Malaysian-born tycoon Robert Kuok is not a popular figure among Malay nationalists, who have accused him of profiteering and called for a boycott of his business.

However, in his latest memoir, the billionaire, who hails from Johor Bahru, said his mother had taught him never to engage in profiteering when it concerns essential goods.

Kuok said he even advised the government on preventing the price of essential goods from increasing and surrendered profits to this end.

"She (mother) would invariably urge upon me that, as rice and sugar and all such commodities are essential foods, on no account should I engage in profiteering.

"I knew exactly what she meant by profiteering. In the commodities trade, if you made between one and a half percent and two percent profit, that was considered pretty fair.

"Once you start to make over two percent you are beginning to stick in your knife, so to speak," he said in his memoir, a copy of which was obtained by Malaysiakini...