I built MISC from scratch only to be told to sell by Tun Razak, says Kuok


Malaysia's richest man Robert Kuok (centre) receives a souvenir from a Chinese official (R) during his visit as president of the Kuok clan in Malaysia to Fuzhou, in southeastern China's Fujian province, in April 2005. The tycoon’s empire includes the Shangri-La hotel chain, the South China Morning Post newspaper in Hong Kong and real estate group Kerry Properties. – AFP pic, November 27, 2017.

MALAYSIAN tycoon Robert Kuok said he built Malaysia’s first national shipping line, the Malaysian International Shipping Corporation (MISC), out of a sense of patriotism, but later relegated himself to be a minority shareholder at the repeated request of former prime minister Tun Abdul Razak Hussein.

In an extract of Kuok’s autobiography, Robert Kuok, A Memoir” published on the South China Morning Post today, the man dubbed the “Sugar King” tells of how he was driven to launch the country’s national shipping line after he learnt that the largest British shipping conglomerate Blue Funnel Group was coming to set up in post-independent Malaysia.


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Comments


  • That's patriotism, quite unlike today's concept. The words used, "issue at par value" - twice and "give" rather then pay for the shares, screams glaringly of entitlement even in those early days.

    Posted 2 years ago by Shovel Nose

    • ..... and they sell it at market prices making a huge profit ...... and then demanded new shares reissued "at par" to make up 30% NEP Bumi quota (less after sale-lah!)..... and sell them again at market prices.....the whole process repeated again and again ....... that how some Bumi shareholders become wealthy.... analyze how Southern Bank was lost to CIMB .....

      Posted 2 years ago by Malaysian First

  • The untold story of Tun Razak is that he made many promises to Chinese that he later broke. Mahathir did not happened in a vacuum, razak allowed it to happen and why Najib is not ashamed of what he is doing..It runs in the family as far as he is concern.

    Posted 2 years ago by Bigjoe Lam

  • Ha ha ha look at misc as of today ha ha ha karma

    Posted 2 years ago by Leslie Chan

    • ....... and sold very cheaply to "The Son" who made a mess of it and had to be rescued by Petronas ...

      Posted 2 years ago by Malaysian First

  • "He wrote of how MISC's first two ships came from the Japanese as "blood debt ships" or "goodwill ships" to compensate for the Japanese massacre of innocent Chinese in Malaya. The demand for compensation had come from MCA, and was supported by former prime minister Tunku Abdul Rahman."

    The above statement really struck me very hard. Why was it not made known then as it is compensation money for the lives of Chinese lost in the massacre. Eventho' it was not given free but at least there should be a fund allocated for those who lost their love ones. It looks like business man and politicians are real crooks. MCA quietly took the shares for themselves to be distributed among their leaders . Robert Kuok trying to look good by telling now only create a disdain for him being a hypocrite. Obviously Tengku ( not so much on him ) and Razak are as usual in their DNA setup for entitlement . How can the country progress when we have hypocrites all over Tanah Air Ku.

    Posted 2 years ago by Lee Lee

    • ...... remember MPHB, Pan-El, Supreme Corp, Co-operatives, etc, ....????

      Posted 2 years ago by Malaysian First

  • ........ Maybank taken from Khoo Teck Puat ........ UMBC from Chang Ming Tien ..... UMW from Eric Chia ..... and so on ..... if NOT for NEP and anti non-Bumi and foreigners policies, Malaysia would have been one of the richest, prosperous, harmonious and greatest country in Asia.

    Posted 2 years ago by Malaysian First

  • Judging by the bullying and stealing esp by Razak and his dick suckers...there should have been another May 13 immediately...but fortunately this was completely averted by the complete pack of spine of the Chinese and Robert Kuok's pure greed in the guise of patriotism.

    Posted 2 years ago by John Sleven

    • Business is about setting up a company and make profit. It is not greed. But by exploiting others to get profit without doing anything is pure greed. By setting up 1MDB and then sucking the money from Rakyat for personal gain is pure greed. Please use the word properly.
      I respect Robert Kuok, because 30 years ago I got the grant from his foudation (don't have to pay back) to finish by college in Malaysia, without which I probably can't even finish my college in Malaysia or a heavy burden for my family.

      Posted 2 years ago by AndyTC Pua

  • They forgot tun razak forced khoo teck phuat to sell off his malayan banking to the gshmen in 1965.

    Posted 2 years ago by Syed Putra