Page 27 - Forbes - Asia (July - August 2018)

cult to ind qualiied, honest people in this sort on Domel Island, of Myanmar’s south ness include three grandchildren, all West-
country,” he laments, blaming much of the coast on the Andaman Sea near hailand. ern-educated and in their 20s, who serve
problem on Myanmar’s inadequate educa- As an animated video of the project plays as junior executives: Fiona at the Myanmar
tion system, which he let at age 16. in the background, Tun explains that he Times, Elizabeth Tun at the bank and Dan-
His experience with foreign partners is bought the 1,400-acre plot from the gov- iel Tun at Carlsberg.
mixed. He happily sold a 70% stake in his ernment two years ago and now needs Tun says he wants to retire to spend
Pepsi and Popa Water businesses to South partners to help inance development more time with an adopted daughter,
Korea’s Lotte Group in 2013 to form the costs. Just back from India, he will be trav- 4-year-old Myat Chal. He lights up as he
Lotte-MGS Beverage Co. While the busi- eling again the next day, to y down to the scrolls through her photos on his mo-
ness, which claims a book value of $114 island. Two show homes have been built, bile phone. He also wants to focus on his
million, doesn’t turn a proit, Korean man- and plans call for hotels and 400 villas. foundation, which operates two hospi-
aging director Herby Hur appears un- Prices will begin at $200,000 to $300,000 tals and one library as well as providing
fazed. He says the business, still in a nascent for a three-bedroom home. he market schooling and housing for 150 orphans.
phase, is growing by double digits annually, launch, which could happen as early as “My father has a big heart,” says daughter
with proits expected “as the years roll on.” November, is aimed at elite buyers in hai- Kyi Kyi Khine, 34, whom Tun also ad-
By contrast, Tun says he won’t do busi- land, Malaysia, Singapore and China. “his opted as a child, noting that if a village
ness again in China. “It’s never good,” he is the last project of my life,” he quips. “I needs a well, her father sends a team to
concludes, recalling that Myanma Golden think it will be proitable.” dig it. “For him, success would be help-
Star once bought six Chinese PET molding By all accounts, the octogenarian holds ing every young person in Myanmar.”
machines with a guarantee they would yield fast to the company reins. Family members She holds the title of executive director
200,000 bottles a day. Ater he couldn’t get concur that only he has a complete grasp of at Myanma Golden Star, which she says
the machines to make that many, he asked the businesses, and he prefers to keep cer- involves doing whatever troubleshooting
the company to send a team to Myanmar tain key inancial details to himself, even he assigns her. “It’s hard to keep up with
to igure out the problem. “hey could pro- though he insists that his two Western- him, and it’s hard to satisfy him,” she
duce only half,” he says. “hey won’t be educated sons will take over by his 85th says. “I don’t believe he will ever retire.
coming back.” birthday. he eldest, 57-year-old hant Work is what keeps him lively.” F
His wife died 25 years ago, so Tun lives Zin Tun, is vice chair-
alone in a home next to the Chinese Em- man of Myanma Gold-
bassy, a 20-minute drive from his oice. en Star, while 55-year-
When in Yangon, the alarm rings at 5 a.m. old Oo Oo Tun manages
He scans all the newspapers—part of his Tun’s trading subsidiary
daily ive-hour reading regimen—and by from Singapore and plans
6:30 a.m. he initiates a conference call for to move back to Yan-
a cadre of 12 senior managers. Ater a full gon this summer. Daugh-
day at either the bank oice or the Myan- ter Mar Mar Tun, 56, his
ma Golden Star head oice, he returns only biological daughter,
home to work until 11 p.m. He has soup works with her husband,
for dinner and usually brings his lunch whiskey magnate Aung
to the oice. “No wine, no four legs, no Moe Kyaw of Myanmar’s
sugar,” he chuckles. IBTC Group. “My father
Over a takeout lunch served by his sec- is the hands-on manag-
retary at one end of a spacious board- er,” Oo Oo explains dur-
room table, Tun re ects on his path from ing a phone interview.
the Wakema Township in the Ayeyarwad- “He doesn’t do things for
dy region. “I couldn’t go to university, but the sake of money. Busi-
I worked hard—when you’re young you ness is his hobby. He loves
have to torture yourself, otherwise other it.” hant Zin’s daugh-
people will torture you. hat’s my philoso- ter Fiona Tun adds: “My
phy,” he says, noting that his irst endeavor grandfather is in control,
was to produce and sell groundnut oil with and things aren’t done
the help of local farmers. “When I made without his approval,” not-
money, I collected three things: land, an- ing that her father mainly
tiques and gold coins.” helps close business deals.
Now he’s embarking on the most am- Other family mem-
bitious project of his career, a luxury re- bers involved in his busi- “I worked hard—when you’re young you have to torture yourself.”
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