DAIM and His BANKS

After several aborted plans to own banks in Malaysia, former finance minister Tun Daim Zainuddin gets a promising banking network in place with his Swiss-based ICB Group.

Stories by Halim Wahab

THE International Commercial Bank Group (ICB) is as much a mystery as the man behind it.

It carries his traits and pursues his ambitions, but little is known about the group except that it is closely linked to former two-time finance minister Tun Daim Zainuddin.

Despite lacking the size of top players, the achievements of the Swiss-based banking group have been quite impressive in their own way, with total assets growing at an average of 60% per year.

It traces its history to the opening of its first bank in the Czech Republic in 1993. Anchored by this, a decade later the group spread its wings to eight countries spanning cities like Prague and Budapest in Eastern Europe and Conakry and Accra in Africa.

Yet, ICB’s network of banks in these emerging markets did not attract media attention until late last year, when it teamed up with Singapore’s Temasek Holdings in a Sorak Financial Holdings Pte Ltd consortium to acquire Indonesian bank PT Bank Internasional Indonesia.

The partnership has put the spotlight on both ICB and Daim, whose foray into Indonesia includes a controlling stake of 57.9% in another Indonesian bank, PT Bank Bumiputera Indonesia.

It appears that while Daim has gone low profile since his resignation as finance minister in 2001, conversely ICB has been building its reputation as a credible global player, teaming up with major foreign partners to expand into the Southeast Asian region.

As former Prime Minister Tun Mahathir Mohamad’s chief economic trouble-shooter, Daim was credited with pulling Malaysia out of the recession in the mid-80s, then by slashing public debts and relaxing investment rules, and again in the late 1990s.

Being the entrepreneur that he is, is there more than meets the eye with ICB expanding its banking empire closer to home?

Stamping its mark

Daim’s close associates describe him as a person ‘who is in love with banks’. But, as the man operates his ventures very much like his nature, privately, there is scant information on the past performance of the banking group. Nonetheless, this is set to change soon.

In a rare insight into ICB’s operations, Malaysian Business reveals for the first time why Daim picked Eastern Europe and Africa as the launching pad for his international banking business. We also provide a glimpse of the group’s growth prospects, future direction and plans.

Since Daim declined to be interviewed, we spoke to the general manager of ICB Global Management Sdn Bhd, Harith Harun, who oversees ICB’s global network from Kuala Lumpur. (See excerpts of interview on page 31)

‘ICB will continue to expand in markets where it sees ample opportunities for growth. We are fairly strong in Africa, in six countries now, and we plan to open in several more countries in the next few years,’ Harith says.

Consequently, in the next five years, ICB aims to consolidate its operations worldwide into a successful and respected global banking group and be identified as a key player in emerging markets.

Going by the extensive network that Daim has built up in the past 10 years, it looks like it’s just a matter of time for this plan to reach fruition. In any case, with stakes in two banks in Indonesia and a total of 24 branches in Hungary, Albania, the Czech Republic, Ghana, Guinea, Tanzania, Mozambique and Sierra Leone, ICB already earns recognition as the first Malaysian-owned global bank.

Harith declines to provide profit and asset figures, but says the return on equity (ROE) of the respective banks has ranged from 5% to 20 % on average over the past three years. Likewise, growth in assets, revenue and income has been within expectations, with total assets growing at an average rate of 60% a year.

‘It has to be noted that the loan growth was funded entirely by customers’ deposits. Hence, the substantial increase in deposits indicates that the public has confidence in us,’ he says.

Interestingly, while the investment holding company of the banking group, ICB Financial Group Holdings Ltd, is located in Zurich, Switzerland, the hub and nerve centre of its sprawling network is in Kuala Lumpur, where ICB Global Management is located.

For the group, this is about logistics and strategy. Harith says the company was set up in 2001 to provide technical support and consultancy services to the banks under the group. It acts as liaison between the management of the banks, its shareholders and directors and conducts feasibility studies, manages the establishment of new banks and seeks new business opportunities for the group. The company has 10 employees.

