wong Chun Wai

Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now the group's managing director/chief executive officer and formerly the group chief editor.

On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.

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Friday, December 1, 2017

Forex losses by Bank Negara Malaysia, Facts were concealed; Mahathir, Anwar and Nor Mohamed implicated: RCI

Important report: RCI Secretary Datuk Dr Yusof Ismail speaking to media after submitting a police report over Bank Negara forex trade losses in Putrajaya.

THE Royal Commission of Inquiry into the foreign exchange losses suffered by Bank Negara Malaysia (BNM) back in 1990s has recommended that three people be probed over their involvement and liability.

They are former prime minister Tun Dr Mahathir Mohamad, his then finance minister Datuk Seri Anwar Ibrahim and ex-Bank Negara advisor Tan Sri Nor Mohamed Yakcop, whom the report also named as “principally liable for criminal breach of trust”.

The 524-page report also called out Tun Daim Zainuddin, who served as finance minister from July 14, 1984 to March 15, 1991, for having aided and abetted Nor Mohamed by leaving BNM “to its own devices”.

The commission found that the Cabinet in the 1990s was not given the full picture by Anwar on the forex losses, adding that he had “deliberately concealed facts and information and made misleading statements”.

“The Commission is of the opinion that there was deliberate concealment as BNM’s annual reports did not state the actual losses incurred from the forex dealings from 1992 to 1994.

“It is also of the opinion that the then prime minister (Dr Mahathir) had condoned the actions of the finance minister,” it said.

The RM31.5bil losses, it said, were hidden using “unconventional accounting treatments”, such as booking losses to reserves in the balance sheet and the absorption of the remaining losses by the transfer of shares from the Government to BNM as well as the creation of a “Deferred Expenditure” to be repaid in instalments over a decade.

“All the actions to conceal the losses were discussed and approved by the board of directors before the accounts were signed off by the Auditor-General.

“No further action was taken by the Finance Minister and Treasury secretary-general (as a board member) despite being informed by the Auditor-General on the losses and the unusual accounting treatments,” said the report.

Anwar, noted the Commission, had been informed about the actual forex losses suffered by BNM.

Dr Mahathir, it said, was informed by Anwar together with then Treasury deputy secretary-general Tan Sri Clifford Francis Herbert in late 1993 that BNM had suffered estimated losses of RM30bil on the forex dealings for 1992 and 1993.

However, in the extract of minutes from three Cabinet meetings on March 30, April 6 and 13 in 1994, Anwar had made “no mention of the actual losses of RM12.3bil for 1992 and RM15.3bil for 1993.”

Anwar had chaired the March 30 meeting as the deputy prime minister. The losses for 1993 were reported as RM5.7bil.

“The prime minister, who chaired the meeting on April 6, did not correct or offer more information when the forex losses for 1993 were recorded as only RM5.7bil,” it pointed out.

“The Commission is of the view that it is the finance minister’s responsibility to inform the Cabinet the significant financial affairs about BNM as the Cabinet has collective responsibility with the finance minister and the prime minister for the country’s affairs.”

Dr Mahathir, it said, claimed to have no knowledge of the real amount of losses, which was untenable with his meticulous nature, as well as that under the law, BNM was the banker and financial agent to the Government with the remainder of its net profit to be paid into the Federal Consolidated Fund.

The report said as pointed out by Herbert, he had expected Dr Mahathir to be outraged but his reaction was quite normal with him uttering “sometimes we make profit, sometimes we make losses”.

“His reaction to and acceptance of the huge forex losses suggest that he could have been aware of the forex dealings and its magnitude,” said the report.

The RCI also found Dr Mahathir’s claim that he could only remember the amount of RM5bil forex losses when informed about it in a meeting with Anwar and Herbert in late 1993 to be “questionable”.

It said this was because based on testimonies of other witnesses and documentary evidence, the RM5.7bil only surfaced when Bank Negara’s 1993 annual report was presented to the Cabinet on March 30, 1994.

