Tan Koon Swan

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Tan Koon Swan (born 24th September, 1940) is a controversial Malaysian political and corporate figure, who was president of the Malaysian Chinese Association from November 1985 to September 1986.

Tan first entered the political fray in the late 1970s. A self-made millionaire largely touted as a financial wizard, he assisted Lim Goh Tong in establishing Genting Highlands Resort as a successful tourist destination, and was invited to take up the position of Managing Director of Multi-Purpose Holdings Berhad, the corporate structure through which the MCA hoped to encourage Chinese participation in all areas of economic development[1]. He joined the party in 1977 and took up the position.

In 1978 Tan made his political debut, winning a parliamentary seat in Raub, Pahang. The following year, he was elected to the party's Central Committee and appointed Chairman of MCA Wilayah Persekutuan State Liaison Committee. In 1982 he cinched a landslide victory for the parliamentary seat in the opposition stronghold of Damansara[2]. 1984 saw him appointed as vice-president of the MCA.

In March of 1984, Tan was sacked as vice-president from the MCA along with 13 other members for urging the party to investigate its member records for the presence of non-existent people, an issue that had sparked off factionalism and crisis within the party[3]. However, he and the other 13 were all reinstated two months later with the support of 1,600 MCA members in an extraordinary general meeting[4]. In November 1985, he was voted to be president of the MCA winning 76.9% of the votes cast, the largest majority in the party's history, and the first challenger since 1954 to win national leadership[5][6].

Tan remained a highly prominent member of the corporate sector, controlling numerous companies, including Sigma International, which had a 22.6% stake in Pan-Electric Industries[7], a Singaporean-based company. On 12 December 1985, he signed an agreement that gave the troubled company S$ 20 million of funds through an interest-free loan and allowed it to resume trading[8][9].

In 1986 he was charged in Singapore with abetting criminal breach of trust relating to the collapse of Pan-El. He was sentenced to two years imprisonment by Singapore High Court Justice Lai Kew Chai. In Lai's judgement, Lai said Tan’s offences had “struck at the very heart, integrity, reputation and confidence of Singapore as a commercial city and financial centre”[citation needed]. After his sentencing, Tan resigned as MCA President[10]. In 1988 Tan was also sentenced and imprisoned in Malaysia, declared a bankrupt, and reportedly owed over RM400 million, at the time roughly equivalent to more than 100 million US dollars. He was ordered to pay RM1000 a month to the Official Assignee and the New Straits Times estimated it would take him 35,316 years to pay off his outstanding claims[11]. In the mid-1990s, after full repayment, Tan was discharged from bankruptcy[12].

Tan, still a respected member of society, is a born-again Christian who likes to maintain a low profile[13].


[edit] References

  1. ^ "Portrait of Success.", Malaysian Business, 1 December 1985, p. 8, 9. 
  2. ^ Past Presidents: Tan Koon Swan
  3. ^ "The Malaysian Chinese Association has expelled 14 leading members including vice president, Tan Koon Swan.", Asian Wall Street Journal, 29 March 1984, p. 1, 3. 
  4. ^ "An EGM of 1,615 "dissident" members of the Malaysian Chinese Association (MCA) in Kuala Lumpur yesterday (6 May) voted to reinstate the 14 expelled leaders led by Tan Koon Swan.", Asian Wall Street Journal, 7 May 1984, p. 1, 3. 
  5. ^ "Mr Tan Koon Swan was yesterday elected president of the Malaysian Chinese Association (MCA) by a landslide.", Asian Wall Street Journal, 25 November 1985, p. 16. 
  6. ^ "MCA: New Beginning.", Malaysian Business, 1 December 1985, p. 5. 
  7. ^ Chris Sherwell. "Prospects Improve For Pan Electric Rescue / Attempts to save debt-ridden Singaporean company", Financial Times, 25 November 1985, p. 30. 
  8. ^ "Singapore Pact to Aid Troubled Firm", The San Francisco Chronicle, 12 December 1985, p. 47. 
  9. ^ "An interim agreement has been signed by parties concerned to save Pan Electric Industries of Singapore and pave the way for a rescue and reconstruction of the debt-ridden concern.", Asian Wall Street Journal, 12 December 1985, p. 1, 11. 
  10. ^ Past Presidents: Tan Koon Swan
  11. ^ "Unknown", New Straits Times, 4 May 1989. 
  12. ^ "Tan Koon Swan no longer a bankrupt", New Straits Times, 20 September 1995. 
  13. ^ "The Sunday Interview With: Former MCA President Tan Koon Swan", New Straits Times, 2 October 2005.