A year ago, following the steady expansion of his international banking network, Daim set up ICB Financial Group as an investment holding company to rationalise his investments in the respective banks. According to Harith, Daim wholly owns ICB Financial Group.

‘Daim is principle shareholder of these banks. In some countries, the law sets a certain limit on the maximum shareholding by a single shareholder and in such instances, other Malaysian shareholders have taken up stakes in the bank,’ he says.

A check reveals the presence of several Malaysian shareholders in some of these banks. For example, IC Banka in the Czech Republic, in its FY2003 annual report, lists Daim’s long-time associate Robert Tan Hua Choon, or the Casio King, as a shareholder together with former Czech Prime Minister Dr Marian Calfa.

The ‘interrupted’ banker

For the record, before ICB came into the picture, the 66-year-old Daim had already owned stakes in two banks, albeit briefly as he had to dispose of them when he was made finance minister.

Perceived as an influential player due to his close ties with top party officials and businessmen, Daim took control of Malaysian French Bank in 1982 when it was incorporated to take over Banque Indosuez, a privately owned French bank in Malaysia.

The French Government had then nationalised all French banks, but as Malaysian laws did not allow banks owned by foreign governments to operate in the country, Daim bought it from its owners. He later sold the bank to Multi-Purpose Holdings Bhd in 1984.

The other bank was United Malayan Banking Corporation (UMBC), then Malaysia’s third largest bank, which Daim acquired the same year. However, his appointment as finance minister soon after gave rise to allegations of conflict of interest. He subsequently sold his UMBC stake.

But Daim’s association with local banks did not end there. In 1997, he was linked to the acquisition of a controlling stake in Hock Hua Bank (Sabah) by Langkah Bahagia Sdn Bhd. One of Langkah Bahagia’s shareholders, Mohd Nasir Ali, had then publicly declared that he was acting on behalf of Daim, who was at that time Economic Adviser to the Government. Daim later sold the stake when he was appointed finance minister in 1999 for the second time.

Despite Daim’s assertion that he was no longer linked with Langkah Bahagia, the market still sees his fingerprint on the company. In the years that followed, Hock Hua Bank, which became International Bank Malaysia, merged with Multi-Purpose Bank that was later renamed Alliance Bank Malaysia.

Langkah Bahagia has since sold its 15.37% stake in the bank’s holding company, Malaysian Plantations, to Temasek. Interestingly, the Singapore investment company had teamed up with ICB in a consortium that acquired PT Bank Indonesia in November last year.

Why Eastern Europe and Africa?

As Daim had little success in owning a Malaysian bank in the past two decades because of the interruption by calls to serve the country, his involvement in ICB may be a natural progression.

A close associate offers an explanation for Daim’s decision to focus on the Eastern European and African markets. ‘Daim is shy and he doesn’t like crowded places. So, Eastern Europe and Africa are natural destinations as hardly anybody knows him there,’ he notes.

Still, they are not exactly traditional financial centres where Malaysian banks are willing to tread. A case in point is that one of the biggest banks in the country has branches in Cambodia, Vietnam and Papua New Guinea, to name a few, but not in Eastern Europe or Africa. Unless properly managed, retail banking is a high-risk leverage business and this is true in Malaysia or anywhere else.

An industry observer says although it usually takes one to two years for a new branch to break-even in Malaysia, the gestation period differs from country to country based on the customer profile, make-up of business and economic growth.

‘Local banks generally do not blaze the trail, but tend to follow the client to provide support to their existing customers who have expanded overseas. It is tough especially if it is a single-bank operation,’ he says.

Thus, he contends that despite ICB’s modest size, the banking group should be commended for being able to build up its business over the years.

Aptly, the group’s model in these countries has been to set up banks rather than to acquire them. For this reason, Harith says, ICB is able to exercise control over the cost, recruitment of staff and policy and direction of the banks. It also does not inherit the work culture or bad-loan portfolios.

