Robert Kuok

Last updated

Robert Kuok
郭鹤年
Born
Kuok Hock Nien

(1923-10-06) 6 October 1923 (age 101)
Johor Bahru, Johor, Unfederated Malay States, British Malaya
(now Malaysia)
Alma mater Raffles Institution
Occupation(s)Business magnate, investor, philanthropist
Known forMalaysia's richest person
TitleFounder and chairman of Shangri-La Hotels and Resorts
Spouse(s)Joyce Cheah (谢碧蓉) (deceased)
Pauline Ho Poh Lin (何宝莲)
Children8
Relatives Kuok Khoon Hong (first cousin once removed) [1]

Robert Kuok Hock Nien, better known as Robert Kuok, [lower-alpha 1] (born 6 October 1923) is a Malaysian business magnate, investor and philanthropist based in Hong Kong since 1973. [2] According to Forbes , his net worth is estimated at $11.8 billion as of April 2023, [3] making him the wealthiest Malaysian citizen [4] [5] and 96th wealthiest person in the world. [6] As of April 2023, according to the Bloomberg Billionaires Index 2023, Kuok has an estimated net worth of $17.7 billion, making him the 97th richest person in the world. [7]

Contents

Although Kuok is a major figure in business circles in East and Southeast Asia, he has remained media shy and maintains a low public profile despite his massive business success and immense wealth, with most of his companies being privately held by him or his family members. Apart presiding the ownership over a multitude of businesses spread across numerous industries in the Malaysian economic landscape, his companies have investments in many countries throughout Continental Asia. [8]

His business interests (collectively known as the Kuok Group of Companies) range from sugarcane plantations (Perlis Plantations Bhd), sugar refineries, flour milling, animal feed, oil, mining, financial services, hotel (Shangri-La Hotels and Resorts), real estate (Kerry Properties), trading, freight shipping (Kerry Logistics) and publishing. [9] The biggest source of wealth that has contributed to his private fortune is a stake in the Singaporean company Wilmar International, the world's largest listed palm oil trader company. [10] For three months in 2018, Kuok was appointed to the Council of Eminent Persons as an advisor during Mahathir Mohamad's second stint as prime minister. [11]

Early life and education

Kuok was born on 6 October 1923 in Johor Bahru during British colonial rule to a wealthy Malaysian Chinese family. He was named after Robert the Bruce, and was enrolled at an English-medium primary school by his father's English-speaking clerk. [7] [12] Kuok's father Kuok Keng Kang arrived in British Malaya from Fuzhou (Hokchew), Fujian (Hokkien), China, at the beginning of the 20th century, and Robert was the youngest of three brothers born to Kuok Keng Kang and Robert's mother Zheng Ge Ru. He grew up speaking his parents' Fuzhou dialect, English and later Japanese during the Japanese occupation of Malaya in World War II. He also studied at English College Johore Bahru for his secondary education and later at Raffles Institution in Singapore where he was classmates with Lee Kuan Yew, the founding father of Singapore and the country's first prime minister. [13]

Business career

Early 20th century

According to Kuok himself, he began his business career as an office boy, and later started a business from scratch with financial backing coming from his relatives. [8] Upon graduation, he became a collaborator and worked as a clerk in the rice-trading department of Japanese industrial conglomerate Mitsubishi Shoji Kaisha during the Japanese occupation period between 1942 and 1945, in Singapore, a conglomerate that with the help of Japanese military unit monopolized the rice trade in Malaya during the occupation period. He was soon promoted to head the rice-trading department. After the war, he took the skills he learned from the occupying force to the family's business in Johor. [14]

After the senior Kuok died in 1948, Kuok and his two brothers and a cousin, Kuok Hock Chin founded Kuok Brothers Sdn Bhd in 1949, trading agricultural commodities. Kuok's relationship with the Japanese continued after Malaya gained independence. In 1959, Kuok formed Malayan Sugar Manufacturing Co. Bhd. together with two prominent Japanese partners. He also brought many influential Malay elites into his company as directors and shareholders, including politicians and royalty.[ citation needed ] In 1961, he bought cheap sugar from India before the prices shot up, and continued to invest heavily in sugar refineries, at one time controlling 80% of the Malaysian sugar market with production of 1.5 million tonnes, equivalent to 10% of world production, earning himself the nickname "Sugar King of Asia" in the process.

Late 20th century

In 1971, he built the first Shangri-La Hotel in Singapore; with land acquired through Petaling Garden Berhad, a Malaysian based developer. His first foray into Hong Kong property was in 1977, when he acquired a plot of land on the newly reclaimed Tsim Sha Tsui East waterfront, where he built his second hotel, the Kowloon Shangri-La. In 1993, his Kerry Group acquired a 34.9% stake in the South China Morning Post from Murdoch's News Corporation. Kuok officially retired from the Kerry Group on 1 April 1993.