“Despite his denials, the Commission is of the opinion that a thorough investigation should be carried out to determine the extent of his involvement and liability,” said the report.

By Martin Carvalho, Hemananthani Sivanandam, Loshana K. Shagar, and Rahmah Ghazali The Star

Police set up taskforce to probe possible criminal offences over Bank Negara's forex losses

Inspector-General of Police Tan Sri Mohamad Fuzi Harun says police will open investigation paper following a report that was lodged by Royal Commission of Inquiry (RCI) secretary Datuk Dr Yusof Ismail. (Image is for illustration purpose only).

KUALA LUMPUR: Police have set up a taskforce to investigate possible criminal breach of trust and cheating which may have been committed during Bank Negara Malaysia’s foreign exchange losses in 1990s

Inspector-General of Police Tan Sri Mohamad Fuzi Harun said police would open investigation paper as the forex Royal Commission of Inquiry (RCI) had lodged a police report this afternoon.

“A taskforce has been formed and it will lead the investigation. We are investigating the case under Section 409 of the Penal Code for criminal breach of trust,” he told the New Straits Times when contacted.

RCI’s secretary Datuk Dr Yusof Ismail, who is the Finance Ministry Strategic Investment Division director, had lodged a report at Putrajaya police headquarters at 4.10pm asking police to start an official investigation.

In the police report, it was stated that those who were involved in the alleged wrongdoings were Bank Negara Malaysia (BNM) officers, BNM Board of Members, National Audit Department, Finance Ministry and the prime minister who served during the period.

Royal Commission of Inquiry (RCI) secretary Datuk Dr Yusof Ismail seen leaving the Putrajaya police headquarters after lodging a report. Pic by AHMAD IRHAM MOHD NOOR

The RCI, in its 528-page report that was tabled in Parliament today, said it believed that Datuk Seri Anwar Ibrahim, who was Finance Minister at the time, had misled the government and concealed the actual losses suffered by BNM.

RCI also said it believed that the prime minister at the time, Tun Dr Mahathir Mohamad, had approved Anwar’s “misleading statements”.

The commission also revealed that the losses were far larger than that what was initially reported by the central bank, RM31.5 billion as against RM5.7 billion, in the period of three years.

Yusof spent almost 40 minutes at the police headquarters and later spoke to reporters who were waiting outside.

He said in the report, the commission had requested the police to start a official investigation on the possible criminal breach of trust, forgery and other wrongdoings which may have been committed during the forex activities.

"Our report is basically requesting the police to start investigation and for the Attorney-General Chambers to take action based on the findings by the police," he said.

Putrajaya OCPD Asst Comm Rosly Hassan who confirmed that the report was made, said a special unit in Bukit Aman would investigate the case.

By TEOH PEI YING and HASHINI KAVISHTRI KANNAN New Straits Times

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It recommends that they be investigated for possible CBT, fraud

New Straits Times

Former finance minister Tun Daim Zainuddin after giving his statement to the Royal Commission of Inquiry in September.

THE RCI believes Datuk Seri Anwar Ibrahim had concealed Bank Negara’s actual forex losses from the cabinet, and that Tun Dr Mahathir Mohamad condoned his actions. The panel, in confirming that RM31.5 billion was lost, says there are grounds to investigate them for criminal breach of trust and fraud.

THE Royal Commission of Inquiry (RCI) into Bank Negara Malaysia’s (BNM) foreign exchange (forex) losses in the 1990s has recommended investigations against former prime minister Tun Dr Mahathir Mohamad and his one-time deputy, Datuk Seri Anwar Ibrahim.

The RCI, in its 528-page report that was tabled in the Dewan Rakyat yesterday, said the duo had concealed facts from the cabinet.

It also recommended that Dr Mahathir and Anwar be investigated for criminal breach of trust and fraud.

“There is a basis for an official police investigation into BNM board of directors, National Audit Department, then finance minister and prime minister for criminal breach of trust and fraud in the performing of the speculative forex transactions and in hiding the losses from the cabinet and Parliament,” the report said.