He underscores ICB’s optimism in these markets, which he feels provide relatively greater opportunities for growth in the long term.

‘Of course there are risks operating in these new, non-traditional markets. But we are selective in terms of the countries in which to invest. Based on the performance of the banks in the ICB Group, we can say that we have made the right choice,’ he observes.

From a different perspective, Harith points to one of ICB’s primary objectives, which is to help promote the development of bilateral trade and investment between Malaysia and the host countries.

‘In this instance, we have assisted some of our customers in Africa and Central Europe to find new suppliers as well as buyers in Malaysia. Their Malaysian counterparts feel more comfortable knowing they are dealing with a Malaysian-owned bank in these countries,’ he says.

In April 1997, Daim led a private visit of Malaysian businessmen to nine countries across Africa in an effort to enhance bilateral and trade relations as well as to seek investment opportunities. Guests included close friends and the London-based New Straits Times correspondent. There were many follow-up visits by Daim since.

Inadvertently, those visits have given rise to the perception that Daim had used his influence to meet with the leaders of these countries to set up businesses there. But a banker downplays such talk.

‘There is no need to use influence to set up banks in these countries. There is no conflict of interest as anyone can open a bank in those countries,’ he says.

Generally, ICB’s ventures in the emerging markets are seen in a positive light by the host countries. Foreign embassy officials from countries where ICB operates not only praise the group, but also say ICB helps boost bilateral trade between their countries and Malaysia.

‘ICB is an example to other Malaysians who may want to consider investing in Ghana. Many think Ghana is a backward country but it is not,’ says an embassy official in Kuala Lumpur.

He feels Daim’s investments in Ghana, including those in social development projects that benefit both parties, reflect his support of the country and Africa in general. ‘People consult him if they want to go to Ghana,’ he says.

It is the same in Albania. An official from the embassy says it is important for a Malaysian-owned bank like ICB to be in Tirana as it acts as a platform to enhance trade and investment between the two countries.

Bracing for competition

ICB set up its first two banks in Prague and Budapest respectively in 1993, at a time when both the Czech Republic and Hungary were emerging from the shadows of the communist empire and were opening up their economies to foreign investors.

Likewise, the group expanded to Africa in 1996 when the Malaysian Government was actively encouraging local companies and businessmen to invest there.

As such, according to Harith, ICB has acquired a fairly good knowledge of the local business conditions and practices, having invested substantially in people and systems.

In Hungary, the group made some strategic changes in the bank to prepare for the continuing consolidation and rising competition in the banking industry in anticipation of the country’s entry into the European Union (EU) in May 2004.

It acquired several branches of a savings cooperative to expand the branch network and customer base, replaced the old IT system with an integrated on-line system, hired a new and skilled workforce and introduced new products such as bankcards and Internet banking.

Although the larger than usual expenditure had contributed to a loss in FY2002, the bank’ performance has improved markedly since then, with total assets increasing by 100%. The bank is expected to return to the black this year.

The respective banks under the group have generally performed to expectations. A few have achieved recognition for their excellent performance. ICB Guinea, for instance, has won The Banker magazine’s annual award for ‘Bank of the Year in Guinea 2004’, while the bank in Ghana is a member of the ‘Ghana Club 100’, which gives recognition to successful organisations based on growth and profitability.

Still, there are challenges looming over the horizon, particularly in the Eastern European market.

‘The entry of Hungary and the Czech Republic into the EU has to a certain extent changed the banking landscape. Large multi-national banks are squeezing out the smaller ones to the periphery. To survive, we have to be an efficient and innovative niche player,’ says Harith. But, he contends that ICB has anticipated these changes and has already put in place strategies to face the challenges.

In view of the changing trends, Africa will be the thrust of ICB’s expansion drive. The group will be operating in two more countries in the continent soon, in Sierra Leone this month and The Gambia in November. It also expects to receive licences to operate in three other countries in Africa later this year.

Harith says based on the performance in recent years, growth will be more significant from the African operations, which, it is understood, offers a lot more scope and better margins.