His companies have investments in many countries, including Singapore, the Philippines, Thailand, Mainland China, Indonesia, Fiji, and Australia. Businesses in China include 10 bottling companies for Coca-Cola and the ownership of the Beijing World Trade Centre. [8] His company's freight shipping interests include Malaysian Bulk Carriers Berhad and Transmile Group.

21st century

In 2007, Kuok merged his plantations, edible oil, and grain businesses with Wilmar International, making it the world's biggest palm-oil processor. [15]

On 31 October 2009, the PPB Group under the flagship of Robert Kuok issued a statement to the Bursa Malaysia that it had decided to dispose of its sugar units along with land used to cultivate sugar cane for RM 1.29 billion to FELDA. The sales resulted in a one-off gain for the company.

In February 2014, PACC Offshore Services Holdings (POSH), a Singaporean-based oil services operator owned by Kuok started pre-IPO talks with investors to list on the Singapore Stock Exchange to raise $400 million. [16]

Politics

His political influence is attested by his selection as one of the Hong Kong Affairs Advisors in the run-up to the transfer of sovereignty over Hong Kong, and his minority stake in CITIC Pacific. He was also instrumental in conveying information and setting up the meetings between Malaysian and Chinese governments leading to full diplomatic cross recognition of the two countries.

On 12 May 2018, in the aftermath of the Malaysian general election that year where Mahathir Mohamad returned as prime minister of Malaysia, Kuok was appointed to the five-member Council of Eminent Persons along with Tun Daim Zainuddin, Tan Sri Datuk Seri Zeti Akhtar Aziz, Tan Sri Hassan Marican and Jomo Kwame Sundaram to advise the Pakatan Harapan (PH) federal government. The council was dissolved on 17 August 2018. [11] [17]

Personal life

Kuok has been married twice. His first wife was Joyce Cheah and his second wife is Pauline Ho Poh Lin. He has eight children from the marriages. [15] His son, Kuok Khoon Ean born in 1955 married Kuok Cheng Sui and holds a bachelor's degree in economics from the University of Nottingham, England. His other son, Kuok Khoon Ho is the chairman of Kuok Brothers, born in 1951 and holds a bachelor's degree from McGill University, Canada. Kuok Hui Kwong, his daughter, is the managing director and chief executive of SCMP Group and chairperson of Shangri-La Asia. [18] [19] One of his sons, Kuok Khoon Ean, handles most of the day-to-day operations of his businesses. He resides in Kuala Lumpur. During the reign of Iskandar of Johor as the King of Malaysia, Kuok was offered a "Yang Berbahagia Tan Sri" title (comparable to Sir), but rejected the offer. [20]

Kuok's brother, Philip Kuok Hock Khee was a former Malaysian Ambassador to Germany, Yugoslavia, Netherlands, Belgium, Luxembourg and Denmark. Philip married Eileen Kuok and had two sons and two daughters. Philip Kuok died in 2003. Another brother, William Kuok Hock Ling, was a member of the Malayan Communist Party and was killed during the Malayan Emergency in 1952. [21] [18] According to his memoir, Kuok described that of all the brothers, his mother Zheng Ge Ru doted on and adored William the most, and was heartbroken when she received news of his death.

His nephew, Kuok Khoon Hong is the chairman of Wilmar International, and one of the richest people in Singapore. [22] Kuok Khoon Hong's father, Kuok Hock Swee, was an older cousin of Robert Kuok. [23] His grand-nephew, Kuok Meng Ru, is in the music retail industry, owning Swee Lee music company. [24]

Kuok is a follower of Buddhism. [25] He lives in the Deep Water Bay neighbourhood on Hong Kong Island. [26] In 2023, Kuok became a centenarian. [27]

Bibliography

In March 2018, Kuok published a book about his life entitled, Robert Kuok: A Memoir. It won Best Book of the Year at the Singapore Book Publishers Association awards 2018. [28] [29]

Notes

  1. ↑ simplified Chinese :郭鹤年; traditional Chinese :郭鶴年; pinyin :Guō Hènián; Foochow Romanized: Guóh Hŏk-nièng