Former BNM adviser Tan Sri Nor Mohamed Yakcop was also implicated as the commission found that he was responsible for the billions of ringgit in losses.

RCI had recommended that Nor Mohamed be investigated for alleged criminal breach of trust and for allegedly contravening the Central Bank Ordinance 1958.

The commission also found that former finance minister Tun Daim Zainuddin had allegedly abetted Nor Mohamed. Daim was finance minister until 1991 before he was replaced by Anwar.

BNM lost RM31.5 billion in forex trading between 1992 and 1994. Nor Mohamed was in charge of several portfolios in BNM at the time, including the management of external reserves.

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EPF investment income rises 5.13% in Q3 to RM12.95 bil, has benefited from overseas equities

The Employees Provident Fund (EPF) reports an increase in quarterly investment income to RM12.95 billion for the third quarter ended Sept 30, 2017 (Q3 2017), despite recorded net impairment of RM791.55mil in the third quarter, more than double the impairment made a year earlier. The EPF posted a 74% surge in investment income to RM11.8bil in the first quarter and a 36.6% growth to RM11.51bil in the second quarter.

KUALA LUMPUR: The Employees Provident Fund (EPF) today reported an increase in quarterly investment income to RM12.95 billion for the third quarter ended Sept 30, 2017 (Q3 2017), up 5.13 per cent, from RM12.32 billion recorded during the same period last year.

“The EPF’s overall portfolio performance has benefited from the rally in overseas equities markets in the third quarter of 2017,” Investment Performance, Deputy Chief Executive Officer (Investment) Datuk Mohamad Nasir Ab Latif said today.

He said the pension fund did not see similar returns from the domestic equities market as the FBM KLCI performance was flat compared with other markets, which recorded between two and five per cent growth.

The EPF recorded a net impairment of RM791.55 million, in the quarter under review, in accordance with the Malaysian Financial Reporting Standards (MFRS 139), and this was higher compared with RM349.59 million recorded in the same quarter last year, he said in a statement today.

This is due to the higher provision recorded for domestic equities in the telecommunications and oil and gas sectors.

In the third quarter of 2017, equities, which made up 41.86 per cent of EPF’s total investment assets, contributed RM7.91 billion of income or 61.09 per cent of the total investment income.

The income recorded was 12.75 per cent higher than RM7.02 billion recorded in the corresponding quarter in 2016, he said.

As at September 2017, a total of 50.45 per cent of EPF’s investment assets were in fixed income instruments which recorded an income of RM4.49 billion, equivalent to 34.63 per cent of the total quarterly investment income, said Mohamad Nasir.

Out of the RM4.49 billion, Malaysian Government Securities & Equivalent recorded RM2.17 billion in the third quarter of 2017, an increase of 10.96 per cent or RM213.98 million, from RM1.95 billion recorded in the same quarter in 2016, in line with the growth of the portfolio.

Loans and bonds, however, generated lower investment income of RM2.32 billion compared with RM2.56 billion in the same quarter last year, he said.

Investments in Money Market Instruments and Real Estate and Infrastructure each represented 3.53 per cent and 4.16 per cent of total investment assets, and contributed an investment income of RM274.27 million and RM263.83 million, respectively, in the third quarter of 2017.

“Our current investment in money market instruments is above the targeted three per cent under the Strategic Asset Allocation due to the ongoing regulatory restrictions in new overseas investments.

Over the long-run, the EPF must continue to expand our foreign assets portfolio as it is key to our diversification and allows us to meet our return targets,” said Mohamad Nasir.

As at Sept 30, 2017, the EPF’s overseas investments, which accounted for 30 per cent of its total investment asset, contributed 48 per cent to the total investment income during the quarter.

Diversification into different asset classes in various countries and currencies had helped the EPF to record higher income for the quarter, despite a significant difference in market performance, globally.

