The day LKY shocked Yudhoyono

The day Mr Lee shocked Yudhoyono

Tuesday, January 21, 2014 – 06:54

Zubaidah Nazeer

The Straits Times

INDONESIA – In the first year of his presidency, Indonesian President Susilo Bambang Yudhoyono was told that his country’s issues were so complex that he would achieve only a third of what he set out to do in the five-year term.“When I heard this, I was taken aback. I momentarily thought: Why is this friend of Indonesia inclined to think less of my abilities and of the government that I lead,” writes Dr Yudhoyono in Selalu Ada Pilihan (There is Always A Choice), a book he launched last Friday.

The friend he is referring to is Singapore’s former prime minister Lee Kuan Yew, whom he met on a state visit to the island nation in early 2005 and describes as a “well-respected” and “successful former prime minister”.

Dr Yudhoyono writes that Mr Lee told him: “I am confident you can lead Indonesia. You understand the problems that need to be overcome and, at the same time, understand what needs to be done to take Indonesia forward.

“But remember, the problems that need to be overcome are very complex. Even if you put in your best effort, in these five years, you will probably be able to resolve about 30 to 40 per cent only.”

Dr Yudhoyono writes that the rest of his encounter with Mr Lee proved more encouraging, as it assured him and motivated him to persevere in his job.

He quoted Mr Lee as telling him: “But, if the current President is not you, maybe his achievement would be lower. In the second term, or in the next five years, you can increase your achievements. I think you can solve 70 per cent of what you set out to achieve.'”

This account is among several snippets about world leaders that guided his thinking in governing Indonesia, he said at last Friday’s launch. That is why he included them in the book that he took one year to write.

While mentioning leaders who inspired him, such as Mr Lee, in the 824-page book written in Bahasa Indonesia, Dr Yudhoyono focuses mostly on local politics and gives reasons for the many decisions he made during his two terms as President.

“The book is something for me to share and is not intended to teach others or to deliver theories,” he told some 1,000 guests at the launch. They ranged from ministers and former ministers to politicians, diplomats and others.

“It’s not a memoir. I will publish that at another point… when I am no longer serving as a leader. This book is just for me to share both the sweet and bitter tastes of being the President.”

Before the launch, some critics slammed the book as a public airing of his emotions in an attempt to win sympathy for him and his party from voters ahead of national elections in April and presidential elections in July.

Approval ratings for Dr Yudhoyono, who is also the chairman of the ruling Democrat Party, dropped to 45 per cent last October from a high of 85 per cent in 2009, said pollster Indonesian Survey Circle.

Although he cannot run for president again under the law, the same poll predicted that his party will win only 9.8 per cent of the votes this year, a precipitous drop from 20.9 per cent in the 2009 elections.

Other polls tallied similar results and many political analysts are warning that it could spell his party’s demise.

Critics paint Dr Yudhoyono as a weak leader whose party has been tainted by high-profile corruption scandals, including the recent arrest of former Democrat Party chairman Anas Urbaningrum.

But in the book, the President bats away the brickbats across several chapters such as one in which he notes: “The voice of the analysts and the media does not always reflect the voice of the people.”

In another chapter, titled “A leader needs to be firm, but rational”, Dr Yudhoyono describes how he decided to get involved in resolving the bilateral spat with Australia over a spying controversy only after careful consideration.

“When my best friend (Australian Prime Minister) Tony Abbott made several statements before the Australian Parliament suggesting the case was normal and refused to apologise, I could no longer stay silent,” he writes, adding that though tensions remained high, he did not cave in to giving an emotional response.

In another section on leadership, he emphasises that governance and development of a nation are not a natural routine for leaders and concludes: “It doesn’t just flow (naturally).”

zubaidah@sph.com.sg

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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