MALAYSIA’S TOP 40 RICHEST

The gloomy economic growth outlook for the past year has not been a deterrent for the top 40 richest tycoons in Malaysia whose cumulative wealth for 2011 grew by more than USD10 billion compared to the value in 2010. Though not all enjoyed positive growth, overall these outstanding entrepreneurs proved to the nation yet again that nothing is impossible even when the odds are against them especially when facing the constantly fluctuating Asian market. The accumulated wealth of the Malaysian top 40 richest individuals rose from USD51.27 billion to USD62.16 billion. This increment of a startling USD10.89 billion may well be contributed by the multiplestimulus packages announced by the government last year. A daring move by the government seems to pay off not only for the general public but also for a few entrepreneurs among the top 40 richest in Malaysia, notably at number eight on the list, Tan SriSyed Mokhtar Al-Bukhary. His brainchild, Malaysian Mining Corporation (MMC) which runs Johor Port, won the bidding to oversee the biggest construction project ever undertaken by the government, the highly debated USD11.5 billion Mass Railway Transit Project together with Gamuda Corporation as project development partner (PDP). Syed Mokhtar’s wealth is estimated at USD2.5 billion, an increase of USD800 million compared to 2010. Gamuda Corp’s director and daughter of reigning Sultan of Perak, Raja Datuk Seri Elena Raja Azlan Shah managed to retain her position as the 33rd richest with estimated wealth of USD195 million, an increase from USD141 million last year. Meanwhile, the founder of Gamuda, Dato’ Lin Yung Ling eased down one step to the 38th spot though his wealth increased by USD20 million, resulting in his estimated wealthtotalling USD150 million this year. Two aces of Malaysian elite society, well known for keeping a low profile, retained their position as number one and two, with their combined wealth amounting to 35 percent of total wealth of the 40 richest in Malaysia, a staggering USD22 billion. The ‘Sugar King of Asia’ Tan Sri Dato Dr Robert Kuok Hock Nien retained his position as the richest manin Malaysia for 2011, and also as the 33rd richest in the world with estimated wealth of USD12.5 billion. Trailing closely behind him at number two with estimated wealth of USD9.5 billion is the communicationmogul, Tan Sri T Ananda Krishnan who controls the biggest mobile service provider in the country, MaxisCommunications and the only local direct broadcast satellite pay television service provider, Astro. Tan Sri Vincent Tan Chee Yioun, a prominent businessman whose company runs the iconic Berjaya TimesSquare shopping complex in the heart of Kuala Lumpur, retained his position at ninth place with estimated wealth of USD1.25 billion. He created quite a stir last year when he announced that the government decided to renew the sports bettinglicence for his company, Ascot Sports Sdn Bhd. The government, after much debate, decided not to renew the licence on grounds of protecting the morality and social values of the country’s multiracial society. Despite an estimated USD35 million increment in wealth, adding up to a total value of USD460 million compared to 2010, founder of Silverlake Axis Bhd and self-made millionaire Goh Peng Ooi moved down to 21st place from 16th last year. Goh made headlines a couple of years ago by making vast profits disposing of his two privately-owned companies to Silverlake Axis, making him the highest earning individual listed in the top 40 richest in terms of percentage, at 280 percent. Meanwhile another self-made millionaire, construction contractor Datuk A K Nathan, enjoys a huge leap this year from 24th to 14th place, with estimated wealth of USD 600 million. His flagship Eversendai Corporation Bhd’s primary business is fabricating plus erecting steel structures and his prized trophies include the 321 meters tall Burj-Al Arab Hotel, the second tallest hotel in the world. Leaping to third place from fourth last year is Puan Sri Lee Kim Hua, the widow of Genting Bhd founder, the late Tan Sri Lim Goh Tong, with estimated wealth valued at USD6.6 billion, a steep increase from USD3.9 billion last year. A major breakthrough came after the opening of the USD5 billion Resorts World Sentosa theme park and casino complex in Singapore with share prices soaring high right after. Although the family now runs most of the founder’s companies, Tan Sri Lim Kok Thay, fourth in the family,built an empire of his own and is listed at number 13 with estimated wealth of USD665 million, rising from 17th place last year. Hailing from the oil and gas industry, brothers Datuk Shahril Shamsuddin and Datuk Shahriman Shamsuddin, sons of Tan Sri Shamsuddin Abdul Kadir, founder of Sapura Group both share 17th place with combined wealth of USD500 