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References

  1. ↑ "Mahathir's 94-year-old top adviser rekindles China connections". Nikkei Asia. Archived from the original on 25 December 2022. Retrieved 24 December 2018.
  2. ↑ "Remembering Lee Kuan Yew: 'The greatest Chinese outside mainland China'". Archived from the original on 22 April 2019. Retrieved 22 April 2019.
  3. ↑ "18 Malaysians on 2023 Forbes Billionaires List". The Star. Archived from the original on 7 April 2023. Retrieved 14 April 2023.
  4. ↑ "Forbes Billionaires 2021: The Richest People in the World". Forbes. Archived from the original on 4 January 2019. Retrieved 7 April 2021.
  5. ↑ "Robert Kuok still Malaysia's richest man". New Straits Times. Archived from the original on 3 January 2015. Retrieved 3 January 2015.
  6. ↑ "The World Billionaire". Forbes . Archived from the original on 12 June 2019. Retrieved 13 May 2018.
  7. 1 2 "Bloomberg Billionaires Index". Bloomberg News . Archived from the original on 14 April 2019. Retrieved 5 October 2018.
  8. 1 2 3 Secretive billionaire forsakes retirement Archived 18 April 2020 at the Wayback Machine , The Standard , 14 September 1993.
  9. ↑ "Forbes profile: Robert Kuok". Forbes . Archived from the original on 22 August 2019. Retrieved 4 March 2020.
  10. ↑ "Malaysia's Sugar King Kuok has gone global - Business News - The Star Online". www.thestar.com.my. Archived from the original on 21 June 2018. Retrieved 5 June 2018.
  11. 1 2 hermesauto (12 May 2018). "Who's who in Mahathir's new Cabinet and Council of Elders". straitstimes.com. Archived from the original on 5 November 2018. Retrieved 5 June 2018.
  12. ↑ "The making of billionaire Robert Kuok, and the price he paid for success". Archived from the original on 2 March 2024. Retrieved 19 October 2023.
  13. ↑ "Remembering Lee Kuan Yew: 'The greatest Chinese outside mainland China'". The Straits Times. 25 March 2015. Archived from the original on 22 April 2019. Retrieved 22 April 2019.
  14. ↑ Annabelle R. Gambe. Overseas Chinese Entrepreneurship and Capitalist Development in Southeast Asia, p 94. Lit Verlag Munster, 1999.
  15. 1 2 "Bloomberg Billionaires Index - Robert Kuok". Bloomberg.com. Archived from the original on 14 April 2019. Retrieved 1 September 2017.
  16. ↑ "Kuok-owned offshore firm in talks for 400m Singapore dollars. IPO". Oil Patch Asia. Archived from the original on 5 March 2014. Retrieved 5 March 2014.
  17. ↑ Geraldine Tong (12 May 2018). "Daim, Zeti, Kuok, Hassan, Jomo named in advisory council". Malaysiakini . Archived from the original on 12 May 2018. Retrieved 12 May 2018.
  18. 1 2 "Asian magnate Robert Kuok, 89, will let others worry about succession". The Washington Post. Archived from the original on 25 July 2019. Retrieved 1 September 2017.
  19. ↑ "BRIEF-Shangri-La Asia says Kuok hui kwong will assume position of chairman of board". Reuters. 26 September 2016. Archived from the original on 2 August 2018. Retrieved 1 September 2017.
  20. ↑ Lim, Ida (27 July 2019). "Raja Permaisuri Agong: Young Robert Kuok borrowed 3,000 dollars from Johor royalty to start his business". Yahoo News. Retrieved 5 July 2024.
  21. ↑ Laut, Stulang (4 January 2012). "The world's shrewdest businessman – Founder of Shangri-La Mr. Kuok | Kita We 我們". Stulanglaut.wordpress.com. Archived from the original on 19 November 2018. Retrieved 25 February 2016.
  22. ↑ Chanyaporn Chanjaroen; William Mellor (1 February 2013). "Billionaire Kuok Says His Empire Can Last 'Generations'". Bloomberg . Archived from the original on 13 January 2015. Retrieved 11 March 2017.
  23. ↑ "Mahathir's 94-year-old top adviser rekindles China connections". Nikkei Asian Review. Archived from the original on 20 August 2019. Retrieved 24 December 2018.
  24. ↑ "Kuok Meng Ru and His Sweet New Version of Swee Lee". Prestige Online - Society’s Luxury Authority. Archived from the original on 3 January 2019. Retrieved 10 December 2017.
  25. ↑ Lee, Minerva (4 June 2017). "10 Buddhist Billionaires in Asia". Archived from the original on 29 March 2018. Retrieved 6 May 2020.
  26. ↑ Olsen, Robert. "The Wealthiest Neighborhood On Earth: Deep Water Bay". Forbes. Archived from the original on 8 November 2020. Retrieved 11 December 2020.
  27. ↑ Tsang, Denise; Jaipragas, Bhavan (6 October 2023). "Malaysia-born Hong Kong billionaire Robert Kuok feted on 100th birthday". South China Morning Post. Retrieved 5 July 2024.
  28. ↑ Sender, Henny (8 June 2018). "Robert Kuok | Financial Times". Financial Times. Archived from the original on 25 May 2021. Retrieved 11 December 2020.
  29. ↑ hermesauto (21 September 2018). "Malaysian tycoon Robert Kuok's memoir is Book of the Year at Singapore Book Awards". The Straits Times. Archived from the original on 15 May 2021. Retrieved 11 December 2020.
  30. ↑ Robert Kuok, Andrew Tanzer (2018), Robert Kuok: A Memoir, Landmark Books Pte Ltd, ISBN   9789674154721, archived from the original on 19 March 2022, retrieved 19 November 2021
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