Today, at group level, ICB employs over 1,100 people in 10 countries. However, for Eastern Europe and Africa, due to the lack of experienced personnel, ICB still relies on Malaysians to manage the banks. Hungary and the Czech Republic are exceptions, as operations there have reached a level where local managers are now capable of taking over.

The future

It looks like while Daim prefers to remain low key, ICB may take a higher profile in the near future following its partnership with Temasek, and its foray into Indonesia.

Incidentally, Temasek is now seen as a serious investor in the country following the warmer relations between Malaysia and Singapore. Temasek noted recently it would co-invest with companies that are interested to invest internationally, away from their home bases.

This has heightened speculation that there is a good chance of ICB teaming up with Temasek again, or any other foreign players for that matter, as the former is already seen as a reputable and credible player given its extensive network and international relationships.

‘Indonesia will not be ICB’s last bus-stop. There is more to come,’ says an observer.

Perhaps, his remarks will ring true sooner than expected as the banking group is already eyeing new opportunities.

‘Indonesia is our first investment in Southeast Asia. However, we are not limiting our expansion to the region but are also looking for opportunities in other parts of Asia,’ Harith says.

Analysts feel ICB would do well to look at China, Asia’s fastest growing economy.

This notwithstanding, Daim seems to be having better luck with ICB so far, having maintained a tight grip on the group for the past 10 years. It will be interesting to see if he will continue to do so over the long haul, in view of the big plans that have been laid out for the group.

( This article appeared in the September 2004 issue of Malaysian Business magazine. )

Sumanto digeruni kerana 'makan orang'

Sumanto

PURBALINGGA: Seorang lelaki Indonesia, Sumanto mencetuskan ketakutan di kalangan penduduk hingga terpaksa diasingkan daripada masyarakat kerana memakan daging manusia meskipun sudah berhenti daripada tabiat itu.

Dia pernah digelar pemakan orang kerana suka makan daging manusia sehingga sanggup menggali mayat seorang wanita tua semata-mata untuk mendapatkan hidangan yang 'murah dan sedap'.

"Daging itu sungguh sedap," kata Sumanto di sebuah pusat pemulihan di luar bandar Jawa Tengah.

"Saya suka makan semua jenis daging selagi ia dimasak. Tetapi, saya tidak lagi makan orang. Sekarang saya makan bayam," katanya.

Jika di negara lain, petani seperti beliau berusia 37 tahun dari kampung Palumutan itu akan menerima rawatan psikiatri khas di sebuah kemudahan yang selamat.

Tetapi, tidak di Indonesia. Dia menghabiskan masa lima tahun di penjara biasa yang turut menempatkan pencuri kerana menakutkan orang ramai sebelum dibebaskan terus ke kampung halamannya tanpa sebarang rawatan susulan.

Jirannya yang takut memulaukannya menyebabkan Sumanto dihantar ke sebuah pusat pemulihan berhampiran.

"Tiada siapa sukakannya. Penduduk kampung memanggilnya 'pemakan orang' dan takut kepadanya," kata pengarah pusat berkenaan, Supono Mustajab.

Bekas pengerusi Persatuan Perubatan Indonesia, Kartono Mohammad berkata tiada institusi rasmi di negara itu dibina bagi menempatkan penjenayah 'tidak waras' walaupun rayuan dibuat pakar kesihatan mental.

"Hingga kini, Menteri Kesihatan (Siti Fadilah Supari) tidak kisah. Beliau tidak berminat dalam isu ini. Perkara ini bukan satu isu yang diberi keutamaan," katanya. "Saya amat prihatin. Di beberapa negara lain, rakyat seperti Sumanto akan ditempatkan di sebuah pusat perlindungan, bukan di penjara. Bagaimana jika keadaan beliau berulang? Ia akan menjadi satu masalah sosial. Beliau perlukan kaunseling dan perubatan," kata Kartono.

Di pusat pemulihan itu di Purbalingga, bersebelahan kampung Sumanto di Palumutan, kakitangannya berkata, Sumanto berkelakuan ganas dan tertekan selepas dibebaskan dari penjara pada 2006.