Out of the total RM12.95 billion investment income for the third quarter of 2017, a total of RM860.83 million was allocated for Simpanan Shariah, which derived its income solely from its portion in Shariah assets, while RM12.09 billion income was allocated for Simpanan Konvensional, which is generated by its share of both Shariah and non-Shariah assets, he said.

The value of EPF investment assets reached RM771.20 billion, a 5.48 per cent or RM40.09 billion increase from RM731.11 billion, as at Dec 31, 2016.

Out of the total investment assets, RM370.10 billion or 48 per cent, were in Shariah-compliant investments and the balance in non-Shariah assets.

“We still have one more quarter before the year-end and we are confident that our diversification into various asset classes will enable us to meet our real dividend target of at least two per cent above inflation over a three-year rolling period, for both Simpanan Shariah and Simpanan Konvensional,” he added.

The EPF posted a 74% surge in investment income to RM11.8bil in the first quarter and a 36.6% growth to RM11.51bil in the second quarter.

Source: BERNAMA

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Tuesday, November 28, 2017

Chinese are the unsung heroes of South East Asia: Robert Kuok Memoirs

Edit

https://youtu.be/oU0tz-3Uzeg

They are the most amazing economic ants on Earth, ‘Sugar King’ writes in memoir

Good Chinese business management is second to none; the very best of Chinese management is without compare. I haven’t seen others come near to it in my 70year career. Robert Kuok

The overseas Chinese were the unsung heroes of the region, having helped to build South East Asia to what it is today, said Malaysian tycoon Robert Kuok (pic).

He said that it was the Chinese immigrants who tackled difficult task such as planting and tapping rubber, opening up tin mines, and ran small retail shops which eventually created a new economy around them.

"It was the Chinese who helped build up Southeast Asia. The Indians also played a big role, but the Chinese were the dominant force in helping to build the economy.

"They came very hungry and eager as immigrants, often barefooted and wearing only singlets and trousers. They would do any work available, as an honest income meant they could have food and shelter.

"I will concede that if they are totally penniless, they will do almost anything to get their first seed capital. But once they have some capital, they try very hard to rise above their past and advance their reputations as totally moral, ethical businessmen," Kuok said based on excerpts of his memoir reported in the South China Morning Post .

“Robert Kuok, A Memoir’ is set to be released in Malaysia on Dec 1.

Kuok said the Chinese immigrants were willing to work harder than anyone else and were willing to "eat bitterness", hence, were the most amazing economic ants on earth.

In the extracted memoir published by the South China Morning Post, Kuok, pointed out that if there were any businesses to be done on earth, one can be sure that a Chinese will be there.

"They will know whom to see, what to order, how best to save, how to make money. They don’t need expensive equipment or the trappings of office; they just deliver.

"I can tell you that Chinese businessmen compare notes every waking moment of their lives. There are no true weekends or holidays for them. That’s how they work. Every moment, they are listening, and they have skilfully developed in their own minds – each and every one of them – mental sieves to filter out rubbish and let through valuable information.

"Good Chinese business management is second to none; the very best of Chinese management is without compare. I haven’t seen others come near to it in my 70-year career," he said.

"They flourish without the national, political and financial sponsorship or backing of their host countries. In Southeast Asia, the Chinese are often maltreated and looked down upon. Whether you go to Malaysia, Sumatra or Java, the locals call you Cina – pronounced Chee-na – in a derogatory way," he said.

He added that the Chinese had no "fairy godmothers" financial backers.

"Yet, despite facing these odds, the overseas Chinese, through hard work, endeavour and business shrewdness, are able to produce profits of a type that no other ethnic group operating in the same environment could produce," he said.

Kuok ultimately attributed the Chinese survivability in Southeast Asia to its cultural strength.

"They knew what was right and what was wrong. Even the most uneducated Chinese, through family education, upbringing and social environment, understands the ingredients and consequences of behaviour such as refinement, humility, understatement, coarseness, bragging and arrogance," he said.

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