Resigned as MD ... Go Back to University and Restart
To Unlearn and Relearn - WHY I WAS SUCCESSFUL and WHY I FAILED
Between 1999 to 2003, and at the age of 40, I enrolled with UOW to read International Business and learn about Strategic IT Management. It was AFTER I became a political scapegoat for the massive losses incurred by my 51% partner JCORP during the Asian Financial Crisis (I am and still 49% shareholder of Johor State Corporation Tourism Division, Tiram Tour Sdn Bhd) Click to see.
As the majority shareholder and contractually in charge of financial management, they neglected and failed to execute my (Managing Director) secured Letter of Offer from Maybank International to Hatch the Malaysian Ringgit from depreciating against USD - exchange rate was USD 1 to RM$ 2.12 in June 1996. All approved documents were submitted to key officers (See documentary evidence below).
It was my business intuition and financial instincts that led me to research the risk exposure because local and foreign banks were lending billions in short term loans to their customers to speculate in Malaysian shares and properties. As MD, I trusted my guts and arranged with Maybank KL senior officer to hatch the JV business. This is because our income revenue and bank borrowings to purchase assets (aircraft, island resorts, working capital, etc.) were in USD but all our expenditures were all paid out in Ringgit and Singapore dollars.
True enough, September 1996 saw banks engage in hedge fund trading with derivatives and demanded more mortgages to support the profitable sale of these derivatives. This led to asset prices decline from gradual to steep. Businesses and consumers started to face difficulty paying their debts, and financial institutions experience liquidity shortages. This created a humongous opportunity for certain people and asset investment firms to commence speculative attacks in Thailand, Malaysia, Indonesia, Singapore, and Korea.
JCORP's gross negligence literally destroyed the JV and its business model. A high flying company that was generating hundreds of millions annually in tourist receipts cumulatively across all categories and created over a thousand jobs for ground operations was paralyzed. Until today, 22 years later, the Malaysia Ringgit remains US$1 to RM$ 4.28.