Olam International’s CEO Sunny Verghese has been named the Ernst & Young Entrepreneur Of The Year (EOY) 2008 Singapore, and will go on to contend with 49 other country winners at the annual Ernst & Young World Entrepreneur Of The Year (WEOY) award in Monte Carlo next year.

Mr Verghese, who also holds the title of Ernst & Young EOY (Commodities Supply Chain), is one of three individual Ernst & Young EOY award winners announced earlier this month.

The other two award winners are the executive chairman of Lian Beng Group, Ong Pang Aik – who is Ernst & Young EOY (Construction) – and the managing director of Zicom Holdings, Sim Giok Lak, Ernst & Young EOY (Industrial Products).

At the Ernst & Young EOY 2008 Singapore Awards Gala, guest-of-honour Minister for Finance Tharman Shanmugaratnam made reference to the seizure of Bangkok’s two airports by anti-government protesters as well as the attacks on Mumbai hotels.

“In Asia, the slowdown is complicated by political turmoil in some countries, which has undermined investor confidence and may have effects beyond the immediate downturn. The troubling events of the last few days in Bangkok and Mumbai have heightened these concerns.”

However, he also emphasised that the Budget in January would help both Singaporeans and businesses weather the slowdown which could last for more than a few quarters.

“As with all economic downturns, the companies which will emerge fitter and better prepared for growth will be those that have built up strong balance sheets and avoided excessive leverage during the good years; those who have continually invested in their workers’ capabilities; and those that size up the risks and seize opportunities in times of difficulty,” Mr Tharman added.

In the same vein, Ernst & Young executive chairman Ong Yew Huat pointed out that it is now more than ever that entrepreneurs are needed to spur on both the economy and the job market.

“If ever there was a time that success stories and successful entrepreneurs should be held up as role models for the next generation, that time is now,” Mr Ong said.

Commenting on his win, Mr Verghese said it would be an honour to represent Singapore.

“While this is a personal honour for me as an individual, it is only mine in trust and I dedicate this award to the collective determination, commitment and talent of our over 9,000 employees who have helped build Olam into the global leader it is today,” he said.

At WEOY next year, Mr Verghese will be up against the likes of Cao De Wang of Fuyao Glass (China), John Flaherty of C&F Group (Ireland), James Blackmore of Zest Electric Motors (South Africa) and Matthew Szulik of Red Hat Inc (US).

This article was first published in The Business Times on Nov 28, 2008.

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