"Kehidupan di penjara memberi kesan buruk kepadanya. Dia tidak akan makan atau minum serta bersikap pemarah. Kami perlu kawal biliknya siang dan malam supaya dia tidak ganggu orang lain,' kata Mustajab.

Di pusat itu, beliau diajar membaca al-Quran dan digalakkan untuk bersukan, bertani dan menangkap ikan untuk menghilangkan tekanan. - AFP

Tun M tak tahu kebenaran cerita pelantikan pengerusi baru Petronas

IPOH: Bekas Perdana Menteri, Tun Dr Mahathir Mohamad mengakui ada mendengar cerita bahawa jawatan Pengerusi Petronas yang kini disandang Tan Sri Hassan Merican akan diganti oleh individu lain namun menegaskan beliau tidak tahu sejauh mana kebenaran cerita berkenaan.

Katanya beliau hanyalah seorang penasihat tanpa kuasa eksekutif dan oleh kerana Petronas terletak terus di bawah bidang kuasa Perdana Menteri, sebarang pelantikan jawatan di syarikat itu bergantung kepada keputusan Datuk Seri Najib Razak.

"Barangkali orang lain ini lebih cekap daripada Hassan Merican... boleh dapat untung lebih besar kot, mana kita tahu," katanya ketika ditanya sama ada menggantikan Hassan yang telah terbukti keupayaannya di Petronas sebagai satu tindakan yang betul.

Beliau berkata demikian kepada pemberita selepas mesyuarat agung penubuhan Gagsan Melayu Perak di sini hari ini.

Desas-desus sejak beberapa bulan lalu menyatakan bahawa bekas Pegawai Khas Najib ketika beliau Timbalan Perdana Menteri, Omar Mustapha Ong akan dilantik sebagai Ahli Lembaga Pengarah manakala bekas Menteri Dalam Negeri, Tan Sri Syed Hamid Albar dilantik sebagai Pengerusi Petronas bagi menggantikan Hassan yang juga Ketua Pegawai Eksekutif Petronas.

Dr Mahathir juga menolak dakwaan pihak tertentu kononnya beliau semakin hampir hilang sabar terhadap Perdana Menteri yang dikatakan mempunyai gaya kepimpinan lemah dan menegaskan beliau tidak pernah beranggapan sedemikian terhadap Najib.

"Saya tak kata saya puas hati, saya tak kata saya tak puas hati tapi saya buat teguran tentang pemilihan orang yang terlibat dalam rasuah masih ada dalam kepimpinan parti. Yang itu saya rasa tak setuju," katanya ketika ditanya sama ada ini bermakna beliau berpuas hati dengan kepimpinan Najib setakat ini.

Sementara itu ketika mengulas tulisan dalam blognya www.chedet.cc yang menyamakan Menteri Mentor Singapura Lee Kuan Yew sebagai 'Maharaja Kecil', Dr Mahathir berkata Lee adalah seorang pemimpin sombong yang cuba mengajar pemimpin di negara-negara jirannya.

"Orang ini dia cukup sombong. Dia pergi ke negara jiran untuk nak bagi tahu kepada negara jiran apa yang patut mereka buat dan dia mengutamakan negeri dia dan memberitahu kepada kita, kita hanya pedalaman. Saya dari dulupun saya tak berapa serasi dengan dia," katanya.

Mengenai lawatan lapan hari Lee ke beberapa negeri baru-baru ini, Dr Mahathir berkata bekas pemimpin Malaysia belum tentu akan mendapat layanan serupa di republik itu seperti mana sambutan yang telah diberikan oleh para pemimpin negara ini terhadap Menteri Mentor Singapura itu.

Terdahulu dalam ucapannya pada majlis itu, Dr Mahathir berkata masa depan orang Melayu akan menjadi gelap sekiranya pemimpin Umno terus dengan sikap lebih mengutamakan kepentingan diri daripada agama, bangsa dan negara.