million, an increase from USD270 million previ ously. Holding equal shares inSapura Group, Shahril helms SapuraCrest Petroleum, from which the major bulk of their fortune is obtained. Brothers Tan Sri Dato’ Seri Lee Oi Hian and Dato’ Lee Hau Hian who inherited plantations giant Kuala Lumpur Kepong Bhd from their father, the late Tan Sri Lee Loy Seng, managed to secure 11th place, a step higher than their previous ranking. Both having control of Batu Kawan Bhd, their estimated wealth amounts to USD900 million, a significant increase from their estimated value in 2010 at USD560 million. Another oil and gas player, Datuk Mokhzani Mahathir, son of former Prime Minister, Tun Dr Mahathir Mohamad secured 15th place in the nation’s 40 richest with estimated wealth valued at USD560 million. Share prices of his company, Kencana Petroleum Bhd rose more than 60 percent in the past year in tandemwith the increment in crude oil price, elevating him from 26th place last year. Also from the oil and gas industry, head of KNM Group Bhd, Ir Lee Swee Eng dropped from 30th ranking last year to 34th in 2011 but his wealth increased from USD155 million to USD190 million during the same period. As KNM Group has recently succeeded in acquiring a USD702 million equipment deal with  Peterborough Renewable Energy in the United Kingdom and a USD216 million bid in Uzbekistan, Lee may very well rise from his current ranking in the coming year. Unwavering effort in propelling IOI Group Bhd into becoming one of the world’s biggest palm oil producersand one of the country’s biggest property developers paid off for Tan Sri Dato’ Lee Shin Cheng as his wealthincreased from an estimated USD4.6 billion last year to USD5 billion this year, although he eased one step down from third to fourth among the nation’s richest in 2011. IOI’s non-executive director, Chan Fong Ann, the largest individual shareholder not related to Lee ShinCheng, also experienced downward movement in rank, moving to the 28th spot from the 22nd last year,albeit with an increase of USD40 million in wealth to USD330 million this year. The local palm oil pricehike has indeed directly benefitted these two tycoons of IOI. Banking tycoon Tan Sri Quek Leng Chan retained fifth place among Malaysia’s richest with wealth estimatedat USD4.8 billion, which is an increase from USD3.85 billion the year before. The head of Hong Leong Group owes most of his fortune to his Hong Kong-based investment holding Guoco Group, which is also listed on the Hong Kong Stock Exchange main board. Following closely at number six is founder of Public Bank Bhd, Tan Sri Datuk Seri Teh Hong Piow with anestimated wealth of USD4.7 billion, increased from USD3.8 billion last year. Teh, a PhD holder from University of Malaya who founded Public Bank at the age of 36, has maintained his ranking for this year. Tan Sri Dato’ Azman Hashim, Chairman of Ambank Group, managed to secure 12th place, one step lower than last year’s rank with an impressive increment in wealth of USD125 million to USD785 million this year. Meanwhile, Datuk Seri Nazir Razak, Group Chief Executive of CIMB Group and also the brother of current Prime Minister, Datuk Seri Najib Razak de-escalates a few steps to the 36th spot in the rankings from 32nd last year despite an increment in wealth from USD145 million to USD165 million this year. Founder of YTL Corporation Bhd, rated as the nation’s biggest conglomerate with interests in construction, utilities, hotels, property development and technology, Tan Sri Dato’ Seri Yeoh Tiong Lay retained his ranking at number seven with an estimated wealth of USD2.7 billion, an increase of USD200 million over 2010. Timber tycoon, Sir Tan Sri Datuk Tiong Hiew King who chairs Rimbunan Hijau Group, the single biggest logging operator in Papua New Guinea and many other countries around the globe maintained his ranking at number ten with an estimated wealth valued at USD1.2 billion, unchanged as well since last year. Another pair of timber entrepreneurs who made it to the list is Samling Group’s founder, Datuk Yaw TeckSeng and son, Yaw Chee Ming with ownership of some three million acres of trees in multiple countries primarily Malaysia, China, Guyana, New Zealand and Australia. Their listing slumped to 27th place from13th last year. Delisting of a subsidiary of Samling, Perdana ParkCity Sdn Bhd, developer of townships around Kuala Lumpur and Hanoi, Vietnam has proven perilous for the share prices took a severe beating; Perdana ParkCity contributed a major portion of their wealth. Current combined estimated wealth of both father and son stands at USD365 million, a drastic drop from USD480 million last year. Timber conglomerate, Ta Ann Group’s chairman, Datuk Abdul Hamed Sepawi descended one spot from lastyear’s 39th place to 40th for 2011. Having started Ta Ann from just