PETALING JAYA: To live to celebrate your 100th birthday puts you within a very select group of people, but to celebrate one’s centenary as the country’s wealthiest individual certainly positions Robert Kuok in unchartered territory.
Malaysia’s wealthiest tycoon is celebrating his 100th birthday today.
Bloomberg’s Billionaires Index ranks Kuok as the 112th richest person in the world with an estimated net worth of US$15.1 billion (RM71.23 billion).
Once dubbed the “Sugar King”, his commercial empire spans a wide range of businesses – logistics, hotels, real estate and commodities.
Known for his political savvy and extensive connections, Kuok stands tall among an exclusive group of Asian entrepreneurs who built business empires in the region’s newly independent nations after the Second World War.
His nephew Kuok Khoon Hong runs Wilmar International, one of the world’s largest palm oil producers, while his youngest son Kuok Khoon Hua is chairman and CEO of Hong Kong-based Kerry Properties.
The centenarian was feted today by some of the region’s uber elite who hailed Kuok’s lifetime achievements. Hong Kong’s wealthiest man, the 95-year-old Li Ka-shing and his son Victor Li, 59, were among those congratulating Kuok on his centenary.
The Lees of leading Hong Kong developer Henderson Land Group also extended their warm wishes. “Your visionary leadership and remarkable contributions to the industry have left an incredible mark,” said a message sent to the South China Morning Post (SCMP) by the company’s 95-year-old founder Lee Shau-kee and his sons.
Interestingly, SCMP, Hong Kong’s leading newspaper, was once owned by Kuok before he sold it to Jack Ma’s Alibaba Group in 2015.
A lifelong merchant
Born in Johor in 1923, Kuok was the youngest of three sons. His father migrated from Fujian, China to British Malaya and became a successful businessman.
He received his early education at English-medium schools – firstly the famed English College in Johor, and subsequently the prestigious Raffles College in Singapore.
His first taste of business was during the Japanese occupation of Malaya. He was enlisted in the administration of Mitsubishi’s rice distribution business, rising through the ranks from a clerk to head of department by end of the war.
When his father died in 1948, Kuok founded the Kuok Brothers together with his siblings and relatives to take over the family’s rice distribution business.
The end of British rule in Malaya provided opportunities for the Kuok family to emerge as the market leader in several industries. Their first big break came in the sugar business.
With the help of Japanese partners, Kuok built a sugar refinery in Prai, Penang and went on to trade the commodity all around the world, earning him the infamous “Sugar King of the East” moniker.
He exited the sugar refining business after 45 years in 2009 with the divestment of Malayan Sugar Manufacturing (MSM) to Felda Global Ventures. MSM controlled 80% of the Malaysian sugar market during its peak.
Through his success in sugar trading, as well as flour and edible oils, Kuok went on to build a diversified multinational conglomerate which exists till today.
Answering the nation’s call
Despite having relocated to Hong Kong in 1975, Kuok has maintained a strong connection with Malaysia.
After the historic victory of Pakatan Harapan in 2018, Kuok was summoned by two-time prime minister Dr Mahathir Mohamad as an adviser to help rebuild the country’s economy.
He was appointed as a member of the Council of Eminent Persons together with Daim Zainuddin, Zeti Aziz, Hassan Merican and Jomo KS.
In his memoir published in 2017, Kuok recounted his contributions to the young federation of Malaya, later Malaysia.
His relationship with the Malaysian government, however, has gone through ups and downs.
One illuminating example was the story of MISC, Malaysia’s first shipping line, which was conceptualised under his stewardship. Following repeated pressure by the government to issue more shares to the bumiputera community, Kuok eventually exited the company in 1987.
He then went on to start another shipping line, Pacific Carriers Ltd, in Singapore.
Kuok was the chairman of Malaysia-Singapore Airlines (MSA) from 1969 to 1971 prior to the company’s eventual split into Malaysian Airline System (MAS) and Singapore Airlines (SIA) in 1972.
He also played an instrumental role in the creation of Bank Bumiputra, and Perbadanan Nasional Bhd. He served as a director in both organisations which were established to promote bumiputera interest in the economy.
Following the change in Malaysia’s political climate after the May 1969 riots, as well as the allure of opportunities abroad, Kuok relocated to Hong Kong, continuing to expand his empire into China and the international scene.
Among his best-known investments in China is the China World Trade Centre, which opened in Beijing’s Chaoyang business district in 1990. - FMT
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.