Khoo Teck Puat
|Khoo Teck Puat|
A bust of Khoo in the lobby of Goodwood Park Hotel, Singapore
|Born||13 January 1917|
|Died||21 February 2004(aged 87)|
Cause of death
|Education||St Joseph's Institution|
|Known for||Singapore's richest man
Philanthropist; fugitive in the banking scandal of the National Bank of Brunei. Son Eric Khoo is a filmmaker and Cultural Medallion recipient.
|Net worth||S$2.6 billion (2004)|
|Spouse(s)||Tan Geok Yin (deceased 1972)|
|Children||Khoo Bee See, Khoo Ban Hock, Khoo Bee Keng, Khoo Bee Leng, Khoo Ban Tian, Khoo Bee Lian, Khoo Bee Lay, Mavis Khoo, Margaret Khoo, Sandra Khoo, Elizabeth Khoo, Linda Khoo, Jennifer Khoo, Jacqueline Khoo, Eric Khoo|
|Parent(s)||Mr and Mrs Khoo Yang Tin|
Tan Sri Khoo Teck Puat (Chinese: 邱德拔; pinyin: Qiū Débá; Pe̍h-ōe-jī: Khu Tik-pua̍t; 13 January 1917 – 21 February 2004) was a banker and hotel owner, who, with an estimated fortune of S$4.3 billion, was the wealthiest man in Singapore at one point. He owned the Goodwood Group of boutique hotels in London and Singapore and was the largest single shareholder of the British bank Standard Chartered. The bulk of his fortune came from shares in Standard Chartered, which he bought up in the 1980s to help thwart Lloyds Bank's proposed acquisition which many financiers deemed hostile. The Goodwood Park Hotel in Singapore, built in 1900, is a restored historic landmark.
Khoo received his early education in St Joseph's Institution in Singapore in 1930. He was educated up to standard eight prior to his marriage at the age of 17, and started working in the bank Oversea-Chinese Banking Corporation (OCBC) as an apprentice bank clerk by 1933. While attached with OCBC, Khoo served as the Chairman of Central Provident Fund (CPF) Board for a year in 1958. His rise in OCBC was rapid and he developed strong ties with Tan Chin Tuan until they had a difference of opinion which resulted him leaving OCBC in 1959 as the General Manager. He argued that OCBC was growing far too slowly and not opening enough branches in the smaller towns in Peninsular Malaya.
In 1960, Khoo restarted his career in banking by founding Malayan Banking (now commonly known as Maybank) with a few partners in Kuala Lumpur. The bank grew rapidly to more than 150 branches within three years.
In 1963, the bank purchased Goodwood Park Hotel in Singapore for S$4.8 million.
From 1964 to 1965, Khoo was a senator in the Malaysian parliament.
In 1968, Khoo bought over Maybank's Singapore properties, including Goodwood Park Hotel and Central Properties, for S$50 million. While bitter with what the Malaysian government did, Khoo retained his Malaysian citizenship.
In 1976, he ceased to be a director of Maybank. Though he had opened the national bank of Brunei in the 1960s, his search for a legitimate banking vehicle continued.
In 1981, Khoo bought Australia's Southern Pacific Hotel Corporation - parent of the Travelodge chain - using funds from the National Bank of Brunei. He sold it in 1988 as part of his asset liquidation process to make restitution to the Bruneian government.
In 1986, Khoo's friend and protector, the former Sultan Omar, died (he had abdicated in 1967). His son Sultan Hassanal hired investigators from the US to examine the National Bank's finances. Its chronic exposure to Khoo's companies was revealed and the Brunei Government closed it down. It was alleged that Khoo had siphoned more than £300 million from the bank by means of undocumented and unsecured loans to private investment companies. Khoo Teck Puat was never charged, but in later years he adopted a lower profile in the business world.Khoo Ban Hock, his eldest son, did not escape so lightly. He was jailed for two years in Brunei for his role in illegally channelling almost $US600 million in loans from the bank to his father's other companies.
In 1986, an opportunity arose when as a white knight, Khoo made a dramatic acquisition of a 5% stake in the British bank Standard Chartered, being one of three financiers who came to the rescue of Stanchart to stave off a hostile takeover by Lloyds Bank. He subsequently grew his stake to almost 15% to become the single largest shareholder. Together with Hong Kong shipping magnate Y.K. Pao and Perth's Robert Holmes a Court, they had a combined 37% stake in Standard Chartered to prevent the hostile takeover by Lloyds Bank.
In 1990, Khoo made a contribution of S$10 million to the Singapore government's 25th anniversary charity fund - to help children, the elderly and the disabled. He was listed as Singapore's richest businessman by the business magazine Forbes in 2003.
In 2004, when Khoo died at Mount Elizabeth Hospital from a heart attack, it emerged that Khoo had owned a larger stake in his listed companies Goodwood Park, Hotel Malaysia and Central Properties than was disclosed to the Singapore Exchange. After an investigation, his daughters Jacqueline and Elizabeth, who were in management positions at the companies, were fined a total of S$500,000. Khoo left his Standard Chartered stake, then approximately 11.5%, to his children.
- Archibald, Haynes (1988), p. 124
- Forbes (1994), p. 164
- Tan Sri Khoo Teck Puat, The Telegraph (UK), 1 March 2004
- Forbes.com World's Richest Person 2004
- DukeMedNews Announces S$80 Million Gift to Duke-National University of Singapore Graduate Medical School
- "Maybank". Maybank. October 2009. Retrieved 2012.
- "Khoo Teck Puat". National Library Board. Retrieved 8 January 2015.
- "Stanchart to Temasek". PR Newswire. March 2006. Retrieved 2012.
- "Khoo Teck Puat Hospital".
- Archibald, J. F.; Haynes, J., The bulletin, Issues 5642-5649, 1988
- Forbes, Bertie Charles, Forbes, Volume 154, Issues 1-5, Forbes Inc., 1994
|Wikimedia Commons has media related to Khoo Teck Puat.|