a trading company, Abdul Hamed’s wealth is estimated at USD125 million, an increase of USD5 million from 2010. Cousin to current Chief Minister of Sarawak, Pehin Sri Abdul Taib Mahmud, Abdul Hamed also chairs Sarawak Energy Bhd. Managing a diversified business well has its rewards, as proven by Tan Sri William H J Cheng, Chairman of Lions Group with business units stretching far into steel manufacturing, plantations and property industry. Cheng’s wealth is estimated at USD505 million, an increase of USD75 million from 2010 despite fallingto 16th in ranking for 2011. Climbing up to 22nd from 28th place last year is Tan Sri Datuk Seri Panglima Seri Lau Cho Kun, Directorof Hap Seng Consolidated Bhd and biggest shareholder of Malaysian Mosaic Bhd. Lau’s wealth increasedfrom USD200 million to USD450 million this year. With interests primarily in the property and palm oil industries, Lau enjoyed a steady growth as these two industries experienced healthy growth with increments in palm oil prices and also a sudden surge in demand in the property sector last year. Choosing to diversify business units within related sectors is a wise business plan, as proven by OSK HoldingsBhd’s chairman, Ong Lee Huat. Ong’s rankings improved to 32nd from the 34th in the previous year. His wealth increased by USD60 million to USD200 million this year, owing to OSK’s share price hike last year. Flying high with a budget airline became the ‘it’ trend nowadays, thanks to these two high flyers who ranked 18th and 20th among Malaysia’s richest. Dato’ Kamarudin Meranun and Dato’ Sri Tony Fernandes, the duo responsible for hauling huge crowds towards LCCT all year long amassed an estimated wealth of USD495 million and USD470 million respectively. Securing a position between these two visionaries, founder and Chairman of Sunway Group, Tan Sri Jeffrey Cheah Fook Ling dropped to 19th place from 18th last year. Cheah’s focus is on property development and township developments, and his estimated wealth increased from USD350 million to USD475 million. Co-founder and Director of Selangor Properties Bhd, Puan Sri Datin Chong Chook Yew slid down to the 29th place this year, compared to 25th last year. She owns 61 percent of SPB, and her wealth is estimated at USD300 million compared to USD230 million in 2010, an increase of USD70 million. Also a successful property entrepreneur, President and CEO of the nation’s largest property developer by sales, SP Setia Bhd, Tan Sri Liew Kee Sin is the 30th richest in the country with wealth estimated at USD255million, compared to his 31st ranking last year with wealth of USD150 million. The share price of SP Setia soared more than 50 percent since last year. Datuk Tony Tiah Thee Kian, nonexecutive Chairman of property and financial giant, TA Enterprise Bhd returns to the list after a year’s absence securing 35th place, with an estimated wealth of USD170 million. Returning to the corporate field after almost a decade, Tiah’s brainchild TA Enterprise currently carries a paid up capital close to USD548 million. Plunging to 23rd position from 20th last year, Executive Chairman of Westport Malaysia Sdn Bhd, Tan Sri Datuk G. Gnanalingam enjoyed a steady increase in wealth, estimated at USD420 million. Compared to last year, Gnanalingam enjoys a huge wealth increase of USD100 million, while his flagship, Westport is valued at an estimated USD700 million. Gnanalingam’s partner and co-founder of Westport, Ahmayuddin Ahmad manages to secure the 31st place compared to 27th last year. Dropping four steps, Ahmayuddin’s wealth is estimated at USD215 million, an increase of USD5 million from last year’s figures. In 24th place is a key player in the local food industry, Managing Director of QL Resources Bhd, ChiaSong Kun with estimated wealth of USD400 million. Meanwhile, in 25th is the leader in the rubber glove industry, Tan Sri Dato Sri Lim Wee Chai, chairman of Top Glove Corporation Bhd. Leading the world’s largest producer of rubber gloves, Lim’s personal wealth is estimated at USD390 million. CEO of NagaCorp Bhd, Tan Sri Dato’ Dr Chen Lip Keong is ranked 26th, elevated from 29th last year. Chen enjoys quite a huge increase in wealth, estimated at USD375 million this year compared to USD180 million last year. Dubbed as the ‘Water King’, Tan Sri Rozali Ismail of Puncak Niaga Holdings Bhd grabs 37th rank among the nation’s richest with an accumulated wealth of USD155 million, dropping from 35th position last year. It is anticipated that he will be signed up to provide water treatment services for Selangor. And securing the 39th position among the elites is Datuk David Law Tien Seng, founder of T S Law Holdings Sdn Bhd and Chairman of Australian-based mining firm Sinosteel MidWest Corporation, with wealth estimated at USD145 million, an increase of USD20 million from last year.