nine years. Our profits were of course
meager compared to other banks.”
rebuffed Pun.
“When I got my licence back at the
end of 2012, our deposits stood
at zero, our loan book stood at
zero!. Today, we have about 400
billion kyats in deposits. To put that
number into perspective, the largest
privately owned bank in the country
has approximately 2 trillion kyats in
deposits. You can appreciate how far
behind we are and how much more
work we need to do to become part of
the top taxpayers’ list.”
If there is one thing that Pun does
admit to, it is that a few high-ranking
officials within the regime at that
time had his back and helped him to
prosper, not because they were given
money but because they genuinely
believed in
Pun’s vision and felt his passion
for the country. “Not everyone in
the military was void of conscience.
There were good generals within
the leadership who knew the
difference between good and bad,
and who would do the right thing.
They allowed me to carry on with
my business without any unethical
demands,” Pun shares.
These military officials would
permit Pun to engage in a variety
of different real estate projects
because they knew that he could
deliver. And he always did.
Now, as Myanmar opens her doors
to overseas investors under its
current reformist President Thein
Sein, Pun is already starting to reap
the benefits of his staunch anticorruption stance. Many of these
investors are beating a path to Pun’s
door for his knowledge of the local
market, above-the-board business
ethics, amazing track record and
immense capabilities.
ANGEL OF NARGIS
But, there is more to Pun than just
savvy business acumen.
When Cyclone Nargis made landfall
on 2 May 2008, it devastated the
country. The cyclone laid waste to the
densely populated Irrawaddy delta
and caused at least 138,000 fatalities
and US$10 billion worth of damages.
It was a huge catastrophe, made
worse by the junta’s initial refusal to
accept foreign aid under conditions
set by the donors.
Relief efforts were hindered by the
blockage of supplies coming in; for
the whole month of May, the United
Nations, through no fault of their
own, could only schedule one flight
of supplies into the affected areas.
View from an apartment in
Pun Hlaing Golf Estate, one
of Pun’s signature property
projects in Myanmar
I want to contribute my own bit
to the global agendas that have a
big impact on the world.
Top on this list, predictably, is
tackling corruption.
Andrew Kirkwood, the then country
director of Save the Children, which
was one of the few charities allowed
to operate in Myanmar, was becoming
desperate. One of Kirkwood’s associates
gave him Pun’s number and told him
that he was the man that could help.
Kirkwood approached Pun and told
him, in no uncertain terms, that
tens of thousands of people would
perish if Kirkwood could not fly in the
emergency supplies and aid. Pun didn’t
need convincing.
“Let me tell you, Pun is the unsung hero
of the Nargis relief efforts. While the
UN could only arrange one flight in May,
the man somehow managed to arrange
16 flights to come in and distribute
US$65 million worth of supplies,” says
Kirkwood. It was a dangerous move by
Pun due to the political climate back
then. Pun could have potentially upset
the ruling military government, who
were already not his biggest fans, to
the point that they would shut him
down permanently. “He put all his big
business interests at risk to do what he
thought was right,” states Kirkwood.
Doing the right thing did not come
easy. Pun stayed in the shadows,
seeking out his contacts and quietly
negotiating for landing permits. And
once he did all he could do, Pun
disappeared as swiftly as he came.
The torrent of news reports and media
coverage never once mentioned Pun’s
central role in the relief efforts. And
the silent angel of Nargis never craved
for it. He chose to help. That was it.
Today, there is an Environmentally
Sustainable Pilot Village at Aw Pyone
Wa located at the mouth of the Bay
of Bengal, fully rebuilt after its total
destruction, by Pun with the support
of the Singapore Red Cross and other
donors standing as evidence of what
he did in relief and reconstruction.
The more than 1,000 relief volunteers
that Pun organised from his rank and
file within days of the disaster have
long tales to tell about their Chairman
during those challenging months, but
they were never used it as self serving
or promotional fodder.
LEGACY OF PUN
Choice.
It’s a fitting word to describe Pun’s
pragmatic approach in life, whether he’s
battling corruption, running his business
or raising his family. As Pun eloquently
puts it, participating in corruption was
a choice and he elected not to play it.
“The consequence of my choice was
that I had to be prepared to lose
business deals. I am prepared for
that consequence and my choice is
something that I am happy to live
with,” says Pun.
It’s an attitude that he has passed on
to his four children. One of his four
sons, Cyrus, remembers a childhood
filled with lessons about morality.
“My dad never said that he wanted
us to be successful or to be rich. He
just wanted us to do the right thing.
He set the perfect example that you
can still be successful in Myanmar
without being corrupt.” And now, as
Pun approaches the golden years of
his life and with his sons making a
name for themselves in the business
world, Pun is starting to contemplate
retirement, though not in the
traditional sense of the word. Instead,
Pun has set his sights on a mission
grander than the advancement of
his business interests – helping to
improve society.
“I want to contribute my own bit to
the global agendas that have a big
impact on the world,” says Pun. Top
on this list, predictably, is tackling
corruption. Just a bit further down
is advocating for more transparency
in government.
It is Pun’s little way of penning his
name