"Umno tidak lagi memperjuangkan kepentingan orang Melayu tapi menjadi landasan untuk orang mendapat tempat dan gelaran. Sebab itu pada pilihan raya umum ke-12, orang Melayu tidak lagi mengundi Umno sebab mereka kecewa dengan keadaan sedemikian," katanya. - Bernama

Mahathir bercakap lagi

Mahathir tak minat jumpa Kuan Yew

KUALA LUMPUR 11 Jun - Bekas Perdana Menteri, Tun Dr. Mahathir Mohamad tidak berminat untuk bertemu dengan Menteri Mentor Singapura, Lee Kuan Yew selain tidak yakin jambatan ketiga Malaysia-Singapura akan menjadi realiti.

Beliau berkata, Kuan Yew tidak meminta untuk bertemu dengannya dan tidak ada sebab bagi pemimpin veteran republik berkenaan untuk berjumpa dengan beliau.

"Ah! tak dak,'' katanya kepada pemberita apabila ditanya mengenai kemungkinan bagi beliau untuk bertemu dengan Kuan Yew yang sedang dalam lawatan lapan hari ke negara ini.

Mengenai jambatan ketiga Malaysia-Singapura pula, Dr. Mahathir berkata, jambatan itu hanya akan menjadi kenyataan jika Malaysia memberikan pasir kepada republik berkenaan.

"Jika kita beri pasir kepada Singapura, kita dapatlah (jambatan ketiga),'' kata beliau selepas melancarkan Penyelenggara Kawalan Jauh Operasi Dasar Laut Sapura Crest Petroleum Berhad pada Pameran Minyak dan Gas Asia 2009 di Pusat Konvensyen Kuala Lumpur (KLCC) di sini hari ini.

Jelas Dr. Mahathir, Kuan Yew tidak membuat sebarang permohonan untuk bertemu dengan beliau.

"Saya tidak fikir sebab untuk Kuan Yew bertemu dengan saya. Saya bukan sesiapa,'' katanya.

Mengenai pertemuan Kuan Yew dengan pemimpin pembangkang Malaysia, Dr. Mahathir berkata, Menteri Mentor Singapura itu mempunyai pengalaman yang luas.

"Ahli politik Malaysia tidak tahu apa-apa jadi kita kenalah belajar dari Singapura.

"Singapura sebuah negara yang hebat, mereka melabur banyak wang,'' katanya.

Kuan Yew, 85, kini dalam rangka lawatan lapan hari ke negara ini.

Pembangkang perlu ada sebagai cermin kerajaan - Dr Mahathir

Star Online
Selasa Jun 9, 2009

SHAH ALAM: Bekas Perdana Menteri Tun Dr Mahathir Mohamad berkata pembangkang perlu ada bagi memainkan peranannya sebagai "cermin" kepada kerajaan.

Beliau berkata demikian ketika diminta mengulas cadangan Presiden PAS Datuk Seri Abdul Hadi Awang pada penutupan Muktamar PAS ke-55 di sini Ahad lepas, bagi penubuhan kerajaan perpaduan.

"Kalau nak buat negara satu parti ni, kurang sihat la, kita kena ada pembangkang, jika tidak kita tidak ada cermin nak tengok muka kita, cantik ke tidak," katanya dalam sidang media di sini hari ini.

Mengulas lanjut, Dr Mahathir berkata idea kerajaan perpaduan yang dimaksudkan Abdul Hadi juga tidak jelas, sama ada ia dilakukan di antara PAS dan Umno atau Barisan Nasional (BN) dengan pakatan pembangkang.

"Dulu masa kita tubuhkan BN, kita jemput semua orang (parti) untuk menyertai dan yang tolak hanya DAP. PAS pun masuk jugak BN tapi kemudian kita terpaksa berpisah dengan PAS sebab dia guna kuasa dia dalam kerajaan untuk perkukuhkan parti dia bukan BN," katanya.

