Yesu Persaud will be remembered for his business leadership

Dear Editor,

YESU Persaud was a visionary businessman with determination to translate his vision into reality. His effective and passionate leadership transformed DDL into a magnificent success and now a conglomerate involved in banking and agro-processing, in addition to spirit manufacturing.

I did not know of Yesu, as he was popularly known, until years after I departed Guyana in 1977 to pursue tertiary education. I didn’t get to meet him until the late-1980s when I was involved in a committee charged with organising the New York commemoration of the 150th Anniversary of Indian Arrival in Guyana.

I found Yesu affable, warm, and friendly. Yesu and I met countless times thereafter in Guyana, Trinidad, NY, India, and elsewhere at international conferences on Indian Immigration, conversing on varied interesting pertinent topics of the times — such as Guyana and Caribbean economies, PNC dictatorship, Gorbachev reforms, Indian economic reforms, Indian culture, free and fair election in Guyana, etc. He interviewed me a couple of times on a TV programme he hosted.

He was praiseworthy of then (early 1990s) Indian Prime Minister PV Narasimha Rao and Finance Minister Dr. Manmohan Singh (who went on to become PM from 2004 to 2014) for opening the Indian economy. Yesu also praised Desmond Hoyte for the 1988 economic reforms in Guyana that set the train for political reforms and the restoration of democratic governance that came in late 1992. Hoyte and Yesu fell out when Yesu joined the struggle for the advocacy of restoration of democratic rule in Guyana; he played a role in GUARD. Yesu’s life was threatened and his house was fired upon with bullets, almost injuring him.

Yesu was a small built man, just about five feet but he had a giant reputation and character. He was soft spoken but had fierce body language and huge stature.  He was tough and courageous for taking on Burnham, Jagan, and Hoyte to re-direct Guyana’s economy towards free enterprise away from communist control. And he succeeded. Guyana is no longer a communist state (government directed and controlled economy). Guyana is also a democracy and Yesu played an important role in that outcome joining the struggle against the dictatorship and in Jagan becoming President in 1992. He supported Bharrat Jagdeo when he was chosen as President. In September 1999, Yesu was given the honour of introducing a young President Jagdeo at an Indian conference at the Crowne Plaza hotel ballroom in Elmhurst, Queens. He showered accolades on Jagdeo. He also was critical of the efforts to rig the 2020 general elections, urging David Granger to respect the will of the electorate.

Yesu studied accounting (in UK) and worked his way up in management in the UK. Then he worked in Guyana both in the public and private sector to become an iconic business entrepreneur. It was not easy to be an Indian businessman (in a racially divided Guyana characterised by ethnic animosity), especially during the Burnham/Hoyte eras. Yesu overcame all those adversities associated with colour, caste, class, ethnicity, religion and politics to become a successful entrepreneur. That he maneuvered Burnham’s racist dictatorship and consolidated his businesses and kept them in forefront of Guyana’s industries was an outstanding achievement. For a businessman to thrive under the very difficult circumstance – authoritarian rule, racism, Burnham’s ujamaa socialism, and government control of over 80 per cent of the economy – was an extraordinary achievement.

As business folks told me, he was not a greedy, self-centred person as characterised some new business persons. In his time as a prosperous captain of industry, he did not destroy other businesses so his company could succeed. He was in business for self-wealth as well as to help others.  As an illustration, his IPED loans allowed many small budding entrepreneurs to get into business. Giving loans is a lot more effective than giving cash grants, which leads to a dependency syndrome rather than financial independence. He helped ordinary people who had ambition and an idea with financial resources. He gave them loans and supporting officers to streamline their business to make it work.

People came with a passion with an idea and he helped them make it happen. IPED made money through its interest rates and the small businesses also made money. IPED had to pay for expenses, maintaining staff, etc. And he encouraged farmers to grow fruit crops. He bought cherries and other fruits from them which his DDL company processed into fruit pulps for packaging juice sold domestically and regionally, earning critical foreign exchange.

Yesu will be remembered for his personal conduct, simple lifestyle, and leadership in terms of business innovation and entrepreneurship. Aspiring business people looking for inspiration would do well to study the achievements of Guyana’s greatest businessmen.

Yours sincerely,
Vishnu Bisram

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