Ditanya bukankah perpaduan itu akan memberikan keuntungan kepada negara, Dr Mahathir berkata ia mendatangkan kebaikan jika kedua-dua pihak ikhlas melakukannya demi untuk negara.

"Tapi ahli politik ni kadangkala susah jugak nak ikhlas, saya ahli politik jugak tau," katanya sambil tersenyum.

Terdahulu, Dr Mahathir merasmikan kilang perintis Green Base Utama Sdn Bhd di Seksyen 28 di sini, yang mampu menukar barang buangan plastik kepada biofuel.

Pengerusi Green Base Utama, Tan Sri Abdul Halil Abdul Mutalib berkata kilang itu mampu mengeluarkan 5,000 liter biofuel sehari.

Katanya biofuel yang dihasilkan adalah lebih bersih kerana kandungan sulfurnya hampir sifar.

Beliau berkata biofuel keluaran syarikat itu dijual pada harga lebih rendah iaitu RM1.40 dan RM1.50 seliter berbanding harga bahan api yang terdapat di pasaran sekarang.BERNAMA

CEOs Without College Degrees

by Rebecca Reisner
Monday, June 1, 2009 provided byBusinessWeek

The thousands of wait-listed would-be MBAs who may not get the chance to go to their dream B-school might want to draw inspiration from the following group of CEOs. Not only did they not get graduate degrees, they didn't get undergraduate degrees -- and some never even attended college.

Of course, not having a degree didn't stop them from being a big name on campus. You'll find Alfred Taubman's name at Brown, Harvard, the University of Michigan, and Lawrence Technological University; at least one building on each campus bears his name, although the retail magnate and philanthropist never finished college. Read on to learn who else made it into corporate top spots without the benefit of a bachelor's degree.

1. Dennis Albaugh

Chairman, Albaugh
Type of Business: Pesticides
Education: Associate's degree from Des Moines Area Community College
Fun fact: He has a collection of more than 100 classic Chevrolets

2. Paul Allen

Founder and chairman, Vulcan
Type of Business: Media, telecommunications
Education: Dropped out of Washington State College after two years
Fun fact: He persuaded Bill Gates to drop out of Harvard. They later founded Microsoft (MSFT) together.

3. Richard Branson

CEO, Virgin Group
Type of Business: Travel, radio, TV, music, venture capital
Education: No college degree
Fun fact: He became an entrepreneur at age 16 with the creation of Student magazine.

4. Maverick Carter

CEO, LRMR Innovative Marketing & Branding
Type of Business: Marketing
Education: 3.5 years of college at Western Michigan University and University of Akron combined
Quote: "Don't be afraid if you see an opportunity to go and give it shot. You can finish school later; it's always there."

5. John Paul DeJoria

CEO, John Paul Mitchell Systems
Type of Business: Hair-care products
Education: No college
Fun fact: He started out selling greeting cards at age 9.

6. Michael Dell

Founder, chairman, and CEO Dell (DELL)
Type of Business: Computers
Education: Attended University of Texas, Austin; did not finish.
Quote: "When I started our company, it was very much an idea outside of the conventional wisdom, and if there were people telling me that it wasn't going to work, I wasn't really listening to them."

7. Felix Dennis

Founder and chairman, Alpha Media Group, formerly Dennis Publishing
Type of Business: Publishing (Maxim, The Week)
Education: No college degree
Fun fact: He wrote a biography and published a magazine about Bruce Lee; sales surged when the martial arts star died suddenly in 1973.

8. Barry Diller

Chairman and CEO of IAC/InterActiveCorp (IACI)
Type of Business: Media
Education: Dropped out of UCLA after three weeks
Fun fact: He started his career working in the mail room of the William Morris Agency.


. Bill Gates

Co-chair and Trustee, Bill & Melinda Gates Foundation; Chairman, Microsoft (MSFT)
Type of Business: Philanthropy. Software.
Education: Dropped out of Harvard
Fun fact: As a schoolboy, he created a program that allowed people to play tic-tac-toe on the computer.

10. Mukesh "Micky" Jagtiani

Chairman, Landmark International (Dubai)
Type of Business: Retailing
Education: No college degree
Fun fact: The billionaire mall developer flunked out of a London accounting school as a teenager and worked as a taxi driver before becoming an entrepreneur.

11. Dean Kamen

Founder and chairman, Segway
Type of Business: Motor vehicles
Education: Dropped out of Worcester Polytechnic Institute
Fun fact: Kamen founded FIRST, a robotics competition for high school students.

12. David Oreck

Founder, Oreck
Type of Business: Vacuum cleaners
Education: No college. At 17, enlisted in the army, and flew B-29 bombers during World War II
Quote: "Things are never as bad as they seem to the pessimist and never as good as they seem to the optimist."

13. Amancio Ortega Gaona

President, Inditex Group
Type of Business: Fashion retailing (Zara, Kiddy Class, others). (A Coruna, Spain)
Education: No college
Fun fact: Often cited as the richest man in Spain, he reportedly has never given any media interviews

14. Phillip Ruffin

Owner, Treasure Island
Type of Business: Casinos
Education: Attended Washburn University for three years and Wichita State University but never got his degree.
Quote: "You get the most experience from the business of life."

15. Alfred Taubman

Founder, Taubman Centers (TCO). Philanthropist
Type of Business: Shopping malls
Education: Attended the University of Michigan at Ann Arbor for three years but left to start a family and his career
Quote: "Become an expert in one fundamental area of your market or business. No one starts out as a generalist."

16. Ty Warner

Founder, Ty, Inc.
Type of Business: Toys (stuffed animals)
Education: Dropped out of college to pursue a career in acting. Later founded Ty Inc.
Fun fact: The plush animals his company manufactured retailed for only $5 in the 1990s, but Beanie Baby-mania drove prices up to $30 or more for the hard-to-get characters.

BTN apa sudah jadi?

Friday May 22, 2009
BTN course teaches disunity

AS parents we are glad that our grown up children attend the Biro Tata Negara (BTN) course, which is compulsory for government servants. They are all mature professionals.
But what angers me is that, instead of talking integrity, unity and harmony among the various races, participants are taught about disunity and racial hatred. Is this what our Prime Minister Datuk Seri Najib wants for 1MALAYSIA?
Throughout the five days of the course, participants are repeatedly told not to question Malay rights and so on. The course coordinators keep talking about social contracts and telling non-Malays not to question Malay rights and so on.
Many participants, including my Malay friends, are upset.
Are we still living in a primitive age? If the BTN course is to be conducted in this manner, it is better to abolish it or let it concentrate on only one ethnic group.
The course is not bringing unity but only arousing anger and hatred.
As it is handled by the Prime Minister’s office, please do not say that they do not know what is going on.
DISAPPOINTED,Bukit Jalil, Kuala Lumpur.


Tuesday May 26, 2009
BTN course turning into a farce

REFERRING to the letter “BTN course teaches disunity” (The Star, May 22), I agreed with the writer. I’ve talked to almost everybody who had attended the course and the common reaction was how much more they dislike the Government after the course.
I believe BTN should be dropped. The course is not achieving its objectives.
On the contrary, it is sowing hatred against the Government and encouraging disunity.
All BTN course participants are grown-ups and know what is right and wrong.
By trying to enforce a belief, the Government is instead causing a backlash.
If the organisers of a five-day course think they can convert an opposition-minded government officer to change his mind, they are being naive.
The course is compulsory for all new government servants and those who entered the service from 2002 to 2004.
If one does not pass BTN, one will not get a promotion or salary increase even though one gets “Aras 4”, the highest mark for the PTK (Penilaian Takap Kecekapan) exam.
This is another reason why decent, hard-working government doctors leave the service and we end up employing foreigners who can barely live up to the standards.
Do not waste money and precious time by conducting such a course.
Government servants are attending enough courses and seminars already.
Let them stay in their workplace to serve the people.
GOVERNMENT DOCTOR,Kuching.